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NCUSIF report shows steady equity ratio
ALEXANDRIA, Va. (4/18/08)—The National Credit Union Share Insurance
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Fund (NCUSIF) equity ratio is projected for the end of the year at 1.29% of insured shares, which is exactly where it began the year. That wouldn’t be high enough to prompt a dividend payment for all federally insured credit unions, but it would be far above the level at which a premium would need to be charged. The figures were contained in the National Credit Union Administration‘s (NCUA’s) quarterly NCUSIF report released at its Thursday open board meeting. For the first quarter of the year, the fund’s net income of $61.3 million is $21.2 million ahead of budget. Credit Union National Association Chief Economist Bill Hampel said the NCUA’s projection of an unchanged equity ratio by the end of the year “is good news considering the stresses credit unions are facing from a major housing market correction and a recession.” The NCUSIF report also showed that while the number of problem
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credit unions, ranked at CAMEL Code 4/5, has increased by only 20 since year-end 2007, the amount of insured shares at those credit unions has jumped by $3 billion. The report said there were 229 CAMEL 4/5 credit unions as of the end of the first quarter, up from 211 in December. However, the percentage of CAMEL Code 4/5 shares-to-total-insured-shares hit 1.59% by March 31. That figure was 1.04% three months earlier. The NCUSIF quarterly report, presented to the board by NCUA Chief Financial Officer Mary Ann Woodson, also projected a 2008 net income of $159.3 million. For the past 10 years, that figure has ranged from a low in 2003 of $28.9 million to a high in 2000 of $204.2 million.


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