FEDERAL AGRICULTURAL MORTGAGE CORPORATION-Continued Status of Direct Loans (in thousands of dollars) securities or cash reserve for a pool (Farmer Mac I only), Identification code 99-4200-0-3-371 has been exhausted. Position with respect to appropriations act limitation on obligations: Farmer Mac guaranteed mortgage-backed securities are subject to registration requirements established by the Securi-1111 Limitation on direct loans ties and Exchange Commission under the 1933 and 1934 Securities Acts. 1131 Direct loan obligations exempt from limitation 1150 Total direct loan obligations 393,008,307 375,000,000 375,000,000 393,008,307 375,000,000 375,000,000 Federal Home Loan Bank Board under the authority of the The 12 Federal Home Loan Banks were chartered by the Federal Home Loan Bank Act of 1932. Subsequent to the passage of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989, the FHLBanks are under the supervision of the Federal Housing Finance Board. The common mission of the FHLBanks is to facilitate the extension of credit through their members in order to provide access to housing for all Americans and to improve the quality of their communities. To accomplish this mission, the FHLBanks make loans, called advances, and provide other credit products such as letters of credit to member institutions. Advances and letters of credit must be fully secured by eligible collateral and long-term advances may be made only for the purpose of providing funds for residential housing finance. Additionally, specialized community-related advance programs provide funds for community reinvestment and affordable housing programs. All regulated financial depositories and insurance companies engaged in residential housing finance are eligible for membership. Each FHLBank operates in a geographic district designated by the Board and together the FHLBanks cover all of the United States as well as Puerto Rico, the Virgin Islands, and Guam. It is important to note that the FHLBanks' credit programs operate at a profit, and that combined financial statements of the FHLBanks prepared in accordance with generally accepted accounting principles ("GAAP") are publicly available. In these budget statements, gross cash disbursements for advances are presented as "obligations" and gross cash proceeds from repayment of advances are presented as "financing." The accompanying statement of "Cumulative Balance of Direct Loans Outstanding" also presents cash flows related to advance activity. Advances outstanding on September 30, 1993 totaled approximately $99.4 billion, a net increase of approximately $18.7 billion from the September 30, 1992 level of $80.7 billion. The principal source of funds for the lending operation is the sale of consolidated obligations to the public. On September 30, 1993, $130 billion of these obligations were outstanding. The consolidated obligations are not guaranteed by the U.S. Government as to principal or interest. Other sources of lendable funds include a portion of members' deposits as determined by Board policy. Deposits totaled $23 billion and total capital amounted to $11.5 billion as of September 30, 1993. Funds not immediately used for advances to members are invested until such times as needed. The capital stock of the Federal Home Loan Banks is owned entirely by the members. Initially the U.S. Government purchased stock of the banks in the amount of $125 million. The banks had repurchased the Government's investment in full by mid-1951. The entire operating expenses of the FHLBanks are paid from their own income and are not included in the budget of the United States. Included in these expenses is the assess 240,000 ment by the Federal Housing Finance Board to cover the FIRREA contains provisions for the establishment of an The forecast data for 1994 and 1995 contained in this mate- 1010 Fund balance with Treasury ASSETS: 1995 est. 830,000 1995 est. 1,000,000 The Financing Corporation (FICO) is a mixed-ownership The Act provided formulas pursuant to which the Federal 4,900,000 97,000,000 161,833,979 170,365,667 171,400,000 171,400,000 Revenue and Expense (in thousands of dollars) 30,081,039 30,078,678 30,076,320 30,959,501 30,957,143 Revolving fund equity: RESOLUTION FUNDING CORPORATION 3200 The Resolution Funding Corporation (the "REFCORP") is a mixed-ownership government corporation established by Title V of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The sole purpose of REFCORP was to provide financing for the Resolution Trust Corporation (the "RTC"). Pursuant to FIRREA, REFCORP was authorized to issue debentures, bonds, and other obligations, subject to limitations contained in the Act and regulations established by the Thrift Depositor Protection Oversight Board. The proceeds of the debt (less any discount, plus any 3220 premium, net of issuance cost) were used solely to purchase nonredeemable capital certificates of the RTC or to refund any previously issued obligations. 3210 3299 EQUITY: BOARD OF GOVERNORS OF THE FEDERAL The Resolution Funding Corporation is subject to the general oversight and direction of the Thrift Depositor Protection 3999 Oversight Board. The day-to-day operations of REFCORP are under the management of a three-member Directorate comprised of the Director of the Office of Finance of the Federal Home Loan Banks and two members selected by the Oversight Board from among the presidents of the twelve Federal Home Loan Banks ("the FHLBanks"). Members of the Directorate serve without compensation, and REFCORP is not permitted to have any paid employees. The Resolution Funding Corporation and its Directorate are subject to regulations, orders and directions of the Thrift Depositor Protection Oversight Board. Program and Financing (in thousands of dollars) Identification code 99-4450-0-3-803 00.01 Program by activities: Services to financial institutions and the FIRREA and the regulations adopted by the Thrift Deposi- 00.02 tor Protection Oversight Board provide formulas pursuant to which the Federal Home Loan Banks made capital contributions to REFCORP's Principal Fund and continue to make interest payments on outstanding REFCORP Obligations. FIRREA also provides that the U.S. Treasury cover any interest shortfall. Funds designated for the Principal Funds were used to purchase Zero-coupon Bonds. The Zero-coupon Bonds will be held in the Principal Fund and are the primary source of repayment of the principal of the Obligations at maturity. 21.40 Unobligated balance available, start of year: 10.00 |