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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.
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