FDIC

Federal Deposit Insurance Corporation

55017th Street N.W., Washington D.C. 20429-9990 Deputy to the Chairman antl CFO

November 30, 2016

MEMORANDUM TO: The Board of Directors

FROM: Steven O. App ~,

Deputy to the C airman and

Chief Financial Officer

Craig R. Jarvill (j~"G

Director, Division of Finance

SUBJECT: Third Quarter 2016 CFO Report to the Board

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

September 30, 2016.

Executive Summary

• During the third quarter of 2016, the Deposit Insurance Fund (DIF) balance increased by $2.8

billion, from $77.9 billion to $80.7 billion. This quarterly increase was primarily due to $2.6

billion of assessment revenue, $171 million of interest on U.S. Treasury securities, and a $566

million decrease in provision for insurance losses, partially offset by $422 million in operating

expenses and a $167 million unrealized loss on U.S. Treasury securities.

• The reserve ratio, which is the ratio of the DIF balance to estimated insured deposits, was 1.18

percent for the third quarter 2016, compared to the second quarter 2016 reserve ratio of 1.17

percent.

• During the third quarter of 2016, the FDIC was named receiver for 2 failed institutions. The

assets at inception for these failed institutions were $85 million with estimated losses of $12

million. The corporate cash outlay during the third quarter for these failures was approximately

$10 million.

• Through September 30, 2016, overall FDIC Operating Budget expenditures were below

budget by 10 percent ($154 million). Spending in the Ongoing Operations component was $73

million, or 5 percent, under budget, largely due to underspending for salaries and

compensation and contractual services. Spending in the Receivership Funding component

was $81 million, or 29 percent, under budget, primarily due to lower-than-budgeted spending

for contractual services related to failed financial institutions.
I. Corporate Fund Financial Results (See pages 8 - 9 for detailed data and charts.)

Deposit Insurance Fund

• For the nine months ending September 30, 2016, the DIF's comprehensive income totaled

$8.1 billion compared to comprehensive income of $7.3 billion for the same period last

year. This $769 million increase was primarily due to a $612 million increase in assessment

revenue, a $187 million increase in interest on U.S. Treasury securities, and a $94 million

increase in the unrealized gain on U.S. Treasury securities.

Provision for insurance losses was a negative $1.2 billion as of the third quarter of 2016,

primarily resulting from a decrease in the estimated losses for institutions that failed in current

and prior years. The main components of this reduction were: 1) $477 million in unanticipated

recoveries from litigation settlements, professional liability claims, and tax refunds by the

receiverships; 2) a $318 million decrease in the receiverships' shared-loss liability due to both

the early termination of numerous shared-loss agreements (SLAs) during the year, which

resulted in lower-than-anticipated losses on covered assets, and the unanticipated recoveries

from SLAs where the commercial loss coverage has expired but the recovery period remains

active; 3) a $291 million reduction in projected future receivership expenses and legal and

representation and warranty liabilities; and 4) a $133 million decrease resulting from greaterthan-anticipated collections from receiverships' asset sales and updated estimated recovery

rates applied to the remaining assets in liquidation.

Assessments

During September, the DIF recognized a total of $2.6 billion in assessment revenue. Of this

amount, $1.4 billion represented the estimate for third quarter 2016 insurance coverage. Also,

the DIF recognized $1.2 billion in estimated large bank surcharges for the third quarter 2016.

Additionally, the DIF recognized an adjustment of $47 million that decreased assessment

revenue. This adjustment consisted of a $2 million decrease from prior period amendments

and a $45 million decrease to the estimate for second quarter 2016 insurance coverage

recorded at June 30, 2016. The latter adjustment was primarily due to lower than estimated

assessment rates for several large banks.

• On September 30, 2016, the FDIC collected $2.2 billion in DIF assessments for second

quarter 2016 insurance coverage.

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

DIF Investment Portfolio

• On September 30, 2016, the total liquidity (also total market value) of the DIF investment

portfolio stood at $72.9 billion, up $9.2 billion from its December 31, 2015, balance of $63.7

billion. During the first three quarters of 2016, interest revenue, receivership dividends, and

deposit insurance assessment collections exceeded resolution-related outlays and operating

expenses.

