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1996 Annual Report


FSLC Resolution Fund
[Graphic] FDIC

[Graphic] FSLIC Resolution Fund Statements of Financial Position

"Dollars in Thousands"
December 31, 1996 January 1, 1996

Assets
Cash and cash equivalents
$ 1,103,921
$ 1,511,254
Receivables from thrift resolutions, net (Note 3) 4,454,776 12,876,647
Securitization Reserve Fund (Note 14) 5,804,062 0
Investment in corporate owned assets, net (Note 4) 182,827 1,005,147
Other assets, net (Note 5) 6,747 10,366
Total Assets
$ 11,552,333
$ 15,403,414
Liabilities
Accounts payable and other liabilities
$ 154,347
$ 204,991
Notes payable - Federal Financing Bank borrowings (Note 7) 4,617,147 10,498,042
Liabilities incurred from thrift resolutions (Note 6) 143,725 248,539
Estimated Liabilities for: (Note 8)
Assistance agreements 16,120 81,340
Litigation losses 39,294 163,636
Total Liabilities 4,970,633 11,196,548
Commitments and contingencies (Notes 14 and 15)
Resolution Equity (Note 10)
Contributed capital 135,501,023 135,501,248
Accumulated deficit (128,919,323) (131,294,382)
Total Resolution Equity 6,581,700 4,206,866
Total Liabilities and Resolution Equity
$ 11,552,333
$ 15,403,414
The accompanying notes are an integral part of these financial statements.

 

[Graphic] FDIC

[Graphic] FSLIC Resolution Fund Statement of Income and Accumulated Deficit

"Dollars in Thousands"
For the Year Ended
December 31, 1996

Revenue
Interest on Securitization Reserve Fund $       82,103
Interest on U.S. Treasury investments 26,452
Revenue from corporate owned assets 228,274
Limited partnership revenue (Note 11) 54,600
Interest on advances and other revenue 127,117
Total Revenue 518,546
Expenses and Losses
Operating expenses 26,074
Interest expense on FFB debt and other notes payable 386,064
Corporate owned asset expenses 128,826
Reduction in provision for losses (Note 9) (2,400,366)
Other expenses 2,889
Total Expenses and Losses (1,856,513)
Net Income 2,375,059
Accumulated Deficit - Beginning (131,294,382)
Accumulated Deficit - Ending $(128,919,323)
The accompanying notes are an integral part of these financial statements.

 

[Graphic] FDIC

[Graphic] FSLIC Resolution Fund Statement of Cash Flows

"Dollars in Thousands"
For the Year Ended
December 31, 1996

Cash Flows from Operating Activities
Cash provided from:
Interest on U.S. Treasury investments
$ 26,541
Recoveries from thrift resolutions
6,152,927
Recoveries from securitization reserve
95,067
Recoveries from corporate owned assets
608,620
Miscellaneous receipts
12,174
Cash used for:
Operating expenses
(42,882)
Interest paid on notes payable
(352,767)
Disbursements for thrift resolutions
(772,301)
Disbursements for corporate owned assets
(169,463)
Miscellaneous disbursements
(19,714)
Net Cash Provided by Operating Activities (Note 17) 5,538,202
Cash Flows from Financing Activities
Cash used for:
Repayments of Federal Financing Bank borrowings
(5,913,975)
Payments of indebtedness incurred from thrift resolutions
(31,560)
Net Cash Used for Financing Activities (5,945,535)
Net Decrease in Cash and Cash Equivalents (407,333)
Cash and Cash Equivalents - Beginning 1,511,254
Cash and Cash Equivalents - Ending
$ 1,103,921
The accompanying notes are an integral part of these financial statements.

Notes to the Financial Statements


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