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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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Executive Summary - Fourth Quarter 2012

The attached report highlights the Corporation’s financial activities and results for the quarter ended December 31, 2012.

  • During the fourth quarter of 2012, the Deposit Insurance Fund (DIF) balance increased by $7.8 billion, from $25.2 billion to $33.0 billion (audited).  This quarterly increase was primarily due to a decrease in the provision for insurance losses of $3.3 billion, assessment revenue of $2.9 billion, and $1.8 billion in revenue from excess Debt Guarantee Program (DGP) fees previously held as systemic risk deferred revenue, partially offset by $469 million in operating expenses.  The DIF balance has increased by $29.0 billion since the fund became positive on June 30, 2011 after seven consecutive quarters of negative balances.
  • During the fourth quarter of 2012, the FDIC was named receiver for 8 failed institutions.  The combined assets at inception for these institutions totaled approximately $2.1 billion with a total estimated loss of $354 million.  The corporate cash outlay during the fourth quarter for these failures was approximately $568 million.
  • Overall Corporate Operating Budget expenditures through December 31, 2012, were 24 percent ($796 million) below budget, largely due to substantial under spending in the Receivership Funding budget component.  Spending in that component was $648 million, or 43 percent, under budget, primarily due to lower-than-budgeted spending for contractual services and operations at the site of failed financial institutions.  Spending in the Ongoing Operations component was $148 million, or 8 percent, under budget.

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

Last Updated 04/24/2013

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