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Executive
Summary - Fourth Quarter 2010
The
attached report highlights the Corporation’s financial activities
and results for the period ending December 31, 2010.
- During the fourth quarter of 2010, the Deposit Insurance Fund (DIF) balance increased by $657 million to negative $7.4 billion. This increase was primarily due to a $3.5 billion increase in assessments earned, offset by a $2.4 billion increase in provision for insurance losses and a $452 million increase in operating expenses.
- During the fourth quarter of 2010, the FDIC was named receiver for 30 failed institutions. The combined assets at inception for these institutions totaled approximately $8.9 billion with a total estimated loss of $2.1 billion. The corporate cash outlay during the fourth quarter for these failures was approximately $2.2 billion.
- Year-to-date through December 31, 2010, Corporate Operating Budget expenditures were below budget by 14 percent ($567.9 million). This variance was primarily the result of lower spending for contractual services and vacancies in budgeted positions in both the Receivership Funding and the Ongoing Operations components.
On
the pages following is an assessment of each of the three major finance
areas: financial statements, investments, and budget.
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