301 Moved Permanently
301 Moved Permanently
openresty
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Executive
Summary - Third Quarter 2009
This
report highlights the Corporation’s financial activities
and results for the period ending September 30, 2009.
- The
Deposit Insurance Fund (DIF) balance decreased by $18.6 billion
(180 percent) to negative $8.2 billion during the third quarter
of 2009. The third quarter 2009 decrease was primarily due to
a $21.7 billion increase in the provision for insurance losses,
which was partially offset by a $3.0 billion increase in assessment
revenue.
- During
the third quarter of 2009, the FDIC was named receiver for 50
failed institutions. The combined assets at inception for these
institutions totaled approximately $70.2 billion with an estimated
loss totaling $14.3 billion. The corporate cash outlay during
the third quarter for these failures was $16.5 billion. Thirty-six
receiverships entered into loss-share agreements with the acquiring
institutions and are expected to pay approximately $7.6 billion
to acquirers over the length of the agreements.
- For
the nine months ending September 30, 2009, Corporate Operating
and Investment Budget related expenditures ran 6 percent ($92.1
million) below budget and 3 percent ($0.1 million) over budget,1 respectively. The variance with respect to the Corporate Operating
Budget was primarily in the Receivership Funding budget component,
where spending in all except one expense category was below
budget through the third quarter. This Ongoing Operations Budget
surplus is expected to be consumed as expenses increase during
the fourth quarter due to accelerating resolution activity.
Detailed quarterly reports are provided separately to the Board
by the Capital Investment Review Committee for those information
technology projects that are included in the Investment Budget.
On
the pages following is an assessment of each of the three major finance
areas: financial statements, investments, and budget.
1Budgets for investment projects are approved
on a multi-year basis; the year-to-date budget amount reflects
the 2009 spending
estimates for approved projects. Both IT projects with investment
budget funding remain within their approved investment budget
amounts.
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