Page:United States Statutes at Large Volume 103 Part 1.djvu/291

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 263 obligation or guarantee, the net worth of the affected insurance fund would be less than 10 percent of assets, "(6) EXCEPTION. —With the prior approval of the Secretary of the Treasury, the Corporation may issue or incur up to $5,000,000,000 in the aggregate of additional liabilities in excess of the limitations of paragraph (5). The amount which the Corporation may borrow from the Treasury under section 14 of this Act shall be reduced by the amount of additional liabilities issued or incurred under this paragraph. "(7) NET WORTH AND ASSET VALUATION. —For the purpose of paragraph (5)— "(A) the assets of the Bank Insurance Fund or the Sav- ings Association Insurance Fund shall be calculated based on the most recent audit of such Fund by the Comptroller General of the United States, subject to any adjustments described in paragraph (3) or (4) and taking into account _. any subsequent transactions; and "(B) the net worth of the Bank Insurance Fund or the Savings Association Insurance Fund shall be calculated based on the most recent audit of such Fund by the Comptroller General of the United States, subject to any adjustments described in paragraphs (3) and (4) and taking into account any subsequent transactions. "(d) FULL FAITH AND CREDIT.— The full faith and credit of the United States is pledged to the payment of any obligation issued after the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 by the Corporation, with respect to both principal and interest, if— v "(1) the principal amount of such obligation is steted in the "^ obligation; and "(2) the term to maturity or the date of maturity of such obligation is steted in the obligation.". SEC. 220. REPORTS. ^ (a) IN GENERAL.— Section 17 of the Federal Deposit Insurance Act (12 US.C. 1827) is amended— (1) by striking out subsection (a) and inserting the following: "(a) ANNUAL REPORTS ON BIF, SAIF, AND THE FSLIC RESOLUTION FUND. — "(1) IN GENERAL.— The Corporation shall annually submit a full report of its operations, activities, budget, receipts, and expenditures for the preceding 12-month period. The report shall include, with respect to the Bank Insurance Fund, the Savings Association Insurance Fund, and the FSLIC Resolution Fund, an analysis by the Corporation of— "(A) the current financial condition of each such fund; "(B) the purpose, effect, and estimated cost of each resolu- tion action token for an insured depository institution during the preceding year; "(C) the extent to which the actual costs of assistence provided to, or for the benefit of, an insured depository institution during the preceding year exceeded the esti- mated costs of such assistence reported in a previous year under paragraph (A); "(D) the exposure of each insurance fund to changes in those economic factors most likely to affect the condition of that fund;

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