The Temporary Corporate Credit Union Stabilization Fund hasreceived a clean audit opinion for 2012, the NCUA announced onWednesday.
|KPMG LLP, the independent firm that audits the fund's financialstatements, issued an unqualified audit opinion with no reportablefindings.
|The NCUA had previously released the fund's 2012 unaudited financialstatements during its February board meeting.
|“An independent auditor has given NCUA a clean financialstatement audit opinion for the Stabilization Fund each year sinceCongress established it in 2009,” said NCUA Board Chairman DebbieMatz.
|“KMPG's report is confirmation that we are fulfilling ourfinancial reporting responsibilities,” Matz said. “We are operatingthe fund prudently and providing high-quality reporting thatsatisfies our need to maintain transparency as we manage theresolution of the corporate credit union crisis.”
|Now that the 2012 Stabilization Fund audit is complete, the NCUAsaid it will soon make public updates regarding corporate systemresolution costs and the NCUA Guaranteed Notes Program, in whichthe regulator repackaged corporate legacy assets and sold them toinvestors. The information will include final 2012 data on totalactual losses or implied write-downs on the failed corporates'legacy assets.
|The NCUA said it will also adjust its estimated loss projection ranges, which will impact future corporateassessments paid annually by federally insured credit unions tofund corporate stabilization.
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