301 Moved Permanently
301 Moved Permanently
openresty
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Executive
Summary - Third Quarter 2013
The
attached report highlights the Corporation’s financial activities
and results for the quarter ended September 30, 2013.
- During the third quarter of 2013, the Deposit Insurance Fund (DIF) balance increased by $2.9 billion, from $37.9 billion to $40.8 billion. This quarterly increase was primarily due to $2.3 billion of assessment revenue, a $539 million decrease in the provision for insurance losses, and a $156 million net realized gain on sale of trust preferred securities (TruPs), partially offset by $298 million of operating expenses.
- During the third quarter of 2013, the FDIC was named receiver for 6 failed institutions. The combined assets at inception for these institutions totaled approximately $3.8 billion with a total estimated loss of $775 million. The corporate cash outlay during the third quarter for these failures was approximately $1.1 billion.
- Through September 30, 2013, overall Corporate Operating Budget expenditures were below budget by 15 percent ($296 million), largely due to substantial under-spending in the Receivership Funding budget component. Spending in that component was $176 million, or 27 percent, less-than-budgeted, while spending in the Ongoing Operations component was $121 million, or 9 percent, under budget. The variance in the Receivership Funding component was primarily due to less costly resolutions and lower-than-anticipated asset management and marketing and contract support costs for failed bank resolutions.
On
the pages following is an assessment of each of the three major finance
areas: financial statements, investments, and budget.
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