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I.
Corporate Fund Financial Statement Results -
First Quarter 2005
BIF
- The BIF contingent liability for future failures stands at $5 million
as of March 31, 2005, approximately $3 million less than last quarter.
This reduction is due primarily to a combination of placing fewer institutions
on the contingent loss reserve list and the application of a lower assumed
failure rate for a majority of the institutions on the list.
- For the three
months ending March 31, 2005, BIF's comprehensive
income was $37 million. This amount is substantially lower than
the $382 million reported for the same period last year. This reduction
is primarily
due to a decrease of $302 million in unrealized gains on available-for-sale
securities (due to a rise in interest rates) and a reduction
in net income of $43 million. The decline in net income primarily resulted
from
a smaller
negative adjustment to provision for insurance losses of $6 million
compared to $37 million reduction for the same period last year. The
BIF fund balance stood at $34.8 billion at March 31, 2005.
SAIF
- The SAIF contingent liability for future failures stands at $10
million as of March 31, 2005, an increase of $8 million from the $2 million
level as of December 31, 2004. The increase is primarily due to the reclassification
of an institution from a lower failure probability category last quarter
to a higher failure-probability category for the first quarter 2005.
- For
the quarter ending March 31, 2005, SAIF’s comprehensive
income was $73 million, compared to $154 million for the same period
last year. This reduction of $81 million is due to a decrease of $100
million in unrealized gains on available-for-sale securities (caused
by a rise in interest rates) that was partially offset by a slight
increase in net income of $19 million. The increase in net income primarily
resulted
from a reduction in the provision for insurance losses of $14 million
this quarter compared to a positive $1 million adjustment for the same
period last year. The SAIF fund balance stood at $12.8 billion at March
31, 2005.
FRF
- For the three months ending March 31, 2005, the FDIC, as manager
of the FRF, made payments in two Goodwill cases totaling approximately
$382 million. While the FRF reimburses the U.S. Department of Justice for
reasonable
defense-related costs incurred in these Goodwill cases, actual judgments
and/or settlement amounts paid to plaintiffs are funded through a separate,
indefinite
appropriation account.
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