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I.
Corporate Fund Financial Statement Results -
Third Quarter 2005
BIF
- For the nine months ending September 30, 2005, BIF’s comprehensive
income was $547 million compared to $685 million for the same nine-month period
last year. This year-over-year decrease of $138 million is due to a larger
unrealized loss on available-for-sale securities of $136 million that was
augmented by a slight decrease in net income of $2 million. The BIF balance
stood at $35.3 billion as of September 30, 2005.
- For
the nine months ending September 30, 2005, BIF’s provision
for insurance losses was a negative $117 million. This decline can
be attributed primarily to a downward adjustment to the estimated allowance
for losses
for four failed bank receiverships.
- The
BIF contingent liability for future failures stands at $4 million
as of September 30, 2005, approximately $4 million less than at the
beginning of 2005. This reduction is a result of fewer institutions
on the contingent
loss reserve list.
SAIF
- Although BIF’s comprehensive income declined by 20 percent
compared to the same nine-month period last year, SAIF’s comprehensive
income grew by 13 percent or $36 million. This increase of $36 million is
the result of an $80 million increase in net income that was partially offset
by a larger unrealized loss on AFS securities of $44 million. The increase
in SAIF’s net income primarily resulted from an increase in interest
revenue on U.S. Treasury obligations of $33 million and a reduction in the
provision for estimated insurance losses of $47 million. The SAIF fund balance
stood at $13.0 billion at September 30, 2005.
- The
SAIF contingent liability for future failures stands at $1 million
for the quarter ending September 30, 2005, which is a decrease
of $1 million from the $2 million level at December 31, 2004. Similar
to the
BIF, this decrease is due primarily to a reduction of the number of
institutions on the contingent loss reserve list.
FRF
- During the quarter ending September 30, 2005, there were three
Goodwill settlements totaling $8.7 million and one Guarini settlement for
$28.1 million.
- During
the third quarter, the FRF received $42.8 million in
tax benefit recoveries from FSLIC assistance agreements.
Year-to-date
tax benefit recoveries as of September 30, 2005 totaled $44.1 million.
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