|
2007 Annual Report Highlights
III. Financial Statements
FSLIC Resolution Fund (FSLIC)
FSLIC Resolution Fund Balance Sheet
at
December 31, condensed
Dollars in Thousands
|
| |
2007 |
2006 |
|---|
| Assets |
| Cash and cash equivalents |
$3,617,133 |
$3,616,466 |
| Receivables from thrift resolutions and other assets, net |
34,812 |
36,730 |
| Receivables from U.S. Treasury for goodwill judgments |
35,350 |
251,827 |
| Total Assets |
$3,687,295 |
$3,905,023 |
| Liabilities |
| Accounts payable and other liabilities |
$4,276 |
$5,497 |
| Contingent liabilities for litigation losses and other |
35,350 |
279,327 |
| Total Liabilities |
39,626 |
284,824 |
| Resolution Equity |
| Contributed capital |
127,417,582 |
127,453,996 |
| Accumulated deficit |
(123,769,913) |
(123,833,797) |
| Total Resolution Equity |
3,647,669 |
3,620,199 |
| Total Liabilities and Resolution Equity |
$3,687,295 |
$3,905,023 |
FSLIC Resolution Fund Statement
of Income and Accumulated Deficit
for the Years Ended December 31, condensed
Dollars in Thousands
|
| |
2007 |
2006 |
|---|
| Revenue |
| Interest on U.S. Treasury obligations |
$156,034 |
$151,648 |
| Other revenue |
31,558 |
17,650 |
| Total Revenue |
187,592 |
169,298 |
| Expenses and Losses |
| Operating expenses |
3,364 |
12,002 |
| Provision for losses |
(10,135) |
(19,257) |
| Goodwill/Guarini litigation expenses |
195,939 |
411,056 |
| Recovery of tax benefits |
(68,217) |
(34,783) |
| Other expenses |
2,757 |
2,783 |
| Total Expenses and Losses |
123,708 |
371,801 |
| Net Income/(Loss) |
63,884 |
(202,503) |
| Accumulated Deficit - Beginning |
(123,833,797) |
(123,631,294) |
| Accumulated Deficit - Ending |
$(123,769,913) |
$(123,833,797) |
FSLIC Resolution Fund Statement of Cash Flows
for the Years Ended December 31, condensed
Dollars in Thousands
|
| |
2007 |
2006 |
|---|
| Operating Activities |
| Net Income/(Loss) |
$63,884 |
$(202,503) |
Adjustments to reconcile net income/(loss) to net cash (used by)
operating activities: |
| Provision for losses |
(10,135) |
(19,257) |
| Change in Operating Assets and Liabilities: |
| Decrease in receivables from thrift resolutions and other assets |
12,053 |
21,273 |
| (Decrease) in accounts payable and other liabilities |
(1,221) |
(2,302) |
| (Decrease)/Increase in contingent liabilities for litigation losses and other |
(243,977) |
21,824 |
| Net Cash Used by Operating Activities |
(179,396) |
(180,965) |
| Financing Activities |
| Provided by: |
| U.S. Treasury payments for goodwill litigation |
405,063 |
194,728 |
| Used by: |
| Payments to Resolution Funding Corporation |
(225,000) |
0 |
| Net Cash Provided by Financing Activities |
180,063 |
194,728 |
| Net Increase in Cash and Cash Equivalents |
667 |
13,763 |
| Cash and Cash Equivalents - Beginning |
3,616,466 |
3,602,703 |
| Cash and Cash Equivalents - Ending |
$3,617,133 |
$3,616,466 |
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