|
|
I. Corporate
Fund Financial Statement Results -
Third Quarter 2004
BIF
- For the nine months ending September 30, 2004, BIF's comprehensive income was $685 million. This is substantially lower than the $1,412 million reported last year for the same period. This reduction is primarily due to a significant
deceleration in the rate at which the provision for insurance losses
declined during the year-to-date 2004 period when compared to the same
period last year. For the first nine months of 2003, the reduction in the
provision for insurance losses added $682 million to comprehensive income,
while for the same period in 2004 it added only $133 million-a $549 million
difference.
- The BIF fund balance grew to $34.5 billion at September 30, 2004. This represents a 2.0
percent increase since the beginning of the year.
- During the third quarter of 2004, BIF's provision for loss decreased by $64 million, primarily due to reductions in the
estimated losses. Additionally, BIF reported unrealized gains on AFS securities of $77 million for the quarter.
SAIF
- For the nine months ending September 30, 2004, SAIF's comprehensive income was $283 million. This is substantially lower than the $439 million reported last year for the same period.
This reduction is primarily due to a slight increase ($23 million) in the provision for insurance losses during the year-to-date 2004 period
compared with a significant decrease in this provision of $92 million for
the same period last year.
- The SAIF fund balance grew to $12.5 billion at September 30, 2004. This represents a 2.3
percent increase since the beginning of the year.
- During the third quarter, SAIF's provision for loss increased by approximately $24 million. This is attributable to a $9 million increase to the reserve for anticipated failures, and a $14 million increase in estimated losses.
FRF
- For the nine months ending September 30, 2004, Corporate non-cash assets
(that is, receivables from thrift resolutions and other assets-net) declined
by $81 million, or 41 percent to $118 million. Additionally, FRF assets in
liquidation (receiverships) decreased by $15 million (from $125 million at
December 31, 2003, to $110 million at September 30, 2004).
-
During the third quarter of 2004, FRF received $45 million in tax benefit
collections, of which $35 million was a payment from a single transaction.
|