• On September 30, 2016, the DIF investment portfolio's yield was 0.95 percent, up just one

basis point from its December 31, 2015, yield of 0.94 percent. Although the new Treasury

securities purchased during the year-to-date period generally had notably higher yields than

the maturing securities' yields, the portfolio had a larger balance of low yielding overnight

2
investments at the end of the third quarter, thus temporarily bringing down the overall portfolio

yield.

• In accordance with the approved third quarter 2016 DIF portfolio investment strategy, staff

purchased a total of 13 short- to intermediate-maturity conventional Treasury securities, all

designated as available-for-sale. The 13 securities purchased during the third quarter had a

total par value of $9.1 billion, a weighted. average yield of 0.73 percent, and a weighted

average maturity of 1.33 years.

III. Budget Results (See pages 12 - 13 for detailed data.)

Approved Budget and Staffing Modifications

The 2016 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other

officials the authority to make certain modifications to the 2016 FDIC Operating Budget. The following

budget reallocations were made during the third quarter in accordance with the authority delegated by

the Board of Directors. None of these modifications changed the total 2016 FDIC Operating Budget as

approved by the Board in December 2015.

In August 2016, the CFO approved the realignment of existing Salaries and Compensation

budget among three divisions within the Ongoing Operations component based on an analysis

of year-to-date spending for regular salaries and fringe benefits. The reallocation provided the

Division of Insurance and Research and the Division of Information Technology (DIT) with

additional budget authority of $1.5 million and $0.5 million, respectively. This was offset by a

reduction of $2.0 million in the salaries and compensation budget of the Division of Risk

Management Supervision.

• In August 2016, the CFO approved additional changes within both the Ongoing Operations

and Receivership Funding budget components. The following changes were made within the

Ongoing Operations budget component:

The Information Security &Privacy Staff (ISPS) budget was increased by $1,750,388

($1,350,388 in the Outside Services —Personnel expense category and $400,000 in the

Equipment expense category) to provide funding for credit monitoring and compliance

with new Federal Information Security Management Act of 2002 regulations.

The DIT budget was increased by $600,000 in the Outside Services —Personnel

category to support an independent security assessment and the mandatory

implementation of a security tool developed by the Department of Homeland Security.

The CIO Council budget was reduced by $5.5 million in the Outside Services —

Personnel expense category, based on a reassessment of 2016 resource requirements

and current spending plans for CIO Council projects.

A total of $3,149,612 was realigned to the Corporate Unassigned contingency reserve.

In the Receivership Funding budget component, $100,000 was realigned from the

Corporate Unassigned contingency reserve to the Outside Services -Personnel

expense category of the ISPS budget, also related to IT security requirements.

• In September 2016, the CFO approved an increase in DIT's Ongoing Operations budget of

$5,038,617 ($4,875,617 in the Outside Services —Personnel expense category and $163,000

3
in the Equipment expense category). The purpose of this increase was largely to address

projected operational shortfalls in DIT's budget for infrastructure services and to provide

funding to conduct two high priority security initiatives and an update of the IT strategic plan,

including development of a communications strategy to disseminate information on the CIO's

plans for changes in the delivery of IT services. The increase in the DIT budget was offset by a

corresponding reduction in the Corporate Unassigned contingency reserve.

The amounts remaining within the Corporate Unassigned contingency reserves for the

Ongoing Operations and Receivership Funding budget components were $14,715,540 and

$27,536,513, respectively, following these 3~d quarter budget changes.

The 2016 Budget Resolution also delegated to the CFO the authority to modify approved 2016

staffing authorizations for divisions and offices, as long as those modifications did not increase the

total approved 2016 FDIC Operating Budget. The following changes were approved by the CFO in

accordance with the authority delegated to him by the Board of Directors:

• In September, the CFO approved an increase of seven permanent authorized positions in the

Office of the Inspector General (OIG). This increase brought the OIG's 2016 staffing

authorization into line with the OIG's pending FY2017 appropriation request. According to the

OIG, the requested staffing increase was necessary to address the rising workload associated

with Congressional requests.

• No funds were reallocated within the OIG budget as a result of this change. Sufficient funds

were available to cover these additional positions because of delays in filling budgeted

vacancies.

