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Mr. George G. Kaufman and Mr. Steven A. Seelig

necessary information on what balances and which depositors are insured and on estimates of recovery values, as well as the ability to establish paying agents quickly. The information on eligible insured deposits is complex because of, among other things, poor and/or non-computerized records, and depositor ownership of multiple accounts at the same bank. These obstacles provide a physical rather than a policy reason for not providing immediate and full access to both protected and unprotected depositors. Before the establishment of the FDIC in 1934, depositors at failed