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2006 Annual Report Highlights
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 |
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