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2003 Annual Report

II. 2003 Performance Results Summary - Multi-Year Performance Trend

Asset Management
Annual Goal Market 80 percent of a failed institution’s assets to franchise and nonfranchise investors within 90 days of resolution.
2000 Results Ninety-five percent of failed institutions’ assets were marketed within 90 days, thus exceeding the target of 80 percent.
2001 Results Annual goal revised (see below).
2002 Results Annual goal revised (see below).
2003 Results Annual goal revised (see below).
2004 Goal Annual goal revised (see below).

Annual Goal Value, manage, and market assets of the failed institutions and their subsidiaries in a timely manner to maximize net return.
(Revised - 2001)
2000 Results Annual goal was not established in 2000.
2001 Results For three institutions that failed, the FDIC marketed 100 percent of the marketable assets. The remaining institution was placed into conservatorship. Loan pools, servicing operations, and residuals that totaled in excess of the 80 percent target were marketed within the 90-day time frame.
2002 Results For all 11 institutions that failed, at least 87 percent of all marketable assets were marketed within the 90-day time frame, thus exceeding the target of 85 percent.
2003 Results For all three institutions that failed, at least 98 percent of all marketable assets were marketed within the 90-day time frame, thus exceeding the target of 85 percent.
2004 Goal Value, manage, and market assets of the failed institutions and their subsidiaries in a timely manner to maximize net return.


Least-Cost Resolution
Annual Goal Market to all known qualified and interested potential assuming institutions.
2000 Results There were seven failures in 2000. One hundred percent of the qualified potential bidders were contacted.
2001 Results There were four failures in 2001. One hundred percent of the qualified potential bidders were contacted.
2002 Results There were 11 failures in 2002. One hundred percent of the qualified potential bidders were contacted.
2003 Results There were three failures in 2003. One hundred percent of the qualified bidders were contacted.
2004 Goal Market to all known qualified and interested potential assuming institutions.


Professional Liability Claims
Annual Goal Investigations are conducted into all potential professional liability claim areas in all failed insured depository institutions and a decision to close or pursue each claim will be made within 18 months after the failure date in 80 percent of all investigations.
2000 Results A decision to close or pursue each claim was made within 18 months after the failure date for 100 percent of all investigations.
2001 Results Annual goal revised (see below).
2002 Results Annual goal revised (see below).
2003 Results Annual goal revised (see below).
2004 Goal Annual goal revised (see below).

Annual Goal Conduct investigations into all potential professional liability claim areas in all failed insured depository institutions. Decide to close or pursue each claim as promptly as possible, considering the size and complexity of the institution.
(Revised – 2001)
2000 Results Annual goal was not established in 2000.
2001 Results Five of nine institutions that reached the 18-month milestone had 100 percent of professional liability investigations completed.
2002 Results Two of six institutions that reached the 18-month milestone during 2002 had 100 percent of professional liability investigations completed. The other four institutions had at least 80 percent of professional liability investigations completed, meeting the goal of 80 percent.
2003 Results Four of ten institutions that reached the 18-month milestone during 2003 had 100 percent of professional liability investigations completed. The other six institutions had at least 80 percent of professional liability investigations completed, meeting the goal of 80 percent.
2004 Goal Conduct investigations of all potential professional liability claim areas in all failed insured depository institutions. Decide to close or pursue each claim as promptly as possible, considering the size and complexity of the institution.


Receivership Terminations
Annual Goal Achieve a 35 percent reduction in the number of active receiverships in 2000.
2000 Results One hundred fifty-six receiverships were terminated, thus achieving the goal of 156.
2001 Results Annual goal revised (see below).
2002 Results Annual goal revised (see below).
2003 Results Annual goal revised (see below).
2004 Goal Annual goal revised (see below).

Annual Goal Manage the receivership estate and its subsidiaries toward an orderly termination.
(Revised – 2001)
2000 Results Annual goal was not established in 2000.
2001 Results Fifty-two out of the 76 targeted receiverships were terminated in 2001. In mid-2001, the target of 76 terminations was revised to 36. The pace of termination was slowed by impediments that represented material financial or legal risks to the FDIC.
2002 Results For the eight failures from 1999 that matured in 2002, the FDIC terminated six receiverships, meeting the target to terminate 75 percent within three years of failure.
2003 Results For the seven failures that occurred during 2000 that matured in 2003, the FDIC terminated four receiverships, below the target to terminate 75 percent within three years of failure.
2004 Goal Manage the receivership estate and its subsidiaries toward an orderly termination.


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Last Updated 02/24/2004 communications@fdic.gov