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DIF
Balance Sheet -
Fourth Quarter 2013
Fund Financial Results |
($
in millions) |
Balance
Sheet |
|
Audited Dec-13 |
Unaudited Sep-13 |
Quarterly
Change |
Audited Dec -12 |
Year-Over-Year
Change |
Cash and cash equivalents |
$3,543 |
$5,330 |
$(1,787) |
$3,100 |
$443 |
Investment in U.S. Treasury obligations, net |
38,511 |
32,729 |
5,782 |
34,869 |
3,642 |
Trust preferred securities |
- |
- |
- |
2,264 |
(2,264) |
Assessments receivable, net |
2,228 |
2,391 |
(163) |
1,007 |
1,221 |
Interest receivable on investments and other assets, net |
511 |
409 |
102 |
433 |
78 |
Receivables from resolutions, net |
16,345 |
16,938 |
(593) |
23,120 |
(6,775) |
Property and equipment, net |
377 |
373 |
4 |
393 |
(16) |
Total Assets |
$61,515 |
$58,170 |
$3,345 |
$65,186 |
$(3,671) |
Accounts payable and other liabilities |
300 |
265 |
35 |
350 |
(50) |
Unearned revenue - prepaid assessments |
- |
- |
- |
1,576 |
(1,576) |
Refunds of prepaid assessments |
- |
- |
- |
5,675 |
(5,675) |
Liabilities due to resolutions |
12,626 |
15,754 |
(3,128) |
21,174 |
(8,548) |
Postretirement benefit liability |
194 |
224 |
(30) |
224 |
(30) |
Contingent liability for anticipated failures |
1,199 |
1,164 |
35 |
3,221 |
(2,022) |
Contingent liability for litigation losses |
5 |
5 |
- |
8 |
(3) |
Total Liabilities |
$14,324 |
$17,412 |
$(3,088) |
$32,228 |
$(17,904) |
FYI: Unrealized gain (loss) on U.S. Treasury investments, net |
20 |
39 |
(19) |
34 |
(14) |
FYI: Unrealized gain (loss) on trust preferred securities |
- |
- |
- |
302 |
(302) |
FYI: Unrealized postretirement benefit (loss) gain |
(16) |
(61) |
45 |
(61) |
45 |
Fund Balance |
$47,191 |
$40,758 |
$6,433 |
$32,958 |
$14,233 |
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Income Statement Trend Schedule |
$ in Billions |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
Cumulative |
Assessments |
3.0 |
17.7 |
13.6 |
13.5 |
12.4 |
9.7 |
69.9 |
Earnings on UST Invmts |
4.7 |
- |
0.1 |
0.1 |
0.1 |
0.1 |
5.2 |
Guarantee-Related Revenue: |
Citi-term fee/earnings
|
- |
2.2 |
0.5 |
0.1 |
0.2 |
0.3 |
3.3 |
TLGP (net of losses)
|
- |
- |
- |
2.6 |
5.9 |
- |
8.5 |
Other
|
- |
1.0 |
0.04 |
0.1 |
0.1 |
0.03 |
1.2 |
Operating Expenses |
1.0 |
1.3 |
1.6 |
1.6 |
1.8 |
1.6 |
8.9 |
Provision for Ins Losses |
41.8 |
57.7 |
(0.8) |
(4.4) |
(4.2) |
(5.7) |
84.4 |
Comprehensive Income |
(35.1) |
(38.1) |
13.5 |
19.2 |
19.2 |
14.2 |
(5.2) |
Fund Balance |
17.3 |
(20.9) |
(7.4) |
11.8 |
11.8 |
47.2 |
- |
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Since year-end 2007, the DIF's balance has declined from $52.4 billion to $47.2 billion, a total drop of $5.2 billion. However, over this same time period, the DIF has absorbed $84.6 billion in estimated losses for both actual and anticipated bank failures ($83.4 billion and $1.2 billion, respectively).
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