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that the Board of Directors, in its sole discretion, deter-
mines (after taking into account the adjustments de-
scribed in subsections (g), (h), and (j)) will cause the Sav-
ings Association Insurance Fund to achieve the designated
reserve ratio on the first business day of the 1st month
beginning after the date of the enactment of this Act.
(b) FACTORS TO BE CONSIDERED.—In carrying out
subsection (a), the Board of Directors shall base its deter-
mination on—
(1) the monthly Savings Association Insurance
Fund balance most recently calculated;
(2) data on insured deposits reported in the
most recent reports of condition filed not later than
70 days before the date of enactment of this Act by
insured depository institutions; and
(3) any other factors that the Board of Direc-
tors deems appropriate.
(c) DATE
OF DETERMINATION.—For purposes of
subsection (a), the amount of the SAIF-assessable depos-
its of an insured depository institution shall be determined
as of March 31, 1995.
(d) DATE PAYMENT DUE.—Except as provided in
subsection (g), the special assessment imposed under this
section shall be—
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(1) due on the first business day of the 1st
month beginning after the date of the enactment of
this Act; and
(2) paid to the Corporation on the later of—
(A) the first business day of the 1st month
beginning after such date of enactment; or
(B) such other date as the Corporation
shall prescribe, but not later than 60 days after
the date of enactment of this Act.
(e) ASSESSMENT DEPOSITED
IN SAIF.—Notwith-
standing any other provision of law, the proceeds of the
special assessment imposed under this section shall be de-
posited in the Savings Association Insurance Fund.
(f) EXEMPTIONS FOR CERTAIN INSTITUTIONS.—
(1) EXEMPTION
FOR
WEAK
INSTITUTIONS.—
The Board of Directors may, by order, in its sole
discretion, exempt any insured depository institution
that the Board of Directors determines to be weak,
from paying the special assessment imposed under
this section if the Board of Directors determines
that the exemption would reduce risk to the Savings
Association Insurance Fund.
(2) GUIDELINES REQUIRED.—Not later than 30
days after the date of enactment of this Act, the
Board of Directors shall prescribe guidelines setting
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forth the criteria that the Board of Directors will
use in exempting institutions under paragraph (1).
Such guidelines shall be published in the Federal
Register.
(3) EXEMPTION
FOR
CERTAIN
NEWLY
CHAR-
TERED AND OTHER DEFINED INSTITUTIONS.—
(A) IN GENERAL.—In addition to the insti-
tutions exempted from paying the special as-
sessment under paragraph (1), the Board of
Directors shall exempt any insured depository
institution from payment of the special assess-
ment if the institution—
(i) was in existence on October 1,
1995, and held no SAIF-assessable depos-
its before January 1, 1993;
(ii) is a Federal savings bank which—
(I) was established de novo in
April 1994 in order to acquire the de-
posits of a savings association which
was in default or in danger of default;
and
(II) received minority interim
capital assistance from the Resolution
Trust 
Corporation 
under 
section
21A(w) of the Federal Home Loan
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Bank Act in connection with the ac-
quisition of any such savings associa-
tion; or
(iii) is a savings association, the de-
posits of which are insured by the Savings
Association Insurance Fund, which—
(I) before January 1, 1987, was
chartered as a Federal savings bank
insured by the Federal Savings and
Loan Insurance Corporation for the
purpose of acquiring all or substan-
tially all of the assets and assuming
all or substantially all of the deposit
liabilities of a national bank in a
transaction consummated after July
1, 1986; and
(II) as of the date of that trans-
action, had assets of less than
$150,000,000.
(B) DEFINITION.—For purposes of this
paragraph, an institution shall be deemed to
have held SAIF-assessable deposits before Jan-
uary 1, 1993, if—
(i) it directly held SAIF-assessable de-
posits before that date; or
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(ii) it succeeded to, acquired, pur-
chased, or otherwise holds any SAIF-as-
sessable deposits as of the date of enact-
ment of this Act that were SAIF-assess-
able deposits before January 1, 1993.
(4) EXEMPT INSTITUTIONS REQUIRED TO PAY
ASSESSMENTS AT FORMER RATES.—
(A) PAYMENTS TO SAIF AND DIF.—Any in-
sured depository institution that the Board of
Directors exempts under this subsection from
paying the special assessment imposed under
this section shall pay semiannual assessments—
(i) during calendar years 1996, 1997,
and 1998, into the Savings Association In-
surance Fund, based on SAIF-assessable
deposits of that institution, at assessment
rates calculated under the schedule in ef-
fect for Savings Association Insurance
Fund members on June 30, 1995; and
(ii) during calendar year 1999—
(I) into the Deposit Insurance
Fund, based on SAIF-assessable de-
posits of that institution as of Decem-
ber 31, 1998, at assessment rates cal-
culated under the schedule in effect
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for Savings Association Insurance
Fund members on June 30, 1995; or
(II) in accordance with clause (i),
if the Bank Insurance Fund and the
Savings Association Insurance Fund
are not merged into the Deposit In-
surance Fund.
(B) OPTIONAL
PRO
RATA
PAYMENT
OF
SPECIAL
ASSESSMENT.—This paragraph shall
not apply with respect to any insured depository
institution (or successor insured depository in-
stitution) that has paid, during any calendar
year from 1997 through 1999, upon such terms
as the Corporation may announce, an amount
equal to the product of—
(i) 16.7 percent of the special assess-
ment that the institution would have been
required to pay under subsection (a), if the
Board of Directors had not exempted the
institution; and
(ii) the number of full semiannual pe-
riods remaining between the date of the
payment and December 31, 1999.
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(g) SPECIAL ELECTION FOR CERTAIN INSTITUTIONS
FACING HARDSHIP AS A RESULT OF THE SPECIAL AS-
SESSMENT.—
(1) ELECTION AUTHORIZED.—If—
(A) an insured depository institution, or
any depository institution holding company
which, directly or indirectly, controls such insti-
tution, is subject to terms or covenants in any
debt obligation or preferred stock outstanding
on September 13, 1995; and
(B) the payment of the special assessment
under subsection (a) would pose a significant
risk of causing such depository institution or
holding company to default or violate any such
term or covenant,
the depository institution may elect, with the ap-
proval of the Corporation, to pay such special as-
sessment in accordance with paragraphs (2) and (3)
in lieu of paying such assessment in the manner re-
quired under subsection (a).
(2) 1ST ASSESSMENT.—An insured depository
institution which makes an election under paragraph
(1) shall pay an assessment in an amount equal to
50 percent of the amount of the special assessment
that would otherwise apply under subsection (a), by