Federal Deposit Insurance Corporation

550 17th Street, N.W., Washington, D.C. 20429-9990 Deputy to the Chairman and CFO

 February 17, 2015

MEMORANDUM TO: The Board of Directors

FROM: Steven O. App

Deputy to the Chairman and 

Chief Financial Officer

Craig R. Jarvill

Director, Division of Finance

SUBJECT: Fourth Quarter 2014 CFO Report to the Board 

The attached report highlights the Corporation’s financial activities and results for the quarter ended

December 31, 2014. 

Executive Summary

 During the fourth quarter of 2014, the DIF balance increased by $8.5 billion, from $54.3 billion

at September 30, 2014 to an all-time high of $62.8 billion. The quarterly increase was

primarily due to a $6.8 billion decrease in the provision for insurance losses and $2.0 billion of 

assessment revenue, partially offset by $408 million of operating expenses. 

 Based on the 4th Quarter 2014 estimated insured deposits and year-end fund balance, the DIF 

reserve ratio rose to 1.01 percent, from 0.88 percent as of September 30, 2014. A year ago, 

the DIF reserve ratio was 0.79 percent.

 During the fourth quarter of 2014, the FDIC was named receiver for 4 failed institutions. The 

combined assets at inception for these institutions totaled $1.2 billion with a total estimated 

loss of $147 million. The corporate cash outlay during the fourth quarter for these failures was 

approximately $354 million.

 Overall Corporate Operating Budget expenditures through December 31, 2014, were below 

budget by 10 percent ($244 million). Spending in the Ongoing Operations component was 

$160 million, or 9 percent, under budget, largely due to underspending in the salaries and 

compensation, contractual services, and travel categories. The variance in the Receivership 

Funding component was $83 million, or 14 percent, under budget, primarily due to lower-thanbudgeted contract expenses for failed bank resolutions, and lower-than-anticipated asset 

management and marketing costs.
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I. Corporate Fund Financial Results (See pages 8 - 9 for detailed data and charts.)

Deposit Insurance Fund 

 For 2014, the DIF’s comprehensive income totaled $15.6 billion compared to comprehensive 

income of $14.2 billion for 2013. This $1.4 billion year-over-year increase was primarily due to 

a $2.6 billion decrease in the provision for insurance losses, which was partially offset by a 

$1.1 billion decrease in assessment revenue and a $136 million decrease in other revenue.

 The provision for insurance losses was negative $8.3 billion for 2014, compared to negative 

$5.7 billion for 2013. The negative provision for 2014 primarily resulted from a decrease of 

$9.1 billion in the estimated losses for institutions that failed in current and prior years, partially 

offset by an increase of $850 million in the contingent liability for anticipated failures due to the 

deterioration in the financial condition of certain troubled institutions. The $9.1 billion reduction 

in the estimated losses from failures was primarily attributable to: (1) unanticipated recoveries 

of $1.8 billion in litigation settlements, professional liability claims, and tax refunds by the 

receiverships and (2) a $6.7 billion decrease in the receiverships’ shared-loss liability that 

resulted from decreases in covered asset balances, lower future loss rate estimates, and 

unanticipated recoveries on shared-loss agreement losses. 

Assessments

 During December, the DIF recognized a total of $2.0 billion in assessment revenue. The 

estimate for fourth quarter 2014 insurance coverage also totaled $2.0 billion. Additionally, the 

DIF recognized a net adjustment of $29 million that increased assessment revenue. This 

adjustment consisted of a $6 million increase from prior period amendments and a $23 million 

increase to the estimate for third quarter 2014 insurance coverage recorded at September 30, 

2014. The latter adjustment was primarily due to higher than estimated rates and assessment 

base. 

 On December 30, 2014, the FDIC collected $2.1 billion in DIF assessments for third quarter 

2014 insurance coverage.

II. Investment Results (See pages 10 - 11 for detailed data and charts.)

DIF Investment Portfolio

 On December 31, 2014, the total liquidity (also total market value) of the DIF investment

portfolio stood at $52.3 billion, higher than its December 31, 2013, balance of $42.5 billion. 

