WASHINGTON — At a time of public concern about the safety of their deposits, the NCUA Chief Financial Officer Mary Ann Woodson told the board today that the agency's Share Insurance Fund has $7.6 billion in assets and a strong equity ratio. But she added that they are taking steps to ensure funds are available to help the increased number of credit unions having financial trouble.
The agency has $334 million in its reserve accounts to pay out claims in the case of credit union failure. It added $109 million more for those purposes in the first part of the year than was originally projected, because of the economic slowdown.
The fund's equity ratio in June was 1.24%, the lowest level this year but still within the 1.2%-1.5% that is required by Congress. The agency projects it will end the year with an equity ratio of 1.28%, compared with $1.29% at the end of last year.
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Woodson said the fund's income during the first six months of 2008 was $149 million, a decline from $157 million during the first half of 2007.
David Marquis, the director of the agency's office of examination and insurance, said there were 15 credit unions designated as CAMEL Code 5, compared with 12 at the end of 2007. There were six credit union failures during the first six months of 2008, and 12 during all of 2008.
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