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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 - Fourth Quarter 2011

The attached report highlights the Corporation’s financial activities and results for the quarter ending December 31, 2011.

  • During the fourth quarter of 2011, the Deposit Insurance Fund (DIF) balance increased by $4.0 billion, from $7.8 billion to $11.8 billion (unaudited).  This quarterly increase was primarily due to $3.2 billion in assessment revenue and $2.6 billion in revenue from excess Debt Guarantee Program (DGP) fees previously held as systemic risk deferred revenue, partially offset by a $1.5 billion increase in the provision for insurance losses and by $334 million in operating expenses.  Over the eight consecutive quarters since the beginning of 2010, the fund balance has increased a total of $32.7 billion.
  • During the fourth quarter of 2011, the FDIC was named receiver for 18 failed institutions.  The combined assets at inception for these institutions totaled approximately $4.7 billion with a total estimated loss of $1.1 billion.  The corporate cash outlay during the fourth quarter for these failures was approximately $595 million.
  • Through December 31, 2011, overall Corporate Operating Budget expenditures were below budget by 27 percent ($1.1 billion), largely due to substantial under spending in the Receivership Funding budget component.  That component was $0.9 billion, or 42 percent, under budget, while the Ongoing Operations component was only $0.1 billion, or 7 percent, under budget.  The variance in the Receivership Funding component was primarily the result of lower-than-budgeted spending for contractual services and operations 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.

Last Updated 12/05/2011

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