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2008 Annual Report Highlights
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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