This paper infers market information embedded in the price and quantity of S&L deposits. While previous empirical research typically treats the risk premium as the key element of deposit interest spread, subsidy-shifting theory suggests that deposit rates also contain a subsidy-shifting premium that arises from an institution’s eagerness to fund loan and investment opportunities that extract deposit-insurance subsidies. This paper examines the existence and the nature of both premiums and shows how regulators can use this information to make regulatory oversight more effective.