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Chief Financial Officer's (CFO) Report to the Board

301 Moved Permanently

301 Moved Permanently


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Executive Summary - Third Quarter 2010

The attached report highlights the Corporation’s financial activities and results for the period ending September 30, 2010.

  • During the third quarter of 2010, the Deposit Insurance Fund (DIF) balance increased by $7.2 billion to negative $8.0 billion.  This increase was primarily due to a $3.6 billion increase in assessments earned and a $3.8 billion decrease in provision for insurance losses, offset by a $414 million increase in operating expenses.
  • During the third quarter of 2010, the FDIC was named receiver for 41 failed institutions.  The combined assets at inception for these institutions totaled approximately $14.0 billion with a total estimated loss of $2.3 billion. The corporate cash outlay during the third quarter for these failures was approximately $3.3 billion.
  • For the nine months ending September 30, 2010, Corporate Operating Budget expenditures were below budget by 6 percent ($163.9 million).  This variance was primarily the result of lower spending for contractual services and vacancies in budgeted positions in both the Receivership Funding and the Ongoing Operations components.
  • Expenditures from the Investment Budget were 62 percent ($0.7 million) below project spending estimates through September 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 (CIRC).

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.



Last Updated 12/14/2010 dofbusinesscenter@fdic.gov

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