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2007 Annual Report Highlights

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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



Last Updated 06/25/2008 communications@fdic.gov