The FDIC successfully achieved 27 of the 30 annual performance targets established in its 2003 Annual Performance Plan (two performance targets were not met and one was not applicable due to Congress not enacting deposit insurance reform during 2003). Key accomplishments by program are highlighted below. There were no instances where 2003 performance had a material adverse effect on successful achievement of the FDIC's mission or its strategic goals and objectives with respect to its major program responsibilities. In addition, 2003 performance results were considered in the development of the FDIC's 2004 Annual Performance Goals.
The Office of Inspector General (OIG) has shared its view of the most significant challenges the Corporation is confronting and has acknowledged the numerous actions underway to address these issues. (See Appendix C for a list of these challenges.) Management is committed to addressing each of the issues identified by the OIG.
Summary of 2003 Performance Results by Program
Resolved three failed insured institutions, providing depositors with timely access to insured deposits in each case. For all of the failures, depositors had uninterrupted and continuous access to insured deposits as the deposits were assumed by an acquiring entity.
Secured approval of deposit insurance reform legislation by the House of Representatives. Although the full Senate failed to act on the legislation before adjournment, the Corporation will continue to pursue deposit insurance reform in the second session of the 108th Congress.
Completed risk assessments for all large insured depository institutions and followed up on all identified concerns referred for examination or other supervisory action.
Improved the accuracy and efficiency of off-site risk identification models.
Published economic and banking information and analysis:
Quarterly editions of FDIC Outlook
Quarterly editions of the FDIC Banking Review
Twelve FYI electronic bulletins
Four editions of the FDIC Quarterly Banking Profile (QBP)
Semiannual FDIC Report on Underwriting Practices
Semiannual Report on Underwriting Practices by Region
Quarterly editions of the FDIC State Profiles
Quarterly editions of the Real Estate Data System
Semiannual Survey of Real Estate Trends
Supervision and Consumer Protection
Conducted 2,421 safety and soundness examinations. This included all statutorily-required safety and soundness examinations, except for a small number deferred due to pending mergers.
Conducted 1,919 compliance and Community Reinvestment Act examinations in accordance with FDIC policy.
Contacted all known and qualified potential bidders in each of the three institution failures in 2003.
Marketed 98 percent or more of marketable assets of two of the three failed financial institutions within 90-days of failure. (For the remaining institution, the 90-day time frame had not expired at year-end.)