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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

301 Moved Permanently

301 Moved Permanently


Executive Summary - Second Quarter 2009

This report highlights the Corporation’s financial activities and results for the period ending June 30, 2009.

  • The Deposit Insurance Fund (DIF) balance decreased by 20 percent ($2.6 billion) to $10.4 billion during the second quarter of 2009. The second quarter 2009 decrease was primarily due to an $11.6 billion increase in provision for insurance losses which was partially offset by a $9.1 billion increase in assessment revenue.
  • During the second quarter of 2009, the FDIC was named receiver for 24 failed institutions. The combined assets at inception for these institutions totaled approximately $26.9 billion with an estimated loss totaling $9.0 billion. The corporate cash outlay during the second quarter for these failures was $9.3 billion. Twelve receiverships entered into loss-share agreements with the acquiring institutions and are expected to pay approximately $3.4 billion over the length of the agreements.
  • For the six months ending June 30, 2009, Corporate Operating and Investment Budget related expenditures ran below budget by 13 percent ($128.4 million) and 15 percent ($441.0 thousand), respectively. The variance with respect to the Corporate Operating Budget was primarily in the Receivership Funding budget component, where spending in several expense categories was well below budget through the second quarter. This year-to-date budget surplus is expected to be fully utilized in the second half of 2009 as expenses increase in future quarters in connection with recent and additional resolution activity.

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.

Last Updated 09/02/2009

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