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I.
Corporate Fund Financial Results - Second Quarter 2014
Deposit Insurance Fund (DIF)
- For the six months ending June 30, 2014, the DIF’s comprehensive income totaled $3.9 billion compared to comprehensive income of $4.9 billion for the same period last year. This $1.0 billion decrease was mostly due to a $554 million decrease in assessment revenue and a $676 million increase in provision for insurance losses.
- The provision for insurance losses was $144 million for the first half of 2014. The positive provision primarily resulted from a $449 million increase in the estimated losses for anticipated failures, partially offset by a $295 million decrease in the estimated losses for institutions that failed in current and prior years. The reduction in the estimated losses from failures was primarily attributable to a decrease in the receiverships’ shared-loss liability and unanticipated recoveries of tax refunds and professional liability claims by receiverships.
Assessments
- During June, the DIF recognized a total of $2.2 billion in assessment revenue, representing the estimate for second quarter 2014 insurance coverage. Additionally, the DIF recognized a net adjustment of $20 million that increased assessment revenue. This adjustment consisted of a $6 million decrease from prior period amendments and a $26 million increase to the estimate for first quarter 2014 insurance coverage recorded at March 31, 2014. The latter adjustment was due to higher than estimated assessment rates.
- On June 30, 2014, the FDIC collected $2.3 billion in DIF assessments for first quarter 2014 insurance coverage.
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