301 Moved Permanently
301 Moved Permanently
openresty
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Executive
Summary - Third Quarter 2011
The
attached report highlights the Corporation’s financial activities
and results for the quarter ending September 30, 2011.
- During the third quarter of 2011, the Deposit Insurance Fund (DIF) balance increased by $3.9 billion, from $3.9 billion to $7.8 billion. This quarterly increase was primarily due to $3.6 billion in assessment revenue and a $763 million decrease in the provision for insurance losses, partially offset by $433 million in operating expenses. Since the beginning of 2010, the fund balance has increased for seven consecutive quarters a total of $28.7 billion.
- During the third quarter of 2011, the FDIC was named receiver for 26 failed institutions. The combined assets at inception for these institutions totaled approximately $12.0 billion with a total estimated loss of $2.5 billion. The corporate cash outlay during the third quarter for these failures was approximately $2.1 billion.
- Through September 30, 2011, overall Corporate Operating Budget expenditures were below budget by 24 percent ($659 million). This variance was primarily the result of lower-than-budgeted spending in the Receivership Funding component 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.
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