301 Moved Permanently
301 Moved Permanently
openresty
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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.
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