NEW YORK — The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own.

The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year.

That has happened only once before — during the savings-and-loan crisis of the early 1990s, when the FDIC had to borrow $15 billion from the Treasury and repay it later with interest.

Today, the agency will reveal how much is left in its reserves.

The head of the FDIC, Sheila Bair, may also use the quarterly briefing to say how the agency plans to shore up its accounts.

Small and midsize banks across the country have been hurt by rising loan defaults in the recession. When such banks fail, the FDIC is responsible for making sure depositors don't lose their money.

It has two options to replenish its insurance fund in the short run: It can charge banks higher fees or take the more radical step of borrowing from the U.S. Treasury.

None of this means bank customers have anything to worry about. The FDIC is fully backed by the government, so depositors' money is guaranteed up to $250,000 per account. And the FDIC still has billions in loss reserves apart from the insurance fund.

Today, Bair will also update the number of banks on the FDIC's list of troubled institutions. That number shot up to 305 in the first quarter — the highest since 1994 and up from 252 late last year.

Because of surging bank failures, the FDIC's board voted yesterday to make it easier for private investors to buy failed financial institutions.

Private equity funds have been criticized for taking too many risks and paying managers too much. But these days fewer healthy banks are willing to buy ailing banks, and the depth of the banking crisis appears to have softened the FDIC's resistance to private buyers.

At least in theory, allowing private investors to buy failing banks would mean the FDIC could charge a higher price, shrinking the amount of losses the agency would have to cover.

Bair has not ruled out hiking premiums on banks for the second time this year or asking the Treasury for a short-term loan. She has said that taking the longer-term step of drawing on the Treasury credit line is only for emergencies.

So far this year, 81 banks have failed, compared with just 25 last year — and only three in 2007.

Hundreds more banks are expected to fail in coming years because of souring loans for commercial real estate.

That threatens to deplete the FDIC's fund.