III. Performance Results Summary - Performance Results by Program and Strategic Goal
Insurance Program Results
Strategic Goal: Insured depositors are protected from loss without recourse to taxpayer funding.
Annual Performance Goal
1. Respond promptly to all financial institution closings and emerging issues.
Number of business days after institution failure by which depositors will have access to insured funds either through transfer of deposits to successor insured depository institution or depositor payout.
If the failure occurs on a Friday the target is one business day.
When deposit insurance reform is enacted, implement legislation in accordance with statutorily prescribed time frames.
Legislation not enacted in 2004.
Make appropriate changes to the current methodology for projecting losses in failing financial institutions and establishing related loss reserves for the deposit insurance funds.
Review discrepancies between projected failed assets and actual failed assets by applying sophisticated analytical techniques to examine the effectiveness of the loss projection model and adjust the methodology for projecting losses accordingly.
If deposit insurance reform legislation becomes law in 2004, promulgate rules and regulations establishing criteria for replenishing the deposit insurance fund when it falls below the low end of the range.
Develop a working prototype of a new, integrated fund model for financial risk management.