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Washington
Jan. insurance losses well below 54M estimate
ALEXANDRIA, Va. (2/22/11)--The National Credit Union Administration (NCUA) last week reported that it did not write off any of the National Credit Union Share Insurance Fund’s (NCUSIF) assets as insurance loss expenses in January. The NCUA had budgeted for as much as $54.2 million in insurance fund losses. Overall, the NCUSIF gained $11.4 million during the month due to $19.4 million in investment income. The NCUSIF was budgeted to lose $46.7 million during January, but only lost $8 million in operating expenses during that month. NCUA Chief Financial Officer Mary Ann Woodson during her monthly report on the status of NCUA insurance funds said that the NCUSIF’s equity ratio stood at 1.28% as of January 31, 2010. NCUSIF reserves stood at $1.2 billion, and only $181.4 million of these reserves were allocated for expected losses related to specific, troubled natural-person credit unions. (See related story: 2011 NCUSIF premium not a definite) Woodson said that there are currently 369 CAMEL 4 and 5 credit unions, which represent 5.0% of insured shares, or $38.2 billion. She also noted that there are 1,819 CAMEL 3 credit unions, which represent 17.8% of insured shares, or $136.5 billion. Combined, insured shares in CAMEL 3, 4, and 5 credit unions represent approximately 23% of total insured shares, Woodson added. The Temporary Corporate Credit Union Stabilization Fund (TCCUSF) total liabilities and net position stood at $377.1 million as of January 31, Woodson added.
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