During the year, interest revenue, receivership dividends, and deposit insurance assessment 

collections exceeded resolution-related outlays and operating expenses.

 On December 31, 2014, the DIF investment portfolio’s yield was 0.70 percent, up 25 basis 

points from its December 31, 2013, yield of 0.45 percent. Two factors primarily contributed to 

the increase. During the year, newly purchased Treasury securities generally had 

considerably higher yields than maturing securities. And low yielding overnight investments 

comprised a smaller percentage of the portfolio at period end.

 In accordance with the approved fourth quarter 2014 DIF portfolio investment strategy, staff 

purchased a total of 14 short- to intermediate-maturity conventional Treasury securities, all 

designated as available-for-sale. The 14 securities had a total par value of $4.9 billion, a 

weighted average yield of 0.72 percent, and a weighted average maturity of 2.12 years.
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III. Budget Results (See pages 12 – 13 for detailed data.)

Approved Budget Modifications

The 2014 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other 

officials the authority to reallocate funds within the 2014 Corporate Operating Budget, provided that 

such reallocations did not increase the total amount approved for either the Ongoing Operations or 

Receivership Funding budget components. The following budget reallocations were approved during 

the fourth quarter in accordance with the authority delegated by the Board of Directors. None of these 

modifications changed the 2014 Ongoing Operations or Receivership Funding budgets or the total 

2014 Corporate Operating Budget approved by the Board in December 2013.

 In November, the CFO approved the reallocation of $3,160,000 in budget authority within the 

Ongoing Operations budget component from the Corporate Unassigned budget to the Division 

of Information Technology (DIT) budget to provide additional funding in the Equipment 

category (+$1,800,000) to support higher hardware and software maintenance costs and the 

transfer of responsibility for copiers to DIT from the Division of Administration (DOA); and in 

the Outside Services-Personnel category (net increase of +$1,360,000) to fund the expenses 

incurred in the transition to a new infrastructure services contractor and higher administrative 

overhead costs on task orders awarded under the new ITAS contracts. 

 In November, the CFO approved a reallocation of $1,000,000 in budget authority within the 

Receivership Funding budget component from the Legal Division to the Division of Resolutions 

and Receiverships (DRR) to cover a gradual increase in the average grade and pay of DRR 

employees that has occurred as non-permanent DRR employees have left FDIC employment.

 In November, the CFO approved a $471,161 increase in the Ongoing Operations budget 

component and a decrease of $698,520 in the Receivership Funding budget component of the 

Information Security and Privacy Staff (ISPS). These adjustments were made in conjunction 

with a reclassification of 2014 ISPS expenses from the Receivership Funding to the Ongoing 

Operations budget component because the expenses were not related to failed bank or 

receivership management activity. The Corporate Unassigned budget authority for both the 

Ongoing Operations and Receivership Funding budget components was adjusted by like 

amounts to fund these realignments within the Equipment and Outside Services-Personnel 

expense categories in the Ongoing Operations budget component and the Outside ServicesPersonnel expense category in the Receivership Funding budget component.

 In December, budget authority was realigned among major expense categories in the DOA 

budget. Budget authority was transferred from the Outside Services – Personnel 

(-$3,800,000) and Equipment (-$3,296,062) categories to the Buildings category 

(+$7,096,062), within the Ongoing Operations budget component to cover a one-time 

accounting adjustment to comply with a change in the treatment of lease expenses.

Following these budget reallocations, the unused amounts remaining within the Corporate 

Unassigned contingency reserves for the Ongoing Operations and the Receivership Funding budget 

components were $25,211,649, and $3,440,829, respectively.

Spending Variances

Significant spending variances by major expense category and division/office are discussed below. 

Significant spending variances for the year ending December 31, 2014, are defined as those that 

either (a) exceed the annual budget for a major expense category or total division/office budget by 

any amount, or (b) are under the annual budget for a major expense category or division/office by an 
4

amount that exceeds $1 million and represents more than three percent of the major expense 

category or total division/office budget. 

Significant Spending Variances by Major Expense Category

Ongoing Operations

There were significant spending variances in all major expense categories in the Ongoing Operations 

component of the 2014 Corporate Operating Budget.

