Corporate stabilization fund gets 4th clean audit
March 28, 2013 – The Temporary Corporate Credit Union Stabilization Fund has received its fourth annual clean audit opinion, NCUA announced Wednesday.
In releasing the 2012 audited financial statements for the stabilization fund, NCUA said KPMG LLP, the independent firm that audits the fund's financial statements, issued an unqualified audit opinion with no reportable findings.
NCUA Chairman Debbie Matz says the report "is confirmation that we are fulfilling our financial reporting responsibilities." The fund remained in stable financial condition last year, NCUA said, maintaining sufficient liquidity to meet its obligations as its deficit net position continued to decline.
With the 2012 stabilization fund audit complete, NCUA will soon update its two public website sections detailing Corporate System Resolution Costs and NCUA Guaranteed Notes Program information through the final quarter of 2012. It will produce updated questions and answers covering final 2012 data on the total actual losses or implied write-downs on the failed corporates' legacy assets. It will also provide the most recent estimated loss projection ranges.
NCUA so far has estimated this year's stabilization assessment on credit unions will be in the range of 8-11 basis points, figured as a percentage of insured shares. It's last forecast of remaining stabilization costs was in the range of $1.9 billion to $4.8 billion over the remaining life of the fund.
The stabilization fund is due to terminate in June 2021.
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