III. Financial Statements - FSLIC Resolution Fund (FRF)
FSLIC Resolution Fund Balance Sheet at December 31, condensed
Dollars in Thousands |
|
2005 |
2004 |
Assets |
Cash and cash equivalents |
$3,602,703 |
$3,501,384 |
Receivables from thrift resolutions and other assets, net
|
38,746 |
82,275 |
Total Assets |
$3,641,449 |
$3,583,659 |
Liabilities |
Accounts payable and other liabilities |
$7,799 |
$5,603 |
Contingent liabilities for litigation losses and other |
257,503 |
410 |
Total Liabilities |
265,302 |
6,013 |
Resolution Equity |
Contributed capital |
127,007,441 |
126,382,877 |
Accumulated deficit |
(123,631,294) |
(122,805,158) |
Unrealized loss on available-for-sale securities, net |
0 |
(73) |
Accumulated deficit, net |
(123,631,294) |
(122,805,231) |
Total Resolution Equity |
3,376,147 |
3,577,646 |
Total Liabilities and Resolution Equity |
$3,641,449 |
$3,583,659 |
FSLIC Resolution Fund Statement of Income and Accumulated Deficit for the Years Ended December 31, condensed
Dollars in Thousands |
|
2005 |
2004 |
Revenue |
Interest on U.S. Treasury obligations |
$98,260 |
$40,076 |
Realized gain on investment in securitization-related assets acquired from receiverships |
0 |
66,708 |
Other revenue |
24,176 |
21,114 |
Total Revenue |
122,436 |
127,898 |
Expenses and Losses |
Operating expenses |
24,626 |
22,928 |
Provision for losses |
241,065 |
(13,206) |
Expenses for goodwill settlements and litigation |
718,494 |
31,632 |
Recovery of tax benefits |
(45,946) |
(82,937) |
Other expenses |
10,333 |
11,703 |
Total Expenses and Losses |
948,572 |
(29,880) |
Net (Loss)/Income |
(826,136) |
157,778 |
Unrealized gain/(loss) on available-for-sale securities, net |
73 |
(41,572) |
Comprehensive (Loss)/Income |
(826,063) |
116,206 |
Accumulated Deficit - Beginning |
(122,805,231) |
(122,921,437) |
Accumulated Deficit - Ending |
$(123,631,294) |
$(122,805,231) |
FSLIC Resolution Fund Statement of Cash Flows for the Years Ended December 31
Dollars in Thousands |
|
2005 |
2004 |
Operating Activities |
Net (Loss)/Income: |
$(826,136) |
$157,778 |
Adjustments to reconcile net (loss)/income to net cash (used by) operating activities: |
|
|
Provision for losses |
241,065 |
(13,206) |
Change in Assets and Liabilities:
|
Decrease/(Increase) in receivables from thrift resolutions and other assets |
59,459 |
(28,943) |
Increase/(Decrease) in accounts payable and other liabilities |
2,196 |
(13,778) |
Net Cash (Used by) Provided by Operating Activities |
(523,416) |
101,851 |
Investing Activities |
Investment in securitization-related assets acquired from receiverships |
171 |
115,975 |
Net Cash Provided by Investing Activities |
171 |
115,975 |
Financing Activities |
Provided by: |
U.S. Treasury payments for goodwill settlements |
624,564 |
5,026 |
Net Cash Provided by Financing Activities |
624,564 |
5,026 |
|
Net Increase in Cash and Cash Equivalents |
101,319 |
222,852 |
Cash and Cash Equivalents - Beginning |
3,501,384 |
3,278,532 |
Cash and Cash Equivalents - Ending |
$3,602,703 |
$3,501,384 |
|