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December 08 NCUSIF insurance loss 113.4 million
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ALEXANDRIA, Va. (1/23/09)—The National Credit Union Share Insurance Fund (NCUSIF) projected an insurance loss for December 2008 at $113.4 million, according to its year-end report. At a National Credit Union Administration (NCUA) open board meeting Thursday, staff continued to project a 1.27% equity level for 2008. That figure precludes the possibility of an NCUSIF dividend to federally insured credit unions. The NCUSIF also posted gross income of $129.9 million in December 2008. Of that, $106 million of the gross income was from the NCUSIF’s sale of longer-term U.S. Treasury Department Securities that appreciated in value. Approximately $97 million of the $113.4 million insurance loss .
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expense went to unallocated reserves in order to move the NCUSIF’s insurance loss reserves from the minimum level required to its “midpoint,” according to the NCUA. Other details: NCUSIF reported there are currently 271 low-ranked CAMEL 4 and 5 credit unions, up 28% from 211 at the end of 2007. The total insurance loss expense for 2008 is estimated to be $290.4 million.
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