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NCUSIF reserves being appropriately lowered NCUA
ALEXANDRIA, Va. (9/23/11)--The National Credit Union Share Insurance Fund’s equity ratio stood at 1.31% as of August, and National Credit Union Administration (NCUA) Chairman Debbie Matz during Thursday’s open board meeting requested that her staff provide the board with their “best possible estimate” of the year-end ratio of the NCUSIF at the upcoming November board meeting.
Click to view larger image NCUA board member Michael Fryzel Far right)views this month's NCUSIF/TCCUSF report during Thursday's open board meeting. (CUNA Photo)
NCUA Chief Financial Officer Mary Ann Woodson said the current year-end equity ratio estimate is between 1.28% and 1.32%. Woodson during her presentation of monthly insurance fund statistics told Board Member Gigi Hyland that if the equity ratio is above its 1.3% normal operating level at the end of the year, any excess funds would be transferred to the Temporary Corporate Credit Union Stabilization Fund. NCUSIF reserves totaled $1 billion, and Hyland noted that this reserve level is being lowered “appropriately.” CAMEL Code credit unions were also covered during the report, and Woodson noted that the total number of CAMEL 3, 4 and 5 credit unions fell between July and August. Combined, insured shares in CAMEL 3, 4, and 5 credit unions represent approximately 18% of total insured shares, with those shares totaling $162 billion in funds. Hyland remarked it was good to see the number of CAMEL rated credit unions dropping bit by bit, and Matz said, in general, that it was good to hear “some good news.” For more on the NCUA meeting, see related NewsNow coverage and use the resource link.
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