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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 - Fourth Quarter 2009

Deposit Insurance Fund (DIF)

  • For 2009, the DIF’s comprehensive loss was $38.1 billion compared to a comprehensive loss of $35.1 billion during 2008. This year-over-year change of $3.0 billion was primarily due to a $15.9 billion increase in the provision for insurance losses, a $4.0 billion increase in the unrealized loss on U.S. Treasury investments, and a $1.4 billion decrease in interest earned on U.S. Treasury obligations, partially offset by a $14.8 billion increase in assessment revenue and a $3.4 billion increase in other revenue.
  • Other revenue was $3.4 billion for 2009 primarily due to guarantee termination fees of $2.3 billion and the collection of debt issuance surcharges under the Temporary Liquidity Guarantee Program (TLGP) of $872 million. In connection with the termination of the loss-share agreement with Bank of America and Citigroup, the FDIC received a termination fee of $92 million from Bank of America and recognized revenue of $2.2 billion for the carrying amount of the Citigroup trust preferred securities received as consideration for the guarantee.
  • The provision for insurance losses was $57.7 billion in 2009. The total provision consists mainly of the increase in the provision for future failures ($20.0 billion) and the losses estimated at failure for the 140 resolutions occurring during 2009 ($35.6 billion).
  • On December 30, 2009, the FDIC collected prepaid assessments of $45.7 billion for the coverage period of October 2009 through December 2012. The DIF recognized the amount collected as both an asset (cash) and an offsetting liability (unearned revenue). Hereafter, the DIF will recognize revenue for the regular risk-based assessments quarterly as it is earned.


Last Updated 04/14/2010

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