 Salaries and Compensation expenditures were approximately $77 million, or 6 percent, less 

than budgeted. The Division of Risk Management Supervision (RMS) ($23 million), the Legal 

Division ($10 million), DRR ($6 million), DIT ($6 million), the Division of Insurance and 

Research (DIR) ($5 million), the Division of Depositor and Consumer Protection (DCP)

($4 million), and DOA ($4 million) all spent less than budgeted in this expense category, 

primarily due to higher-than-projected vacancies in budgeted positions during the year. Most 

of the variances were related to authorized non-permanent positions.

 Outside Services – Personnel expenditures were approximately $50 million, or 19 percent, 

less than budgeted. Approximately $15 million of this variance was attributable to unused 

budget authority in the Corporate Unassigned contingency reserve. The CIO Council spent $7 

million less than budgeted, largely due to lower-than-planned spending on discretionary 

system development projects, delays in contract awards under the ITAS II contract, a 

temporary freeze in discretionary systems development activity during the transition to the new 

ITAS contracts, and planned systems projects being withdrawn, cancelled, or de-scoped. DIT 

spent $6 million less than budgeted due to lower than anticipated spending for the 

infrastructure services contract transition, the backup data center, telecommunications support 

services, and special projects. DRR spent $5 million less than budgeted, primarily due to 

slower-than-projected starts on several support contracts in its Complex Financial Institutions 

Branch. The Legal Division spent $3 million less than budgeted, largely due to lower-thanprojected expenses related to FOIA and Privacy Act requests, defensive litigation, and legal 

fees. Corporate University (CU–Corporate) spent $2 million less than budgeted, primarily due 

to use of internal resources rather than contractors for the development of some training for 

DRR. In addition, DOA spent $2 million less than budgeted due to delays in the nationwide 

rollout of the Identity, Credentials and Access Management (ICAM) initiative and lower-thanprojected expenses related to service contracts for the operation of the Student Residence 

Center; background investigations; records management; administrative services; and 

acquisition support.

 Travel expenditures were approximately $17 million, or 16 percent, less than budgeted. RMS 

spent $7 million less than budgeted and DCP spent $3 million less than budgeted, primarily 

due to vacancies in non-permanent field examination positions that resulted in lower regular 

duty and relocation travel expenses. In addition, approximately $3 million of the variance was 

due to unused budget authority in the Corporate Unassigned contingency reserve.

 Building expenditures were approximately $6 million, or 6 percent, less than budgeted. This 

variance was largely due to unanticipated contractor delays in the Student Residence Center 

pipe replacement project, successful lease negotiations with landlords to reduce costs for field 

office build-outs and architecture and engineering expenses, and lower-than-estimated 

remodeling expenses in regional and field offices.

 Equipment expenditures were approximately $4 million, or 4 percent, less than budgeted. 

DOA spent $3 million less than budgeted due to lower-than-expected expenses for proprietary 
5

database usage, delays in the installation of equipment associated with the nationwide rollout 

of ICAM, and reduced printing costs due to the use of an electronic bulletin board instead of 

relying on the graphics design and printing unit.

 Outside Services – Other expenditures were approximately $2 million, or 12 percent, less than 

budgeted. This variance was due to lower-than-expected expenses for insurance premiums, 

mail-related services, and catering expenses for meetings and conferences. 

 Other Expenses were approximately $5 million, or 31 percent, less than budgeted. This 

variance reflected substantial underutilization by employees of the funds budgeted for 

Professional Learning Accounts and lower-than-projected expenses for the purchase of 

corporate office supplies by DOA.

Receivership Funding

The Receivership Funding component of the 2014 Corporate Operating Budget includes funding for 

expenses that are incurred in conjunction with insured depository institution failures and the 

management and disposition of the assets and liabilities of the ensuing receiverships, except for 

salaries, benefits, and related expenses for permanent employees assigned to the receivership 

management function.

There were significant spending variances in all major expense categories in the Receivership 

Funding component of the 2014 Corporate Operating Budget.

 Salaries and Compensation ($8 million, or 6 percent, less than budgeted). This variance was 

attributable to vacancies in budgeted non-permanent positions. 

