III. Financial Statements
FSLIC Resolution Fund (FRF)
| FSLIC Resolution Fund Balance Sheet at December 31, condensed |
| Dollars in Thousands |
| |
2010 |
2009 |
| Assets |
| Cash and cash equivalents |
$3,547,907 |
$3,470,125 |
| Receivables from thrift resolutions and other assets, net |
23,408 |
32,338 |
| Receivables from U.S. Treasury for goodwill litigation |
323,495 |
405,412 |
| Total Assets |
$3,894,810 |
$3,907,875 |
| |
| Liabilities |
| Accounts payable and other liabilities |
$2,990 |
$2,972 |
| Contingent liabilities for goodwill litigation |
323,495 |
405,412 |
| Total Liabilities |
326,485 |
408,384 |
| Resolution Equity |
| Contributed capital |
127,792,696 |
127,847,696 |
| Accumulated deficit |
(124,224,371) |
(124,348,205) |
| Total Resolution Equity |
3,568,325 |
3,499,491 |
| |
| Total Liabilities and Resolution Equity |
$3,894,810 |
$3,907,875 |
FSLIC Resolution Fund Statement of Income and Accumulated Deficit for the Years Ended
December 31, condensed |
| Dollars in Thousands |
| |
2010 |
2009 |
| Revenue |
| Interest on U.S. Treasury obligations |
$3,876 |
$3,167 |
| Other revenue |
9,393 |
5,276 |
| Total Revenue |
13,269 |
8,443 |
| |
| Expenses and Losses |
| Operating expenses |
3,832 |
4,905 |
| Provision for losses |
(945) |
2,051 |
| Goodwill litigation expenses |
(53,266) |
408,997 |
| Recovery of tax benefits |
(63,256) |
(10,279) |
| Other expenses |
3,070 |
2,908 |
| Total Expenses and Losses |
(110,565) |
408,582 |
|
| Net Income (Loss) |
123,834 |
(400,139) |
| |
| Accumulated Deficit–Beginning |
(124,348,205) |
(123,948,066) |
| |
| Accumulated Deficit–Ending |
$(124,224,371) |
$(124,348,205) |
| FSLIC Resolution Fund Statement of Cash Flows for the Years Ended December 31, condensed |
| Dollars in Thousands |
| |
2010 |
2009 |
| Operating Activities |
| Net Income (Loss) |
$123,834 |
$(400,139) |
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |
|
|
| Provision for losses |
(945) |
2,051 |
| |
| Change in Operating Assets and Liabilities: |
| Decrease in receivables from thrift resolutions and other assets |
9,875 |
563 |
| Increase (Decrease) in accounts payable and other liabilities |
18 |
(5,094) |
| (Decrease) Increase in contingent liabilities for goodwill litigation |
(81,917) |
263,107 |
| Net Cash Provided (Used) by Operating Activities |
50,865 |
(139,512) |
| |
| Financing Activities |
| Provided by: |
| U.S. Treasury payments for goodwill litigation |
26,917 |
142,410 |
| Net Cash Provided by Financing Activities |
26,917 |
142,410 |
| |
| Net Increase in Cash and Cash Equivalents |
77,782 |
2,898 |
| Cash and Cash Equivalents–Beginning |
3,470,125 |
3,467,227 |
| Cash and Cash Equivalents–Ending |
$3,547,907 |
$3,470,125 |
|
