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Chief Financial Officer's (CFO) Report to the Board

DIF Balance Sheet - Fourth Quarter 2019

Fund Financial Results($ in millions)
Balance Sheet
 

Dec-19

Sep-19
Quarterly
Change

Dec-18
Year-Over-Year
Change
Cash and cash equivalents $5,991 $4,268 $1,723 $5,774 $217
Investment in US Treasury securities 100,072 100,873 (801) 92,708 7,364
Assessments receivable 1,242 1,115 127 1,376 (134)
Interest receivable on investments and other assets, net 1,021 582 439 550 471
Receivables from resolutions, net 2,669 2,801 (132) 3,058 (389)
Property and equipment, net 330 317 13 329 1
Total Assets $111,325 $109,956 $1,369 $103,795 $7,530
Accounts payable and other liabilities 215 212 3 198 17
Liabilities due to resolutions 346 427 (81) 605 (259)
Postretirement benefit liability 289 236 53 236 53
Contingent liability for anticipated failures 94 108 (14) 114 (20)
Contingent liability for guarantee payments and litigation losses 34 33 1 33 1
Total Liabilities $978 $1,016 $(38) $1,186 $(208)
FYI: Unrealized gain (loss) on US Treasury securities, net 587 586 1 (615) 1,202
FYI: Unrealized postretirement benefit (loss) gain (61) (14) (47) (14) (47)
Fund Balance $110,347 $108,940 $1,407 $102,609 $7,738

 

Highlights of DIF Compreshensive Income for the Years 2015 through 2019 (dollars in billions)

Highlights of DIF Comprehensive Income for the Years 2015 through 2019 (dollars in billions)
  Assessments Earnings on U.S. Treasury Securities Operating Expenses Negative Provision for Insurance Losses Comprehensive Income
2015 $8.8 $0.4 ($1.7) $2.3 $9.8
2016 $10.0 $0.7 ($1.7) $1.6 $10.6
2017 $10.6 $0.6 ($1.7) $0.2 $9.6
2018 $9.5 $1.5 ($1.8) $0.6 $9.9
2019 $4.9 $3.3 ($1.8) $1.3 $7.7

 

The mix of the DIF 2019 Comprehensive Income components is notably different from the prior 4 years presented in 2 of the 4 categories. Assessment Revenue is just over half of the prior 4 year average, reflecting the cessation of surcharge assessments, lower assessment rates, and the application of small bank credits. Earnings on the DIF investment portfolio, however, continue to increase, with 2019 posting a high not seen since 2008. Operating expenses have remained relatively constant, and the DIF is still benefiting from negative provisions due to reductions in estimated losses from past failures.