Spending Variances

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

Significant spending variances for the nine months ending September 30, 2016, are defined as those

that either (1) exceed the YTD budget by $1 million and represent more than two percent of a major

expense category or total division/office budget; or (2) are under the YTD budget for a major expense

category or division/office by an amount that exceeds $2 million and represents more than four

percent of the major expense category or total division/office budget.

Significant Spending Variances by Major Expense Category

Onaoina Operations

There was a significant spending variance in five major expense categories during the third quarter in

the Ongoing Operations component of the 2016 FDIC Operating Budget:

• Outside Services-Personnel expenditures were $15 million, or 9 percent, less-than-budgeted.

o The Division of Administration (DOA) spent $8 million less-than-budgeted, largely due to

lower-than-budgeted spending for several security related initiatives, including Finger

Printing Services, Background Investigations, Physical Security, and the Access Control

Program; and delays in and reduced contractor support requirements for several HR

initiatives, including the Performance Management and Recognition Program as well as

Salary Structure review, development of a Corporate Workforce Planning Model,

administration of student programs, and the revision of position descriptions for

positions subject to the Fair Labor Standards Act.

D
The CIO Council spent almost $2 million less-than-budgeted, due to lower spending on

systems maintenance and a late start in the use of the Technical Obsolescence

Remediation Fund.

ISPS spent about $2 million less-than-budgeted, primarily due to the implementation of

software solutions that reduced the need for contractor services and the erroneous

inclusion of ISPS's budget for software subscriptions in the Outside Services-Personnel

category rather than the Equipment category where actual expenses were correctly

charged (this budgeting error was corrected in October).

The Division of Depositor and Consumer Protection spent $1 million less-than-budgeted

due primarily to delays in planned MoneySmart projects, the Small Dollar Savings

project, and the biennial FDIC Survey of Unbanked and Underbanked Households as

well as lower-than-expected spending for maintenance of the Economicinclusion.gov

website.

• Travel expenditures were approximately $5 million, or 7 percent, lower-than-budgeted.

Approximately $4 million of this amount was attributable to the reduced number of exams

conducted and lower examination-related travel costs in the Division of Risk Management

Supervision (RMS) as a result of the improved condition of FDIC-supervised banks and the

change in exam frequency for favorably-rated banks having assets less than $1 billion.

• Buildings expenditures were approximately $4 million, or 5 percent, less-than-budgeted. This

was largely attributable to delays in the start and/or completion of the Virginia Square Loading

Dock Repair project and several other repair and maintenance projects.

Equipment expenditures were approximately $6 million, or 9 percent, less-than-budgeted. This

was primarily attributable to underspending by DIT, which spent $4 million less-than-budgeted

because of a decision to defer hardware technical refresh purchases until it can assess the

impact of the use of shared services. DOA spent $2 million less-than-budgeted, largely due to

the delay in the purchase and installation of the Electronic Security System hardware in the

remaining field offices and the slower-than-expected installation of one of the two sensitive

compartmented information facility communication systems that was planned to be completed

earlier this year.

Outside Services —Other expenditures were approximately $3 million, or 23 percent, less-thanbudgeted. This was primarily attributable to underspending in telecommunications by DIT,

which spent $2 million less-than-budgeted, principally because it initially estimated that its

annual budget for this expense category would be fully expensed during the first nine months of

the year and because of the receipt of approximately $647,000 in vendor credits. In October,

$690,000 of this variance was reallocated within DIT and the remaining balance is expected to

be eliminated by year-end. DOA spent nearly $1 million less-than-budgeted, largely due to

lower insurance premiums, a decline in nationwide mail volume, and lower demand for various

support services, including printing, advertising and catering.

Receivership Funding

The Receivership Funding component of the 2016 FDIC Operating Budget includes funding for

expenses that are incurred in conjunction with institution failures and the management and disposition

of the assets and liabilities of the ensuing receiverships, except for salary and benefits expenses for

permanent employees assigned to the receivership management function. There were significant

spending variances in four of the seven major expense categories through the third quarter in the

Receivership Funding component of the 2016 FDIC Operating Budget:
• Salaries and Compensation were $10 million, or 21 percent, less-than-budgeted. This variance

was attributable to vacancies in budgeted non-permanent positions in the Division of

Resolutions and Receiverships (DRR) and the Legal Division.

