The NCUA announced Monday that the Temporary Corporate CreditUnion Stabilization Fund received a sixth consecutive clean auditopinion.

“KPMG LLP, the independent firm that audits the StabilizationFund's financial statements, issued an unmodified audit opinionwith no reportable findings,” an agency press release said.

According to the NCUA, the stabilization fund had a positive netposition for the first time, going from negative $142.2 million in2013 to positive $238.5 million in 2014. During 2014, the fund'sfinancial condition maintained adequate available liquidity to meetits obligations.

Based on an NCUA Office of the Inspector General report on theaudited financial statements, the $380.7 million change isprimarily explained by the $327.7 million reduction in insurancelosses. In 2014, the TCCUSF maintained sufficient liquidity to meetits obligations and paid down $300 million in borrowings from theU.S. Treasury, the report stated.

The NCUA's chief financial officer will provide a detailedreport on the fund at the March 19 open board meeting inAlexandria, Va.

“The Stabilization Fund has saved credit unions from $40 billionin potential losses since 2009, and this sixth consecutive cleanaudit is a reminder of how well this important asset is beingmanaged,” NCUA Board Chairman Debbie Matz said. “NCUA remainscommitted to prudent, effective and transparent management for theStabilization Fund. If current trends continue, the agency does notexpect to charge credit unions assessments for the StabilizationFund in the future.”

The stabilization fund, managed by the NCUA board, is a revolving fund in the U.S. Treasury scheduledto close in June of 2021. The fund allows the agency to managecosts to the credit union system resulting from losses on troubledmortgage-backed securities purchased by five failed corporatecredit unions, which the NCUA had liquidated during the financialcrisis.