FDIC income reported

Northwestern Financial Review, Sep 1-Sep 14, 2002

Comprehensive income for the Bank Insurance Fund climbed to $748 million for the first six months of 2002, up from $706 million for the same period last year The BIF balance stood at $31.2 billion, up from $30.4 billion at the end of 2001. The FDIC said the Savings Association Insurance Fund had comprehensive income of $388 million, up from $33 million for the same period last year.

The increase is related to the amount of money reserved for anticipated failures during the first half of 2002 compared to last year. In 2002, the estimated losses declined by $89 million due to improvements in the financial condition of troubled thrifts. SAIF had a fund balance of $11.3 billion as of June 30, up from $10.9 billion at year-end 2001. Seven BIF-insured banks failed with total assets of $2.4 billion during the first half of 2002. One SAIF-insured institution with $50 million in assets failed during the same time period.