Outside Services-Personnel expenditures were $60 million, or 30 percent, less-than-budgeted.

DRR spent $52 million less-than-budgeted, primarily because there were only five small bank

failures in the first nine months of the year. This resulted in lower-than-budgeted expenses for

contracts supporting owned real estate, loan servicing, bank closings, securitizations, loss

share agreement oversight, environmental services, and asset valuation. The Legal Division

spent $7 million less-than-budgeted, primarily due to lower-than-anticipated costs for the

support of outside legal counsel for receivership-related legal matters.

• Travel expenditures were approximately $4 million, or 61 percent, less-than-budgeted. This was

primarily attributable to the low number and small size of bank failures during the first nine

months of the year.

• Other Expenses were approximately $8 million, or 64 percent, less-than-budgeted. This

variance was attributable to the transfer of banking operations and the disposition of failed

banks' assets more quickly than expected because there were fewer-than-usual receivership

claims and settlement costs (which account for 62 percent of the year-to-date Other Expenses

budget) associated with actual failed bank resolutions.

Significant Spending Variances by Division/Office

Six organizations had significant spending variances through the end of the third quarter:

• DRR spent $71 million, or 26 percent, less-than-budgeted. Approximately $68 million of this

variance was in the Receivership Funding budget component and was largely due to lowerthan-budgeted spending for resolution and receivership workload for the various reasons

described above.

• RMS spent $21 million, or 5 percent, less-than-budgeted. This variance was largely attributable

to vacancies in budgeted positions and the reduction in exam-related travel expenses.

The Legal Division spent $18 million, or 10 percent, less-than-budgeted. This variance was

largely due to underspending of approximately $10 million in the Salaries and Compensation

expense category ($5 million each in the Ongoing Operations and Receivership Funding

budget components) due to vacancies in budgeted non-permanent positions and slower-thanprojected hiring to fill those vacancies. In addition, they spent $7 million less-than-budgeted in

the Receivership Funding budget component for outside counsel costs for receivership-related

legal matters.

DOA spent $18 million, or 9 percent, less-than-budgeted. This variance was largely due to

lower spending on contractor supported projects and functions explained earlier in the Outside

Services —Personnel and Buildings expense categories of the Ongoing Operations budget

component.

• DIT spent $8 million, or 5 percent, less-than-budgeted. This variance was largely attributable to

delays in spending their equipment and telecommunications budgets as explained in more

detail above in the Ongoing Operations budget section.
The Executive Support Offices spent $2 million, or 12 percent, less-than-budgeted. This

variance was largely due to vacancies in budgeted positions in the Offices of Corporate Risk

Management (OCRM), Legislative Affairs, and Minority and Women Inclusion. Contract

spending was also below budget in the Office of Communications and OCRM for public

relations advisory services and the independent validation of FDIC models, respectively.

7
FDIC CFO REPORT TO THE BOARD – Third Quarter 2016 

Fund Financial Results ($ in Millions) 

8

Balance Sheet

Quarterly Year-Over-Year

Sep-16 Jun-16 Change Sep-15 Change

Cash and cash equivalents 4,273 $ 5,510 $ (1,237) $ 2,450 $ 1,823 $ 

Investment in U.S. Treasury securities 68,124 64,690 3,434 58,552 9,572 

Assessments receivable, net 2,686 2,254 432 2,188 498 

Interest receivable on investments and other assets, net 565 309 256 534 31 

Receivables from resolutions, net 9,044 9,477 (433) 13,877 (4,833) 

Property and equipment, net 360 361 (1) 359 1 

Total Assets $ 82,601 85,052 $ 2,451 $ 77,960 $ 7,092 $ 

Accounts payable and other liabilities 218 246 (28) 351 (133) 

Liabilities due to resolutions 3,538 3,775 (237) 6,727 (3,189) 

Postretirement benefit liability 233 233 - 243 (10) 

Contingent liability for anticipated failures 359 437 (78) 524 (165) 

Contingent liability for litigation losses 0 0 - 0 - 

Total Liabilities $ 4,691 4,348 $ (343) $ 7,845 $ (3,497) $ 

FYI: Unrealized gain (loss) on U.S. Treasury securities, net 346 513 (167) 312 34 

