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2006 Annual Report Highlights

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III. Financial Statements

FSLIC Resolution Fund (FRF)

Balance Sheet at December 31, condensed
Dollars in Thousands
  2006 2005
Assets
Cash and cash equivalents $ 3,616,466 $ 3,602,703
Receivables from thrift resolutions and other assets, net 36,730 38,746
Receivables from U.S. Treasury for goodwill judgments 251,827 0
Total Assets $ 3,905,023 $ 3,641,449
 
Liabilities
Accounts payable and other liabilities $ 5,497 $ 7,799
Contingent liabilities for litigation losses and other 279,327 257,503
Total Liabilities 284,824 265,302
 
Resolution Equity
Contributed capital 127,453,996 127,007,441
Accumulated deficit (123,833,797) (123,631,294)
Total Resolution Equity 3,620,199 3,376,147
 
Total Liabilities and Resolution Equity $ 3,905,023 $ 3,641,449

 

Statement of Income and Accumulated Deficit for the Years Ended December 31, condensed
Dollars in Thousands
  2006 2005
Revenue
Interest on U.S. Treasury obligations $ 151,648 $ 98,260
Other revenue 17,650 24,176
Total Revenue 169,298 122,436
 
Expenses and Losses
Operating expenses 12,002 24,626
Provision for losses (19,257) (16,112)
Goodwill/Guarini litigation expenses 411,056 975,598
Recovery of tax benefits (34,783) (45,946)
Other expenses 2,783 10,333
Total Expenses and Losses 371,801 948,499
 
Net (Loss) (202,503) (826,063)
 
Accumulated Deficit Beginning (123,631,294) (122,805,231)
 
Accumulated Deficit Ending $ (123,833,797) $ (123,631,294)

 

Statement of Cash Flows for the Years Ended December 31, condensed
Dollars in Thousands
  2006 2005
Operating Activities
Net (Loss) $ (202,503) $ (826,063)
Adjustments to reconcile net (loss) to net cash (used by) operating activities:
Provision for losses (19,257) (16,112)
 
Change in Assets and Liabilities:
Decrease in receivables from thrift resolutions and other assets 21,273 59,630
(Decrease)/Increase in accounts payable and other liabilities (2,302) 2,196
Increase in contingent liabilities for litigation losses and other 21,824 257,104
Net Cash (Used by) Operating Activities (180,965) (523,245)
 
Financing Activities
Provided by:
U.S. Treasury payments for goodwill litigation 194,728 624,564
Net Cash Provided by Financing Activities 194,728 624,564
 
Net Increase in Cash and Cash Equivalents 13,763 101,319
Cash and Cash Equivalents - Beginning 3,602,703 3,501,384
Cash and Cash Equivalents - Ending $ 3,616,466 $ 3,602,703



Last Updated 05/22/2007 communications@fdic.gov