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

301 Moved Permanently

301 Moved Permanently


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Selected Financial Data - Third Quarter 2013

Fund Financial Results ($ in millions)
FSLIC Resolution Fund
 

Unaudited
Sep-13

Unaudited Jun-13
Quarterly Change
Unaudited Sep-12
Year-Over-Year Change
Cash and cash equivalents $871 $3,596 (2,725) $3,594 ($2,723)
Accumulated deficit (124,459) (124,459) - (124,460) 1
Total resolution equity 874 3,598 (2,724) 3,596 (2,722)
Total revenue 2 2 - 4 (2)
Operating expenses 1 1 - 4 (3)
Goodwill litigation expenses 1 1 - 181 (180)
Recovery of tax benefits - - - - -
Net Income (Loss) $1 $1 $- ($180) $181

Receivership Selected Statistics September 2013 vs. September 2012
$ in millions
DIF
FRF
ALL FUNDS
  Sep-13 Sep-12 Change Sep-13 Sep-12 Change Sep-13 Sep-12 Change
Total Receiverships 482 462 20 2 4 (2) 484 466 18
Assets in Liquidation $13,783 $18,158 ($4,375) $6 $7 ($1) $13,789 $18,165 ($4,376)
YTD Collections $5,483 $6,337 ($854) $3 $18 ($15) $5,486 $6,355 ($869)
YTD Dividend/ Other Pymts - Cash $3,173 $3,917 ($744) $- $- $- $3,173 $3,917 ($744)

Fair Value and Interest Revenue for Citigroup Trust Preferred Securities (TruPs)

Fair Value and Interest Revenue for Citigroup Trust Preferred Securities (TruPs) (Dollars in millions)
 
Fair Value
Interest Revenue
2009
$1,962
$231
2010
$2,298
$178
2011
$2,213
$178
2012
$2,264
$178
2013
$2,420
$125

The DIF has recognized total revenue of $3.310 billion ($2.420 billion exchange and $890 million in interest revenue) for the TruPs acquired as part of the 2009 Citigroup loss protection guarantee.

The FDIC disposed of the TruPs on September 9, 2013, by transferring to Citigroup the TruPs with a par value of $2.225 billion in exchange for subordinated notes with a par value of $2.420 billion. The subordinated notes were subsequently sold by the FDIC to institutional investors on September 13, 2013.

     


Last Updated 12/06/2013 dofbusinesscenter@fdic.gov

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