 Outside Services-Personnel ($61 million, or 15 percent, less than budgeted). This variance 

was attributable to lower-than-budgeted costs for contractual support for owned real estate 

management, valuations, receivership assistance, due diligence, review of shared-loss 

agreements and securitizations/structured sales.

 Travel ($3 million, or 33 percent, less than budgeted). This variance was due to lower-thananticipated travel expenses relating to closings and fewer trips needed for oversight of risk 

share and loan management agreements.

 Buildings ($10 million, or 35 percent, less than budgeted). This variance occurred as a result 

of shorter-than-expected operations at the site of failed banks.

 Equipment ($4 million, or 53 percent, less than budgeted). This variance was due to lowerthan-anticipated costs for hardware and software maintenance attributable to resolutions and 

receivership management functions.

 Outside Services-Other ($2 million, or 34 percent, less than budgeted). This variance was due 

to lower-than-anticipated costs for insurance, advertising, mail, and bank service fees.

 Other Expenses ($4 million, or 18 percent, more than budgeted). This variance was due to 

$10 million paid in conjunction with receivership litigation judgments. 

 
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Significant Spending Variances by Division/Office 

Fifteen organizations had significant spending variances from their 2014 budgets.

 DRR spent $62 million, or 12 percent, less than budgeted. Approximately $50 million of this 

under spending was in the Receivership Funding budget component due to lower-thananticipated resolutions and receivership workload. Also, within the Ongoing Operations 

component, DRR spent $6 million less than budgeted in the Salaries and Compensation 

category due to vacancies in budgeted positions and $5 million less than budgeted in the 

Outside Services – Personnel category (see explanation above).

 The Legal Division spent $32 million, or 11 percent, less than budgeted. This variance was 

due to under spending of approximately $17 million in the Outside Services – Personnel 

category, largely due to lower-than-projected expenses for outside counsel for receivershiprelated litigation and $14 million in the Salaries and Compensation expense category ($10 

million in the Ongoing Operations budget component and $4 million in the Receivership 

Funding budget component) due largely to vacancies in budgeted non-permanent positions 

and slower-than-projected hiring to fill those vacancies. 

 RMS spent $32 million, or 6 percent, less than budgeted. This variance was largely 

attributable to vacancies in budgeted non-permanent examination positions and lower-thanbudgeted examination travel expenses resulting from those vacancies.

 DIT spent $21 million, or 9 percent, less than budgeted. Approximately $9 million of the 

variance was in the Receivership Funding budget component and was largely attributable to 

lower-than-projected expenses for bank closing activities and associated contractor support. 

The remainder of this variance was in the Ongoing Operations budget component and was 

attributable to a larger number of vacancies in budgeted positions than expected and lowerthan-expected spending for special projects, IT contract transitions, the backup data center, 

and telecommunications support services. 

 DOA spent $21 million, or 8 percent, less than budgeted. This variance was largely 

attributable to lower-than-budgeted spending for facilities expenses, vacancies in budgeted 

positions, equipment, and contractor support in its Ongoing Operations budget.

 DCP spent $8 million, or 5 percent, less than budgeted. This variance was primarily 

attributable to vacancies in budgeted non-permanent examination positions and lower-thanbudgeted examination travel expenses resulting from those vacancies.

 DIR spent $7 million, or 16 percent, less than budgeted. This variance was primarily 

attributable to vacancies in budgeted positions and slower-than-projected hiring to fill those 

vacancies.

 The CIO Council spent $7 million, or 12 percent, less than budgeted. This variance was 

largely due to lower-than-expected spending on discretionary system development projects, 

delays in contract awards under the ITAS II contract, a temporary freeze on discretionary 

systems development activity during the transition to new ITAS contracts, and planned 

systems projects being withdrawn, cancelled, or de-scoped.

 OCFI spent $6 million, or 26 percent, less than budgeted. This variance was attributable to 

vacancies in budgeted positions and lower-than-expected spending for relocation expenses.
7

 The combined Executive Support Offices spent approximately $5 million, or 17 percent, less 

than budgeted. This variance was mostly attributable to vacancies in budgeted positions and 

slower-than-projected hiring to fill budgeted positions in the Office of Minority and Women 

Inclusion and the Office of the Ombudsman.

