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5

Throughout the first quarter, the 

treasury securities portfolio 

experienced continued mark-to-

market losses as persistent high 

inflation drove the Federal 

Reserve’s decision to raise 

rates. Yields along the entire 

curve increased substantially, with 

some tenors exceeding pre-

pandemic levels and gaining over 

100 basis points. Market 

participants are expecting the Fed 

to continue with rate hikes for the 

majority of the FOMC meetings 

this year with a possible 50 basis 

points for both the May and June 

meetings. These unrealized losses 

may persist, depending on how 

much Fed action and inflation is 

already reflected in current rates.
6

Over the past 8 quarters 

gross assessment 

revenue has been fairly 

constant. Although the 

effective assessment 

rate has declined from 

4.036 to 3.517, the gross 

assessment revenue has 

remained steady 

primarily due to an 

increase in the total 

assessment base.
7

3/31/22 12/31/21 Change

Par Value $119,708 $117,716 $1,992

Amortized Cost $121,849 $120,242 $1,607

Total Market Value (including accrued interest) $120,773 $120,797 ($24)

Primary Reserve 1$120,773 $120,797 ($24)

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

Yield-to-Maturity 0.641% 0.633% 0.008%

Weighted Average Maturity (in years) 1.11 1.24 -0.13

Effective Duration (in years)

 Total Portfolio 1.09 1.22 -0.13

 Available-for-Sale Securities 21.14 1.28 -0.14

2

 Excludes any overnight investments.

3/31/22 12/31/21 Change

FRF-FSLIC

 Book Value 3 $882 $882 $0

 Yield-to-Maturity 0.13% 0.06% 0.07%

 Weighted Average Maturity overnight overnight no change

3/31/22 12/31/21 Change

Book Value 4 $1,328 $1,409 ($81)

Effective Annual Yield 0.36% 0.06% 0.30%

Weighted Average Maturity (in days) 22 1 21

4

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

Summary of Other Corporate Investment Portfolios

(Dollar Values in Millions)

3

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

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 

held-to-maturity securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)
8

DEPOSIT INSURANCE FUND

Invest up to $16 billion (par value) in AFS securities with maturities between June 30, 

2022 and January 1, 2027. 

Invest up to $15 billion (par value) in AFS securities with maturities between September 

30, 2022 and April 1, 2027. 

NATIONAL LIQUIDATION FUND

Maintain an overnight deposit target floor balance within a range of $10 million to $100 

million.

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

No strategy changes for the second quarter of 2022.

Investment Strategies

Strategy Changes for the 2nd Quarter 2022

Strategy for the 1st Quarter 2022

Strategy for the 1st Quarter 2022

Strategy Changes for the 2nd Quarter 2022
9

Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

FDIC Operating Budget 

Ongoing Operations

Salaries & Compensation $1,382,070 $339,786 $312,316 92% ($27,470)

Outside Services - Personnel 363,746 75,618 65,198 86% (10,420)

Travel 64,051 9,236 1,906 21% (7,330)

Buildings 158,673 27,733 18,250 66% (9,483)

Equipment 138,700 31,774 32,922 104% 1,148

Outside Services - Other 18,355 3,801 2,658 70% (1,143)

Other Expenses 14,768 5,272 3,996 76% (1,276)

 Total Ongoing Operations $2,140,363 $493,220 $437,246 89% (55,974)

Receivership Funding

Salaries & Compensation $543 $135 $4 3% ($131)

Outside Services - Personnel 70,786 10,734 5,691 53% (5,043)

Travel 448 115 35 30% (80)

Buildings 177 44 18 41% (26)

Equipment 1,830 457 416 91% (41)

Outside Services - Other 159 40 24 60% (16)

Other Expenses 1,057 264 7 3% (257)

 Total Receivership Funding $75,000 $11,789 $6,195 53% ($5,594)

Office of Inspector General

Salaries & Compensation $39,279 $9,820 $9,373 95% ($447)

Outside Services - Personnel 3,540 885 166 19% (719)

Travel 1,420 355 274 77% (81)

Buildings 0 0 0 0

Equipment 1,975 494 60 12% (434)

Outside Services - Other 5 1 0 0% (1)

Other Expenses 757 189 83 44% (106)

 Total Office of Inspector General $46,976 $11,744 $9,956 85% ($1,788)

Total FDIC Operating Budget $2,262,339 $516,753 $453,397 88% ($63,356)

Executive Summary of 2022 Budget and Expenditures

by Budget Component and Major Expense Category

Through March 31, 2022

(Dollars in Thousands)
10

1) Executive Support includes the Offices of Minority and Women Inclusion, Communications, Ombudsman, Legislative Affairs, Financial 

Institution Adjudication, and Risk Management and Internal Controls as well as the FDIC Tech Lab. The Acting Chairman made a 

decision in February 2022 to realign the FDIC Tech Lab as a subordinate organization within the Division of Information Technology; 

beginning in the second quarter, the FDIC Tech Lab will no longer be reported as a separate Executive Support organization. 

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, Deputy to the Chairman for Policy, Deputy to the Chairman for 

External Affairs, Deputy to the Chairman for Financial Stability, Deputy to the Chairman for Consumer Protection and Innovation, and 

Chief Information Officer/Chief Privacy Officer.

3) This includes a $30 million contingency reserve in the Ongoing Operations budget component and a $16.2 million contingency

reserve in the Receivership Funding budget component to meet unanticipated budget requirements that may arise during the year.