ALEXANDRIA, Va.—The Corporate Stabilization Fund continued to report a positive net position in the latest quarterly report.
The TCCUSF reported $183.8 million in net income for the quarter ended June 30 on assets of $3.075 billion. NCUA has stated that as long as the legacy asset values hold relatively steady, no additional assessments on credit unions will be needed to pay back NGN investors. But before credit unions can see any refunds on their assessments, the NCUA Guaranteed Notes investors must first be repaid, including the U.S. Treasury.
As CUToday.info previously reported, in August the agency repaid another $300 million toward Treasury borrowings, leaving $2.3 billion in outstandings. In June, the Stabilization Fund recognized a $107.3 million gain related to the sale of several securities originally held by the failed corporate credit unions, NCUA said.
Matz addressed the Royal Bank of Scotland settlement that CUToday.info first reported LINK, and that the $129.6 million payment the agency will receive will lead to a “significant gain” in the next Stabilization Fund report. “Our legal strategy has already earned approximately $1.9 Billion in legal recoveries — and we still have 14 lawsuits pending.”