ALEXANDRIA, Va.–Prior to the NCUA board vote on close the Temporary Corporate Credit Union Share Insurance Fund, an update on the fund’s financials were provided.
According to NCUA CFO Rendell Jones, during the second quarter the fund posted total income of $9.3 million, bringing its total income as of mid-year to $16.5 million.
But the fund’s net income position is significantly higher, thanks to a reduction in its Provision for Insurance Loss. A reduction in that provision of $443.6 million for the year, due primarily to legal recoveries, means the TCCUSF posted net income at mid-year of $457 million.
Total assets at mid-year were $1.993 million.
Jones said the TCCUSF has no outstanding borrowings from U.S. Treasury, and there were no contingent liabilities for the TCCUSF at the end of Q2, although that could change in future due to a change in the value of underlying assets in the NCUA Guaranteed Notes program.
The net position of the TCCUSF at end of Q2 was $1.991 billion.