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2005 Annual Report

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III. Financial Statements - FSLIC Resolution Fund (FRF)

FSLIC Resolution Fund Balance Sheet at December 31, condensed
Dollars in Thousands
  2005 2004
Cash and cash equivalents $3,602,703 $3,501,384
Receivables from thrift resolutions and other assets, net 38,746 82,275
Total Assets $3,641,449 $3,583,659
Liabilities
Accounts payable and other liabilities $7,799 $5,603
Contingent liabilities for litigation losses and other 257,503 410
Total Liabilities 265,302 6,013
Resolution Equity
Contributed capital 127,007,441 126,382,877
Accumulated deficit (123,631,294) (122,805,158)
Unrealized loss on available-for-sale securities, net 0 (73)
Accumulated deficit, net (123,631,294) (122,805,231)
Total Resolution Equity 3,376,147 3,577,646
Total Liabilities and Resolution Equity $3,641,449 $3,583,659


FSLIC Resolution Fund Statement of Income and Accumulated Deficit for the Years Ended December 31, condensed
Dollars in Thousands
  2005 2004
Interest on U.S. Treasury obligations $98,260 $40,076
Realized gain on investment in securitization-related assets acquired from receiverships 0 66,708
Other revenue 24,176 21,114
Total Revenue 122,436 127,898
Expenses and Losses
Operating expenses 24,626 22,928
Provision for losses 241,065 (13,206)
Expenses for goodwill settlements and litigation 718,494 31,632
Recovery of tax benefits (45,946) (82,937)
Other expenses 10,333 11,703
Total Expenses and Losses 948,572 (29,880)
Net (Loss)/Income (826,136) 157,778
Unrealized gain/(loss) on available-for-sale securities, net 73 (41,572)
Comprehensive (Loss)/Income (826,063) 116,206
Accumulated Deficit - Beginning (122,805,231) (122,921,437)
Accumulated Deficit - Ending $(123,631,294) $(122,805,231)


FSLIC Resolution Fund Statement of Cash Flows for the Years Ended December 31
Dollars in Thousands
  2005 2004
Net (Loss)/Income: $(826,136) $157,778
Adjustments to reconcile net (loss)/income to net cash (used by) operating activities:    
Provision for losses 241,065 (13,206)
Change in Assets and Liabilities:
Decrease/(Increase) in receivables from thrift resolutions and other assets 59,459 (28,943)
Increase/(Decrease) in accounts payable and other liabilities 2,196 (13,778)
Net Cash (Used by) Provided by Operating Activities (523,416) 101,851
Investing Activities
Investment in securitization-related assets acquired from receiverships 171 115,975
Net Cash Provided by Investing Activities 171 115,975
Financing Activities
Provided by:
U.S. Treasury payments for goodwill settlements 624,564 5,026
Net Cash Provided by Financing Activities 624,564 5,026
 
Net Increase in Cash and Cash Equivalents 101,319 222,852
Cash and Cash Equivalents - Beginning 3,501,384 3,278,532
Cash and Cash Equivalents - Ending $3,602,703 $3,501,384



Last Updated 8/09/2006 communications@fdic.gov