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Note. This statement excludes unfunded contingent liabilities under guarantee and insurance programs as follows: 1963, $663,069 thousand; 1964, $823,179 thousand; 1965, $1,000,464 thousand; and 1966, $1,165,369 thousand.

1 The changes in these items are reflected on the program and financing schedule. Loans receivable are shown net of portfolio certificates sold with recourse differing to this extent from the Export-Import Bank's annual report to Congress. They are also net of loans sold individually with recourse.

8 Undisbursed loan authorizations for which agreements have not been executed are as follows: 1963, $575,575 thousand; 1964, $728,641 thousand; 1965, $600,000 thousand; and 1966, $500,000 thousand.

There is a 25% reserve against export guarantees and insurance and on-shore insurance, except guarantees and insurance in force at Oct. 4, 1961, which are at 100% as follows: 1963. $3,722 thousand; and 1964, $2,922 thousand.

Object Classification (in thousands of dollars)

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1 Formerly titled "Long-term project and equipment loans."

LIMITATION ON ADMINISTRATIVE EXPENSES

Not to exceed [$3,781,000] $4,052,000 (to be computed on an accrual basis) shall be available during the current fiscal year for administrative expenses, including services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), [at rates not to exceed $75 per diem for individuals,] and not to exceed $9,000 for entertainment allowances for members of the Board of Directors: Provided, That (1) fees or dues to international organizations of credit institutions engaged in financing foreign trade, (2) necessary expenses (including special services performed on a contract or fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposition of any real or personal property belonging to the Bank or in which it has an interest, including expenses of collections of pledged collateral, or the investigation or appraisal of any property in respect to which an application for a loan has been made, and (3) expenses (other than internal expenses of the Bank) incurred in connection with the issuance and servicing of guarantees, insurance, and reinsurance, shall be considered as nonadministrative expenses for the purposes hereof.

None of the funds made available because of the provisions of this title shall be used by the Export-Import Bank to either guarantee the payment of any obligation hereafter incurred by any Communist country (as defined in section 620 (f) of the Foreign Assistance Act of 1961, as amended) or any agency or national thereof, or in any other way to participate in the extension of credit to any such country, agency, or national, in connection with the purchase of any product by such country, agency, or national, except when the President determines that such guarantees would be in the national interest and reports each such determination to the House of Representatives and the Senate within 30 days after such determination. (Foreign Assistance and Related Agencies Appropriation Act, 1965.)

Program and Financing (in thousands of dollars)

1964 1965 1966 actual estimate estimate

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1 Balances of selected resources are identified on the statement of financial condition.

The Administration supervises a coordinated agricultural credit system of farm credit banks and associations which make credit available to farmers and their cooperatives.

2,697 -2,858

2,940

-3,051

2,990 -2,994

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Assessments based upon estimated administrative expenses are collected from agencies in the farm credit system and are available for administrative expenses. Obligations are incurred within fiscal year limitations on administrative expenses.

Supervision and examination of farm credit banks and associations. Provision is made for supervision and examination of: 12 Federal land banks (wholly farmerowned); 13 banks for cooperatives (mixed ownership); 12 Federal intermediate credit banks (mixed ownership); 745 Federal land bank associations; and 483 production credit associations. Also, these credit agencies are furnished such services as assistance in financing and investments,

Travel and transportation of persons. 22.0 Transportation of things........ 23.0 Rent, communications, and utilities. 24.0 Printing and reproduction... 25.1 Other services..

94.0 Change in selected resources.

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1966 estimate

4

additional investments in their capital stock in 1966 If the legislation is not enacted, additional investments of approximately $7.5 million are forecast for 1966. 2. Production credit associations.-An estimate for 230 purchase of stock in production credit associations of $1 million is made for 1965 and $1 million for 1966. The need arises primarily because the volume of business of associations is increasing more rapidly than necessary net worth can be accumulated from local sources. Proposed legislation will not affect the estimates shown for the production credit associations.

233

9.5 $9.965 $5,033

1965 1966 estimate estimate

Financing.-At the end of 1965 it is estimated that $1,040 thousand will be invested in the production credit associations and $53,750 thousand in the Federal intermediate credit banks. An additional $675 thousand net investment in the associations is expected in 1966.

The provisions of section 105(d)(3) of the Farm Credit Act of 1956, which heretofore applied to the Federal intermediate credit banks investment fund is applicable to the combined fund. This section provides that of the $87,405 thousand class A stock of the credit banks outstanding on January 1, 1957, $57,405 thousand must be retired by payments into the Treasury as miscellaneous 1,000 receipts. When the balance is reduced to $30 million, the remaining proceeds from retirement of such stock will be credited to the combined revolving fund.

1,000

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7,000
1,000

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-325

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21.98 Unobligated balance available, start of year..

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Financial Condition (in thousands of dollars)

1963 1964 1965 1966 actual actual estimate estimate

Investment in capital stock:

Production credit associations..
Federal intermediate credit banks:
Old issue.
New issue...

58,675 53,185 45,210 44,535
175
65 1,040 1,715
30,000 30,000 30,000 30,000
41,150 46,750 53,750 53,750

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Receipts and other offsets (items 11

17).

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Government equity:

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Non-interest-bearing capital (start and
end of year) -

130,000 130,000 130,000 130,000

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Analysis of Government Equity (in thousands of dollars)

(proposed legislation).

-7,500

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This fund is available to the Governor of the Farm Credit Administration as a revolving fund for investment in capital stock of the Federal intermediate credit banks and the production credit associations. Originally there were separate investment funds for the Federal intermediate credit banks and the production credit associations; however, these funds were combined into a single 14 revolving fund' as provided in subsection (f) which was added to section 5 of the Farm Credit Act of 1933 (12 U.S.C., Supp. IV, 11311) by section 2(1) of Public Law 87-343, approved October 3, 1961.

Budget program. The Farm Credit Administration expects to transmit proposed legislation to Congress. Assuming no drastic changes in agricultural conditions, enactment of the proposed legislation will make it unnecessary for the Federal intermediate credit banks to draw on the Short term credit investment fund for any

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1964 actual

1965 1966 estimate estimate

-10,926 -10,787 -10,200 -3,000 -3,100 -3,300 -55,162-69,089 -82,976

69,089 82,976 96,476

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