Page:United States Statutes at Large Volume 105 Part 2.djvu/921

 PUBLIC LAW 102-237—DEC. 13, 1991 105 STAT. 1873 reasonable period of time, to permit the Corporation to increase the amount of regulatory capital of the Corporation accordingly. "(c) RISK-BASED CAPITAL LEVEL.— For purposes of this subtitle, the risk-based capital level for the Corporation shall be equal to the sum of the following amounts: "(1) CREDIT AND INTEREST RATE RISK.— The amount of regulatory capital determined by applying the risk-based capital test under subsection (a) to the Corporation, adjusted to account for foreign exchange risk. "(2) MANAGEMENT AND OPERATIONS RISK.— To provide for management and operations risk, 30 percent of the amount of regulatory capital determined by applying the risk-based capital test under subsection (a) to the Corporation. "(d) SPECIFIED CONTENTS.— The regulations establishing the riskbased capital test under this section shall contain specific requirements, definitions, methods, variables, and parameters used under the risk-based capital test and in implementing the test (such as loan loss severity, float income, loan-to-value ratios, taxes, yield curve slopes, default experience, prepayment rates, and performance of pools of qualified loans). The regulations shall be sufficiently specific to permit an individual other than the Director to apply the test in the same manner as the Director. "(e) AvAiLABiliTY OF MoDEL.— The Director shall make copies of the statistical model or models used to implement the risk-based capital test under this section available for public acquisition and may charge a reasonable fee for such copies. "SEC. 8.33. MINIMUM CAPITAL LEVEL. 12 USC 997QKK 9 "(a) IN GENERAL.—Except as provided in subsection (b), for purposes of this subtitle, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of— "(1) 2.50 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (8)), as determined in accordance with generally accepted accounting principles; "(2) 0.45 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and "(3) the percentage of the aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 8.6(g) that is determined under subsection (c). "(b) 18-MoNTH TRANSITION.— During the 18-month period beginning upon the date of the enactment of this section, for purposes of this subtitle, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of— "(1) 1.50 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (3)), as determined in accordance with generally accepted accounting principles; "(2) 0.40 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and

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