Page:United States Statutes at Large Volume 103 Part 1.djvu/427

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 399 " (B) ALLOCATION OF EXCESS AMOUNT AMONG REMAINING FEDERAL HOME LOAN BANKS. — "(i) IN GENERAL.—The amount of stock each remain- ing Federal Home Loan Bank shall be required to purchase under subparagraph (A)(i) is the amount determined by the Oversight Board by multiplying the excess amount by the percentage arrived at by divid- ing— (I) the cumulative amount of stock in the Fund- ing Corporation purchased under this subsection by such remaining Bank at the time of such deter- mination; by "(II) the aggregate of the cumulative amounts invested under this subsection by all remaining Banks at such time, "(ii) REALLOCATION. —If the allocation under this subparagraph results in a remaining Bank exceeding its maximum amount under paragraph (3), such excess amount shall be reallocated to the other remaining Bank in accordance with this subparagraph. " (C) REIMBURSEMENT PROCEDURE.— "(i) IN GENERAL. — A Bank on whose behalf stock is purchased under subparagraph (A)(i) shall make pay- ments annually from amounts, if any, in its reserve account (as described in subparagraph (D)) to each Bank that made pa3mients on its behalf until a full reimbursement has been completed. A full reimburse- ment shall require repayment of the excess amounts invested by other Banks plus interest which shall accrue at a rate equal to the annual average cost of funds in the most recent year to all Federal Home Loan Banks and which shall begin to accrue 2 years after the investments under subparagraph (A)(i) are made. "(ii) DETERMINATION OF AMOUNTS. —The Oversight Board shall annually determine the dollar amounts of such reimbursemente by distributing the amount avail- able for such reimbursements (at the time of such determination) from the reimbursing Bank to the Banks that made purchases on its behalf according to ' the shares of the reimbursing Bank's excess amount that the other Banks invested. " (D) TRANSFER TO ACCOUNT FOR REIMBURSEMENTS RE- QUIRED. — "(i) IN GENERAL. — Of the net earnings for any year of a Bank on whose behalf a purchase is made under subparagraph (A)(i) and any reimbursements received from other Banks, the amount necessary to make the reimbursements required under subparagraph (A)(ii) shall be placed in a reserve account (established in the ' manner prescribed by the Oversight Board), which shall be available only for such reimbursements. "(ii) LIMITATION. —The total amount placed in such reserve account in any year by any Bank shall not exceed an amount equal to 20 percent of the net earn- ings of such Bank for such year. "(7) ADDITIONAL SOURCES. — If each Federal Home Loan Bank has exhausted the amount applicable with respect to the Bank

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