The NCUA said on March 1 the Temporary Corporate Credit Union Stabilization Fund received its seventh consecutive clean audit opinion from the Office of the Inspector General.
According to the report, as of Dec. 31, 2015, the TCCUSF owed $1.7 billion to the U.S. Treasury. In 2015, the stabilization fund repaid $900 million of borrowings, incurred interest expense of $5.1 million on outstanding principal and recognized a gain of $625,000 on the early retirement of debt. The audit also revealed that cash flows securing NCUA Guaranteed Note 2011-R6 Trust paid off its outstanding principal balance four and a haf years early.
The TCCUSF reported assets of $2,244,745,000 as of Dec. 31, 2015, down from $2,840,930,000 one year prior.
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