FYI: Unrealized postretirement benefit (loss) gain (34) (34) - (58) 24 

Fund Balance $ 77,910 80,704 $ 2,794 $ 70,115 $ 10,589 $ 

Deposit Insurance Fund
9

Fund Financial Results - continued ($ in Millions) 

$ in millions

Sep-16 Sep-15 Change Sep-16 Sep-15 Change Sep-16 Sep-15 Change

Total Receiverships 404 470 (66) - - - 404 470 (66) 

Assets in Liquidation 3,756 $ 5,447 $ (1,691) $ 2 $ 5 $ (3) $ 3,758 $ 5,452 $ (1,694) $ 

YTD Collections 1,289 $ 2,511 $ (1,222) $ 2 $ 2 $ - $ 1,291 $ 2,513 $ (1,222) $ 

YTD Dividend/Other Pymts - Cash 3,296 $ 5,388 $ (2,092) $ - $ - $ - $ 3,296 $ 5,388 $ (2,092) $ 

DIF FRF ALL FUNDS

Selected Financial Data

Quarterly Year-Over-Year

Sep-16 Jun-16 Change Sep-15 Change

Cash and cash equivalents 873 $ 872 $ 1 $ 872 $ 1 $ 

Accumulated deficit (124,616) (124,618) 2 (124,642) 26 

Total resolution equity 873 872 1 872 1 

Total revenue 4 1 3 2 2 

Operating expenses 3 2 1 2 1 

Provision for losses (1) (3) 2 - (1) 

Other expenses - 2 (2) - - 

Goodwill litigation expenses - - - 182 (182) 

Net Income (Loss) 2 $ - $ 2 (182) $ 184 $ 

FSLIC Resolution Fund

The third quarter decline in 

estimated regular assessment 

revenue is due to a decline in 

the effective assessment rate, 

from 6.2 basis points to 4.1 

basis points due to the lower 

assessment rate schedule 

now that the Deposit 

Insurance Fund has reached 

1.15 percent of estimated 

insured deposits.

Income Statement (year-to-date)

Quarterly Year-Over-Year

Sep-16 Jun-16 Change Sep-15 Change

Assessments 7,299 $ 4,656 $ 2,643 $ 6,687 $ 612 $ 

Interest on U.S. Treasury securities 482 311 171 295 187 

Other revenue 13 9 4 15 (2) 

Total Revenue $ 4,976 7,794 $ 2,818 $ 6,997 $ 797 $ 

Operating expenses 1,278 856 422 1,240 38 

Provision for insurance losses (1,236) (670) (566) (1,321) 85 

Insurance and other expenses 3 2 1 4 (1) 

Total Expenses and Losses $ 188 45 $ (143) $ (77) $ 122 $ 

Net Income 4,788 7,749 2,961 7,074 675 

Unrealized gain (loss) on U.S. Treasury securities, net 355 522 (167) 261 94 

Unrealized postretirement benefit gain (loss) - - - - - 

Comprehensive Income $ 5,310 8,104 $ 2,794 $ 7,335 $ 769 $ 

Deposit Insurance Fund
10

9/30/16 12/31/15 Change

Par Value $71,524 $62,973 $8,551

Amortized Cost $72,034 $63,368 $8,666

Total Market Value (including accrued interest) $72,912 $63,737 $9,175

Primary Reserve 1 $72,912 $63,737 $9,175

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

Yield-to-Maturity 2 0.95% 0.94% 0.01%

Weighted Average Maturity (in years) 1.19 1.65 -0.46

Effective Duration (in years)

 Total Portfolio 1.17 1.62 -0.45

 Available-for-Sale Securities 1.24 1.64 -0.40

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

9/30/16 12/31/15 Change

FRF-FSLIC

 Book Value 4 $828 $828 $0

 Yield-to-Maturity 0.11% 0.08% 0.03%

 Weighted Average Maturity overnight overnight no change

9/30/16 12/31/15 Change

Book Value 5 $8,653 $10,508 ($1,855)

Effective Annual Yield 0.48% 0.30% 0.18%

Weighted Average Maturity (in days) 76 90 (14)

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 portfolio, its 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.

