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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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Chief Financial Officer's (CFO) Report to the Board

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Executive Summary - First Quarter 2009

This report highlights the Corporation’s financial activities and results for the period ending March 31, 2009.

  • The Deposit Insurance Fund (DIF) balance decreased by 25 percent ($4.3 billion) to $13.0 billion during the first quarter of 2009. The first quarter 2009 decrease was primarily due to $6.6 billion in the provision for insurance losses and a $331.3 million decrease in the unrealized gain on available-for-sale securities, offset by $2.6 billion in assessment revenue, $136.3 million in the realized gain on sale of securities, and $212.1 million in interest earned on investment securities.
  • During the first quarter of 2009, the FDIC was named receiver for 21 failed institutions. The combined assets at inception for these institutions totaled approximately $9.5 billion with an estimated loss totaling $2.2 billion. The corporate cash outlay during the first quarter for these failures was $3.6 billion. Eight receiverships entered into loss share agreements with the acquiring institutions and are expected to pay approximately $687.5 million over the length of the agreements.
  • For the three months ending March 31, 2009, Corporate Operating and Investment Budget related expenditures ran below budget by 27 percent ($139.5 million) and 29 percent ($548.0 thousand), respectively. The variance with respect to the Corporate Operating Budget was primarily in the Receivership Funding budget component, where spending in all expense categories was well below budget for the first quarter. This budget surplus is expected to be reduced as expenses increase in future quarters in connection with additional resolution activity.

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.

Last Updated 06/17/2009

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