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2008 Annual Report Highlights



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III. Financial Statements

Refer to FDIC’s Web site at www.fdic.gov/about/strategic/report/index.html for the complete set of financial statements with accompanying footnotes.

FSLIC Resolution Fund (FRF)

FSLIC Resolution Fund Balance Sheet at December 31 - condensed
Dollars in Thousands
  2008 2007
Assets
Cash and cash equivalents $3,467,227 $3,617,133
Receivables from thrift resolutions and other assets, net 34,952 34,812
Receivables from U.S. Treasury for goodwill judgments 142,305 35,350
Total Assets $3,644,484 $3,687,295
Liabilities
Accounts payable and other liabilities $8,066 $4,276
Contingent liabilities for litigation losses and other 142,305 35,350
Total Liabilities 150,371 39,626
Resolution Equity
Contributed capital 127,442,179 127,417,582
Accumulated deficit (123,948,066) (123,769,913)
Total Resolution Equity 3,494,113 3,647,669
Total Liabilities and Resolution Equity $3,644,484 $3,687,295

 

FSLIC Resolution Fund Statement of Income and Accumulated Deficit
for the Years Ended December 31
- Condensed
Dollars in Thousands
  2008 2007
Revenue
Interest on U.S. Treasury obligations $56,128 $156,034
Other revenue 7,040 31,558
Total Revenue 63,168 187,592
Expenses and Losses
Operating expenses 3,188 3,364
Provision for losses (891) (10,135)
Goodwill/Guarini litigation expenses 254,247 195,939
Recovery of tax benefits (26,846) (68,217)
Other expenses 11,623 2,757
Total Expenses and Losses 241,321 123,708
Net (Loss)/Income (178,153) 63,884
Accumulated Deficit - Beginning (123,769,913) (123,833,797)
Accumulated Deficit - Ending $(123,948,066) $(123,769,913)

 

FSLIC Resolution Fund Statement of Cash Flows
for the Years Ended December 31
- Condensed
Dollars in Thousands
  2008 2007
Operating Activities
Net (Loss)/Income $(178,153) $63,884
Adjustments to reconcile net (loss)/income to net cash
used by operating activities:
   
Provision for losses (891) (10,135)
Change in Operating Assets and Liabilities
Decrease in receivables from thrift resolutions and other assets 751 12,053
Increase/(Decrease) in accounts payable and other liabilities 3,791 (1,221)
Increase/(Decrease) in contingent liabilities for litigation losses and other 106,954 (243,977)
Net Cash Used by Operating Activities (67,548) (179,396)
Financing Activities
Provided by:    
U.S. Treasury payments for goodwill litigation 142,642 405,063
Used by:    
Payments to Resolution Funding Corporation (225,000) (225,000)
Net Cash (Used)/Provided by Financing Activities (82,358) 180,063
Net (Decrease)/Increase in Cash and Cash Equivalents (149,906) 667
Cash and Cash Equivalents - Beginning 3,617,133 3,616,466
Cash and Cash Equivalents - Ending $3,467,227 $3,617,133

 

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Last Updated 08/8/2009 communications@fdic.gov