III. Financial Statements - FSLIC Resolution Fund (FRF)
FSLIC Resolution Fund Balance Sheet at December 31, condensed
Dollars in Thousands |
| |
2005 |
2004 |
| Assets |
| 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 |
| Revenue |
| 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 |
| Operating Activities |
| 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 |
|
