TALLAHASSEE, Fla. — Turns out, the financial crisis has brought one small glimmer of good news to corporate credit union balance sheets.

Greg Wirthmann, senior vice president and chief investment officer at $3.5 billion Southeast Corporate Federal Credit Union, said he's anticipating third-quarter year-to-date income of $8.3 million, compared to $3.8 million YTD for same period last year.

The source? Monster spreads between the LIBOR and the Fed funds rate, as the corporates typically index overnight liabilities to the Fed, Wirthmann said. The Fed's decision today to lower its rate to 1.5% means a 250 basis point differential between Fed funds and today's six-month LIBOR rate. The normal spread is around 15 basis points, though it's averaged more than 50 basis points so far this year.

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