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Chief
Financial Officer's (CFO) Report to the Board
301 Moved Permanently
301 Moved Permanently
openresty
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DIF
Balance Sheet -
First Quarter 2013
Fund Financial Results |
($
in millions) |
Balance
Sheet |
|
Unaudited Mar-13 |
Audited Dec-12 |
Quarterly
Change |
Unaudited Mar -12 |
Year-Over-Year
Change |
Cash and cash equivalents |
$1,052 |
$3,100 |
($2,048) |
$741 |
$311 |
Cash and investments - restricted - systemic risk |
- |
- |
- |
4,723 |
(4,723) |
Investment in U.S. Treasury obligations, net |
37,474 |
34,869 |
2,605 |
33,937 |
3,537 |
Trust preferred securities |
2,256 |
2,264 |
(8) |
2,329 |
(73) |
Assessments receivable, net |
1,295 |
1,007 |
288 |
318 |
977 |
Receivables and other assets - systemic risk |
- |
- |
- |
1,974 |
(1,974) |
Interest receivable on investments and other assets, net |
470 |
433 |
37 |
505 |
(35) |
Receivables from resolutions, net |
22,549 |
23,120 |
(571) |
28,963 |
(6,414) |
Property and equipment, net |
381 |
393 |
(12) |
389 |
(8) |
Total Assets |
$65,477 |
$65,186 |
$291 |
$73,879 |
($8,402) |
Accounts payable and other liabilities |
319 |
350 |
(31) |
364 |
(45) |
Unearned revenue - prepaid assessments |
- |
1,576 |
(1,576) |
14,002 |
(14,002) |
Refunds of prepaid assessments |
5,829 |
5,675 |
154 |
- |
5,829 |
Liabilities due to resolutions |
20,696 |
21,174 |
(478) |
32,000 |
(11,304) |
Deferred revenue - systemic risk |
- |
- |
- |
6,698 |
(6,698) |
Postretirement benefit liability |
224 |
224 |
- |
188 |
36 |
Contingent liability for anticipated failures |
2,659 |
3,221 |
(562) |
5,330 |
(2,671) |
Contingent liability for litigation losses |
8 |
8 |
- |
5 |
3 |
Total Liabilities |
$29,735 |
$32,228 |
($2,493) |
$58,587 |
($28,852) |
FYI: Unrealized gain (loss) on U.S. Treasury investments, net |
72 |
34 |
38 |
92 |
(20) |
FYI: Unrealized gain (loss) on trust preferred securities |
294 |
302 |
(8) |
367 |
(73) |
FYI: Unrealized postretirement benefit (loss) gain |
(61) |
(61) |
- |
(34) |
(27) |
Fund Balance |
$35,742 |
$32,958 |
$2,784 |
$15,292 |
$20,450 |
|
|
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Income Statement Trend Schedule |
$ in Billions |
2008 |
2009 |
2010 |
2011 |
2012 |
Thru 3/31/13 |
Cumulative |
Assessments |
3.0 |
17.7 |
13.6 |
13.5 |
12.4 |
2.6 |
62.8 |
Earnings on UST Invmts |
4.7 |
0 |
0.1 |
0.1 |
0.1 |
0.03 |
5.1 |
Guarantee-Related Revenue: |
Citi-term fee/earnings
|
0 |
2.2 |
0.5 |
0.1 |
0.2 |
0.04 |
3.0 |
TLGP (net of losses)
|
0 |
0 |
0 |
2.6 |
5.9 |
0 |
8.5 |
Other
|
0 |
1.0 |
0.04 |
0.1 |
0.1 |
0.01 |
1.2 |
Operating Expenses |
1.0 |
1.3 |
1.6 |
1.6 |
1.8 |
0.4 |
7.7 |
Provision for Ins Losses |
41.8 |
57.7 |
(0.8) |
(4.4) |
(4.2) |
(0.5) |
89.6 |
Comprehensive Income |
(35.1) |
(38.1) |
13.4 |
19.2 |
21.1 |
2.8 |
(16.7) |
Fund Balance |
17.3 |
(20.9) |
(7.4) |
11.8 |
33.0 |
35.7 |
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Since year-end 2007, the DIF's balance has declined from $52.4 billion to $35.7 billion, a total drop of $16.7 billion. Over this time period, DIF has absorbed $89.5 billion in estimated losses for both actual and anticipated bank failures ($86.8 billion and $2.7 billion, respectively). |
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