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Chief Financial Officer's (CFO) Report to the Board

301 Moved Permanently

301 Moved Permanently


openresty

Executive Summary - Second Quarter 2010

The attached report highlights the Corporation’s financial activities and results for the period ending June 30, 2010.

  • During the second quarter of 2010, the Deposit Insurance Fund (DIF) balance increased by $5.5 billion to negative $15.2 billion. This increase was primarily due to a $3.2 billion increase in assessments earned and a $2.6 billion decrease in the provision for insurance losses, offset by a $381.8 million increase in operating expenses.
  • During the second quarter of 2010, the FDIC was named receiver for 45 failed institutions. The combined assets at inception for these institutions totaled approximately $48.0 billion with a total estimated loss of $10.5 billion. The corporate cash outlay during the second quarter for these failures was approximately $18.4 billion.
  • Year-to-date through June 30, 2010, expenditures from the Corporate Operating Budget ran below budget by 2 percent ($29.4 million). The variance was primarily the result of lower spending for contractual services as well as vacancies in budgeted positions in both the Ongoing Operations and Receivership Funding components of the budget.
  • Expenditures from the Investment Budget ran 70 percent ($0.8 million) below year-to-date project spending estimates through June 30, 2010. For the information technology projects that make up the Investment Budget, detailed quarterly reports are provided separately to the Board by the Capital Investment Review Committee.

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.



Last Updated 09/21/2010 dofbusinesscenter@fdic.gov

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