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Executive
Summary - Second Quarter 2014
The
attached report highlights the Corporation’s financial activities
and results for the quarter ended June 30, 2014.
- During the second quarter of 2014, the DIF balance increased by $2.2 billion, from $48.9 billion to $51.1 billion. This quarterly increase was primarily due to $2.2 billion of assessment revenue and a $204 million decrease in the provision for insurance losses, partially offset by $428 million of operating expenses.
- During the second quarter of 2014, the FDIC was named receiver for 7 failed institutions. The combined assets at inception for these institutions totaled $842 million with a total estimated loss of $112 million. The corporate cash outlay during the second quarter for these failures was approximately $235 million.
- Through June 30, 2014, overall Corporate Operating Budget expenditures were below budget by 8 percent ($93 million). Spending in the Ongoing Operations component was $59 million, or 7 percent, under budget, largely due to underspending for salaries and compensation, equipment, and contractual services. The variance in the Receivership Funding component was $34 million, or 11 percent, under budget, primarily due to lower-than-budgeted spending for contractual services at the site of failed financial institutions.
On
the pages following is an assessment of each of the three major finance
areas: financial statements, investments, and budget.
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