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I.
Corporate Fund Financial Results - First Quarter 2009
Deposit Insurance Fund (DIF)
- For
the three months ending March 31, 2009, the DIF’s comprehensive
loss totaled $4.3 billion compared to comprehensive income of
$430.1 million for the same period last year. The year-over-year
decrease of $4.7 billion was mostly due to a $6.1 billion increase
in the provision for insurance losses, a $458.3 million decrease
in the unrealized gain on available-for-sale securities, and
a $406.1 million decrease in interest earned on U.S. Treasury
obligations; partially offset by a $2.2 billion increase in assessment
revenue and a $136.3 million increase in realized gains from
the sale of U.S. Treasury obligations.
- In February, the FDIC received
$3.0 billion in preferred stock from Citigroup in return for providing
a loss guarantee (up to
$10 billion–after
initial losses of $44.5 billion are taken by Citigroup and U.S.
Treasury) on an asset pool of $300.8 billion of loans and securities
backed by
residential and commercial real estate. The preferred stock is
reported in the “Preferred stock – systemic risk” line
item on DIF’s balance sheet. The FDIC also received the first quarterly
dividend of $20.2 million from the preferred stock in February.
- For the
first three months of 2009, the FDIC collected $3.8 billion in
fees under the Debt Guarantee Program (DGP) and $90.0 million in fees
under
the Transaction Account Guarantee Program (TAGP). For the 21
failures that occurred during the first quarter of 2009, the FDIC paid
$323.3
million in claims under the TAGP and recorded estimated losses
of $66.5 million against this receivable.
FSLIC Resolution Fund (FRF)
- FRF paid Goodwill judgments for three cases in the aggregate
amount of $142.3 million that were accrued in 2008.
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