 The OIG spent $4 million, or 13 percent, less than budgeted because of vacancies in 

budgeted positions and lower-than-projected contracting expenses.

 The Division of Finance spent $4 million, or 9 percent, less than budgeted. This variance was 

attributable to vacancies in budgeted positions, slower-than-projected hiring to fill those 

vacancies, and lower-than-budgeted spending for contractor accounting and auditing services.

 CU-Corporate spent $3 million, or 13 percent, less than budgeted in its regular organizational 

budget. This variance was primarily due to lower-than-projected expenditures for budgeted 

projects in the Dallas Learning Center, the School of Supervision, and Corporate Operations, 

as well as lower-than-projected expenditures for travel.

 The Executive Offices spent $2 million, or 19 percent, less than budgeted. This variance is 

attributable to under spending for Outside Services-Personnel because GAO audit-related 

expenses were less than projected.

 The Corporate Unassigned contingency reserve had $29 million in unused budget authority 

remaining at the end of the year. That unused budget authority lapsed on December 31, 

2014.
FDIC CFO REPORT TO THE BOARD – Fourth Quarter 2014 

Fund Financial Results ($ in Millions) 

8

Balance Sheet

Audited Unaudited Quarterly Audited Year-Over-Year

Dec-14 Sep-14 Change Dec-13 Change

Cash and cash equivalents $ 1,914 $ 2,115 $ (201) $ 3,543 $ (1,629)

Investment in U.S. Treasury obligations, net 49,806 47,783 2,023 38,511 11,295

Assessments receivable, net 2,003 2,072 (69) 2,228 (225)

Interest receivable on investments and other assets, net 652 382 270 511 141

Receivables from resolutions, net 18,181 15,227 2,954 16,345 1,836

Property and equipment, net 373 357 16 377 (4)

Total Assets $ 72,929 $ 67,936 $ 4,993 $ 61,515 $ 11,414

Accounts payable and other liabilities 291 255 36 300 (9)

Liabilities due to resolutions 7,799 11,260 (3,461) 12,626 (4,827)

Postretirement benefit liability 243 194 49 194 49

Contingent liability for anticipated failures 1,815 1,902 (87) 1,199 616

Contingent liability for litigation losses 1 5 (4) 5 (4)

Total Liabilities $ 10,149 $ 13,616 $ (3,467) $ 14,324 $ (4,175)

FYI: Unrealized gain (loss) on U.S. Treasury investments, net 51 27 24 20 31

FYI: Unrealized gain (loss) on trust preferred securities - - - - -

FYI: Unrealized postretirement benefit (loss) gain (58) (16) (42) (16) (42)

Fund Balance $ 62,780 $ 54,320 $ 8,460 $ 47,191 $ 15,589

Deposit Insurance Fund
9

Fund Financial Results - continued ($ in Millions) 

Selected Financial Data

Audited Unaudited Quarterly Audited Year-Over-Year

Dec-14 Sep-14 Change Dec-13 Change

Cash and cash equivalents $ 871 $ 871 $ - $ 872 $ (1)

Accumulated deficit (124,461) (124,461) - (124,460) (1)

Total resolution equity 871 872 (1) 872 (1)

Total revenue 1 1 - 3 (2)

Operating expenses 2 1 1 2 -

Goodwill litigation expenses - - - 1 (1)

Provision for losses (1) (1) - (1) -

Net Income (Loss) $ (1) $ - $ (1) $ (1) $ -

FSLIC Resolution Fund

Receivership Selected Statistics December 2014 vs. December 2013

$ in millions

Dec-14 Dec-13 Change Dec-14 Dec-13Change Dec-14 Dec-13 Change

Total Receiverships 481 479 2 - 1 (1) 481 480 1

Assets in Liquidation $ 7,671 $11,299 $ (3,628) $ 5 $ 5 $ - $ 7,676 $ 11,304 $ (3,628)

YTD Collections $ 6,190 $ 8,835 $ (2,645) $ 2 $ 4 $ (2) $ 6,192 $ 8,839 $ (2,647)

