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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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I. Corporate Fund Financial Results - First Quarter 2011

Deposit Insurance Fund (DIF)

  • For the three months ending March 31, 2011, the DIF’s comprehensive income totaled $6.3 billion compared to comprehensive income of $145 million for the same period last year.  This $6.2 billion increase was mostly due to a $6.1 billion decrease in the provision for insurance losses and a $206 million increase in assessment revenue, partially offset by a $50 million increase in operating expenses and a $131 million decrease in unrealized gains on trust preferred securities.
  • During the first quarter 2011, the DIF recognized $3.5 billion in estimated assessment revenue for first quarter 2011 insurance coverage, which includes non-interest bearing transaction accounts that received coverage under the Dodd-Frank Act for two years beginning December 31, 2010.
  • Additionally, on March 30, the FDIC collected $206 million in deposit insurance DIF assessments and $52 million in Transaction Account Guarantee (TAG) Program fees for fourth quarter 2010 insurance coverage (fees are collected one quarter in arrears).  This quarter is the last time that the FDIC will collect fees under the TAG Program, which expired on December 31, 2010.  Since the inception of the TAG Program, the FDIC collected TAG fees totaling $1.2 billion.
  • The provision for insurance losses was negative $3.1 billion for the first quarter of 2011.  The negative provision resulted from: a $1.4 billion reduction in the contingent loss reserve due to the improvement in the financial condition of institutions that were previously identified to fail; a $1.0 billion reduction in the estimated losses for banks that failed in 2010 where recent liquidation activity yielded recoveries higher than previously estimated; and a $600 million adjustment for lower-than-anticipated loss estimates at time of failure for banks that failed in the current quarter.

Last Updated 06/09/2010

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