|
|
FSLIC
Resolution Fund (FRF) -
Third Quarter 2006
| Fund Financial Results |
($ in millions – All data is unaudited) |
| |
09/30/06 |
12/31/05 |
09/30/05 |
Year-Over-Year Change |
Cash and cash equivalents |
$ 3,565 |
$ 3,602 |
$ 3,643 |
$ (78) |
Accumulated
deficit, net |
(123,625) |
(123,631) |
(123,127) |
(498) |
| Resolution
equity |
3,577 |
3,376 |
3,675 |
(98) |
Total
revenue |
$ 124 |
$ 122 |
$ 86 |
$ 38 |
| Operating expenses |
12 |
25 |
20 |
(8) |
Expenses for goodwill settlements and litigation |
387 |
718 |
437 |
(50) |
Net
income (loss) |
6 |
(826) |
(322) |
328 |
| FRF
Quarterly Payments for Goodwill & Guarini Settlements |
| |
Goodwill
Settlements |
Guarini
Cases |
1st
Quarter 2005
|
382 |
0 |
2nd
Quarter 2005
|
0 |
0 |
|
3rd
Quarter 2005
|
9 |
28 |
4th
Quarter 2005
|
234 |
49 |
1st
Quarter 2006
|
179 |
0 |
2nd
Quarter 2006
|
0 |
169 |
| 3rd Quarter
2006 |
16 |
6 |
| Summary
of Goodwill & Guarini Litigations (Inception-to-Date) |
| Goodwill
|
Guarini
|
| |
#
of Cases |
Amount
Paid |
# of Cases |
Amount
Paid |
Dismissals/Time
Barred
|
43 |
|
0 |
|
|
Settlements
|
17 |
$149 million |
2 |
$99
million |
Judgements
|
33 |
$798 million* |
5 |
$153 million |
Pending
|
29 |
|
1 |
|
Totals
|
122 |
$947 million |
8 |
$252
million |
*Three
institutions account for 78% of the total Goodwill payments (Glendale
Federal Bank - $382 million, Westfed Holdings, Inc. -
$211 million, and Home Savings of America - $150 million).
|