YTD Dividend/Other Pymts - Cash $ 4,148 $ 5,690 $ (1,542) $ - $ - $ - $ 4,148 $ 5,690 $ (1,542)

DIF FRF ALL FUNDS Income Statement (year-to-date)

Audited Unaudited Quarterly Audited Year-Over-Year

Dec-14 Sep-14 Change Dec-13 Change

Assessments $ 8,656 $ 6,626 $ 2,030 $ 9,734 $ (1,078)

Interest on U.S. Treasury obligations 282 212 70 104 178

Realized gain on sale of trust preferred securities - - - 458 (458)

Other revenue 27 22 5 163 (136)

Total Revenue $ 8,965 $ 6,860 $ 2,105 $ 10,459 $ (1,494)

Operating expenses 1,664 1,256 408 1,609 55

Provision for insurance losses (8,305) (1,519) (6,786) (5,659) (2,646)

Insurance and other expenses 6 1 5 4 2

Total Expenses and Losses $ (6,635) $ (262) $ (6,373) $ (4,046) $ (2,589)

Net Income 15,600 7,122 8,478 14,505 1,095

Unrealized gain (loss) on U.S. Treasury investments, net 31 7 24 (14) 45

Unrealized gain (loss) on trust preferred securities - - - (302) 302

Unrealized postretirement benefit gain (loss) (42) - (42) 44 (86)

Comprehensive Income $ 15,589 $ 7,129 $ 8,460 $ 14,233 $ 1,356

Deposit Insurance Fund
10

12/31/14 12/31/13 Change

Par Value $50,739 $40,682 $10,057

Amortized Cost $51,655 $42,025 $9,630

Total Market Value (including accrued interest) $52,302 $42,461 $9,841

Primary Reserve 1 $52,302 $42,461 $9,841

Primary Reserve % of Total Portfolio 100.0% 100.0% 0.0%

Yield-to-Maturity 2 0.70% 0.45% 0.25%

Weighted Average Maturity (in years) 1.66 1.41 0.25

Effective Duration (in years)

 Total Portfolio 1.63 1.36 0.27

 Available-for-Sale Securities 1.69 1.49 0.20

 Held-to-Maturity Securities 3not applicable not applicable not applicable

12/31/14 12/31/13 Change

FRF-FSLIC

 Book Value 4 $827 $826 $1

 Yield-to-Maturity 0.03% 0.01% 0.02%

 Weighted Average Maturity overnight overnight no change

12/31/14 12/31/13 Change

Book Value 5 $14,139 $13,657 $482

Effective Annual Yield 0.11% 0.10% 0.01%

Weighted Average Maturity (in days) 75 62 13

Deposit Insurance Fund Portfolio Summary

(Dollar Values in Millions)

1

 Primary Reserve is the total market value (including accrued interest) of overnight investments, all available-for-sale securities, and heldto-maturity securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)

3

 In early August 2008, management reclassified all of the DIF portfolio's HTM securities as AFS securities effective as of June 30, 2008, 

because the FDIC could no longer assert it had the positive intent and ability to hold its HTM securities until their maturity dates.

5

 Due to the short-term nature of the NLF, the portfolio's Book and Market Values are identical for reporting purposes.

Summary of Other Corporate Investment Portfolios

(Dollar Values in Millions)

4

 Due to the current short-term nature of this portfolio, its respective Par, Book, and Market Values are identical for reporting purposes.

2

 The Yield-to-Maturity includes the potential yield of Treasury Inflation-Protected Securities (TIPS), which presently assumes an average 

2.0% annual increase in the CPI over the remaining life of each TIPS.
11

DEPOSIT INSURANCE FUND

Purchase up to $8 billion (par value) of Treasury securities with maturity dates between March 

31, 2015, and March 31, 2020, subject to the following additional provisions: all newly 

purchased securities will be designated as available-for-sale (AFS); and no more than $2 

billion (adjusted par value) of such securities shall consist of Treasury Inflation-Protected 

Securities (TIPS).

