Federal insurance for savings and loan deposits was clearly and solely intended to protect private investors.

Most depositors are not at risk, because Congress has promised unconditionally to back savings and loan deposits of up to $100,000.

The Federal Home Loan Bank system will sell bonds to recapitalize the insurance fund for savings and loan deposits.

- Senator John Heinz, Republican of Pennsylvania, on Administration proposal for a fee on savings and loan deposits.

Some Senators have concluded that the regulators were anxious to curry favor with lawmakers in order to get them to approve more money to insure savings and loan deposits.

But raising the level of taxes to prevent savings and loan deposits from being wiped out is the wrong way to go.

Waged five-year campaign against Federal regulators who opposed his direct investment of federally insured savings and loan deposits in real estate ventures.

Because the Government insures savings and loan deposits it must pay for the cost of bailing out failed institutions.

LEAD: "The savings and loan deposits are backed by the full faith and credit of the Government, and they are sound, dollar-good."

A proposed fee on savings and loan deposits, Newsday noted, produced a you-guessed-it.