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 (AFS) 

securities, and held-to-maturity (HTM) securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)
11

DEPOSIT INSURANCE FUND

Purchase up to $14 billion (par value) of Treasury securities with maturity dates 

between December 31, 2016, and December 31, 2021, subject to the following 

additional provisions: all newly purchased securities will be designated as availablefor-sale; and no more than $2 billion (adjusted par value) of such securities shall 

consist of Treasury Inflation-Protected Securities.

Purchase up to $19 billion (par value) of Treasury securities with maturity dates 

between March 31, 2017, and December 31, 2021, subject to the following 

additional provisions: all newly purchased securities will be designated as availablefor-sale; no more than $2 billion (adjusted par value) of such securities shall 

consist of Treasury Inflation-Protected Securities; and target at least $3 billion (par 

value) of newly purchased securities maturing in 2020 or 2021.

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 fourth quarter of 2016.

Strategy Changes for the 4th Quarter 2016

Investment Strategies

Strategy for the 3rd Quarter 2016

Strategy for the 3rd Quarter 2016

Strategy Changes for the 4th Quarter 2016
12

Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

FDIC Operating Budget 

Ongoing Operations

Salaries & Compensation $1,254,695 $932,662 $893,897 96% ($38,765)

Outside Services - Personnel 243,743 172,319 157,223 91% (15,096)

Travel 98,897 73,629 68,568 93% (5,061)

Buildings 96,799 71,381 67,683 95% (3,698)

Equipment 85,982 64,093 58,232 91% (5,861)

Outside Services - Other 15,716 13,202 10,209 77% (2,993)

Other Expenses 14,869 10,631 9,205 87% (1,426)

Total Ongoing Operations $1,810,701 $1,337,917 $1,265,017 95% ($72,900)

Receivership Funding

Salaries & Compensation $61,080 $48,405 $38,159 79% ($10,246)

Outside Services - Personnel 296,955 201,883 142,161 70% (59,722)

Travel 8,207 6,159 2,423 39% (3,736)

Buildings 14,602 10,916 10,845 99% (71)

Equipment 1,452 1,042 1,290 124% 248

Outside Services - Other 1,900 1,097 817 74% (280)

Other Expenses 15,805 11,840 4,272 36% (7,568)

Total Receivership Funding $400,000 $281,342 $199,967 71% ($81,375)

Total FDIC Operating Budget $2,210,701 $1,619,259 $1,464,984 90% ($154,275)

Executive Summary of 2016 Budget and Expenditures

by Major Expense Category

Through September 30, 2016

(Dollars in Thousands)
13

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

Legislative Affairs, Corporate Risk Management, and Financial Institution Adjudication. 

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, and Chief Information 

Officer.

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 FDIC Operating Budget 

 Risk Management Supervision $591,295 $439,681 $418,863 95% ($20,818)

 Depositor & Consumer Protection 178,813 133,546 127,620 96% (5,926)

 Information Technology 222,725 169,323 161,668 95% (7,655)

 Administration 274,243 202,589 184,896 91% (17,693)

 Resolutions & Receiverships 357,366 270,683 199,747 74% (70,936)

 Legal 237,054 177,531 159,405 90% (18,126)

 Insurance & Research 49,781 36,610 35,991 98% (619)

 Finance 39,827 29,875 28,615 96% (1,260)

 Inspector General 34,153 25,615 24,434 95% (1,181)

 Information Security & Privacy Staff 35,638 25,138 23,524 94% (1,614)

 Corporate University - CEP 18,254 13,758 12,684 92% (1,074)

 Corporate University - Corporate 24,478 18,476 18,452 100% (24)

 Executive Support 1 26,174 19,519 17,085 88% (2,434)

 Executive Offices 2 11,381 8,517 7,250 85% (1,267)

 Complex Financial Institutions 20,976 15,194 13,237 87% (1,957)

 CIO Council 46,291 33,204 31,513 95% (1,691)

 Corporate Unassigned 42,252 0 0 N/A 0

 Total FDIC Operating Budget $2,210,701 $1,619,259 $1,464,984 90% ($154,275)

Executive Summary of 2016 Budget and Expenditures

by Budget Component and Division/Office

Through September 30, 2016

(Dollars in Thousands)