Purchase up to $8 billion (par value) of Treasury securities with maturity dates between June 

30, 2015, and June 30, 2020, subject to the following additional provisions: all newly 

purchased securities will be designated as available-for-sale (AFS); and no more than $2 

billion (adjusted par value) of such securities shall consist of Treasury Inflation-Protected 

Securities (TIPS).

NATIONAL LIQUIDATION FUND

Maintain an overnight deposit target floor balance within a range of $100 million to $300 

million.

Strategically invest the remaining funds in the zero- to 12-month maturity sector.

No strategy changes for the first quarter of 2015.

Strategy Changes for the 1st Quarter 2015

Investment Strategies

Strategy for the 4th Quarter 2014

Strategy for the 4th Quarter 2014

Strategy Changes for the 1st Quarter 2015
12

Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

Corporate Operating Budget 

Ongoing Operations

Salaries & Compensation $1,206,502 $1,206,502 $1,129,600 94% ($76,902)

Outside Services - Personnel 263,121 263,121 213,011 81% (50,110)

Travel 105,770 105,770 89,022 84% (16,748)

Buildings 96,252 96,252 90,396 94% (5,856)

Equipment 84,559 84,559 81,010 96% (3,549)

Outside Services - Other 18,152 18,152 16,060 88% (2,092)

Other Expenses 17,097 17,097 11,877 69% (5,220)

Total Ongoing Operations $1,791,452 $1,791,452 $1,630,976 91% ($160,476)

Receivership Funding

Salaries & Compensation $124,532 $124,532 $116,783 94% ($7,749)

Outside Services - Personnel 400,107 400,107 339,336 85% (60,771)

Travel 10,414 10,414 6,986 67% (3,428)

Buildings 28,580 28,580 18,677 65% (9,903)

Equipment 7,745 7,745 3,629 47% (4,116)

Outside Services - Other 4,999 4,999 3,285 66% (1,714)

Other Expenses 23,623 23,623 27,937 118% 4,314

Total Receivership Funding $600,000 $600,000 $516,633 86% ($83,367)

Total Corporate Operating Budget $2,391,452 $2,391,452 $2,147,609 90% ($243,843)

Executive Summary of 2014 Budget and Expenditures

by Major Expense Category

Through December 31, 2014

(Dollars in Thousands)
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1) Executive Support includes the Offices of Minority and Women Inclusion, Communications, Ombudsman, Legislative Affairs, and 

Corporate Risk Management.

2) Executive Offices include the offices of the Chairman, Vice Chairman, Independent Director, Deputy to the Chairman and Chief 

Operating Officer, Deputy to the Chairman and Chief Financial Officer, Chief Information Officer.

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 Corporate Operating Budget 

 Risk Management Supervision $566,194 $566,194 $533,917 94% ($32,277)

 Resolutions & Receiverships 506,484 506,484 444,724 88% (61,760)

 Legal 298,292 298,292 266,193 89% (32,099)

 Administration 269,405 269,405 248,349 92% (21,056)

 Information Technology 241,211 241,211 219,852 91% (21,360)

 Depositor & Consumer Protection 169,231 169,231 161,462 95% (7,769)

 CIO Council 59,237 59,237 52,276 88% (6,961)

 Insurance & Research 47,871 47,871 40,423 84% (7,448)

 Finance 40,050 40,050 36,545 91% (3,504)

 Inspector General 33,698 33,698 29,243 87% (4,455)

 Information Security and Privacy Staff 29,838 29,838 29,043 97% (795)

 Executive Support 1

26,105 26,105 21,602 83% (4,503)

 Corporate University - Corporate 24,717 24,717 21,617 87% (3,100)

 Corporate University - CEP 17,442 17,442 17,093 98% (349)

 Complex Financial Institutions 21,388 21,388 15,804 74% (5,584)

 Executive Offices 2

11,637 11,637 9,466 81% (2,171)

 Corporate Unassigned 28,652 28,652 0 0% (28,652)

 Total, Corporate Operating Budget $2,391,452 $2,391,452 $2,147,609 90% ($243,843)

Executive Summary of 2014 Budget and Expenditures

by Budget Component and Division/Office

Through December 31, 2014

(Dollars in Thousands)