Chief Financial Officer's (CFO) Report to the Board
Selected Financial Data - First Quarter 2016
| Fund Financial Results | ($ in millions) |
| FSLIC Resolution Fund | |||||
Unaudited |
Audited Dec-15 |
Quarterly Change |
Unaudited Mar-15 |
Year-Over-Year Change |
Cash and cash equivalents | $872 | $871 | $1 | $872 | - |
| Accumulated deficit | (124,617) | (124,618) | 1 | (124,460) | (157) |
| Total resolution equity | 872 | 871 | 1 | 872 | - |
| Total revenue | 1 | 3 | 1 | - | |
| Operating expenses | 1 | 3 | - | 1 | |
| Provision for losses | (3) | - | - | (3) | |
| Other expenses | 2 | - | - | 2 | |
| Goodwill litigation expenses | - | 157 | - | - | |
| Net Income (Loss) | $1 | ($157) | $1 | $- |
| Receivership Selected Statistics March 2016 vs. March 2015 |
| $ in millions | DIF |
FRF |
ALL FUNDS |
||||||
| Mar-16 | Mar-15 | Change | Mar-16 | Mar-15 | Change | Mar-16 | Mar-15 | Change | Total Receiverships | 439 | 483 | (44) | - | - | - | 439 | 483 | (44) |
| Assets in Liquidation | $4,433 | $7,289 | ($2,856) | $2 | $5 | (3) | $4,435 | $7,294 | ($2,859) |
| YTD Collections | $372 | $1,365 | ($993) | $1 | $- | $1 | $373 | $1,365 | ($992) |
| YTD Dividend/ Other Pymts - Cash | $1,789 | $2,170 | ($381) | $- | $- | $- | $1,789 | $2,170 | ($381) |
DIF Monthly Interest Revenue (Dillions in millions) |
|
Dollars |
|
| Jan 2015 | $18,063 |
| Feb 2015 | $17,771 |
| Mar 2015 | $24,156 |
| Apr 2015 | $37,094 |
| May 2015 | $38,846 |
| Jun 2015 | $37,041 |
| Jul 2015 | $40,960 |
| Aug 2015 | $41,217 |
| Sep 2015 | $39,695 |
| Oct 2015 | $41,351 |
| Nov 2015 | $40,447 |
| Dec 2015 | $46,142 |
| Jan 2016 | $48,845 |
| Feb 2016 | $44,860 |
| Mar 2016 | $53,227 |
The estimated recoveries from assets held by receiverships and estimated payments related to share-loss covered assets and other liabilities are used to derive the loss allowance on the receivables from resolutions.
The $23 million adjustment resulted from greater-than-anticipated collections from a receivership's investment in a structured transaction.
The $46 million net adjustment to the receiverships' shared-loss liability primarily resulted from higher than estimated final payments on commercial shared-loss agreements (SLA) where loss coverage expired, net of savings on early SLA terminations.
The $6 million adjustment resulted from a $9 million increase in estimated rep & warranty liabilities, net of a $3 million decline in estimated litigation liabilities.