Page:United States Statutes at Large Volume 105 Part 3.djvu/354

 105 STAT. 2238 PUBLIC LAW 102-242—DEC. 19, 1991 Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate before the end of the 30-day period beginning on the date any amount is provided by the Secretary of the Treasury to the Corporation under subsection (a).", (b) EMERGENCY SPECIAL ASSESSMENTS. — Section 7(b) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)) is amended— (1) by redesignating paragraphs (7), (8), and (9) as paragraphs (8), (9), and (10), respectively; and (2) by inserting after paragraph (6) the following new paragraph: "(7) EMERGENCY SPECIAL ASSESSMENTS,— In addition to the other assessments imposed on insured depository institutions under this subsection, the Corporation may impose 1 or more special assessments on insured depository institutions in an amount determined by the Corporation if the amount of any such assessment— "(A) is necessary— "(i) to provide sufficient assessment income to repay amounts borrowed from the Secretary of the Treasury under section 14(a) in accordance with the repayment schedule in effect under section 14(c) during the period with respect to which such assessment is imposed; "(ii) to provide sufficient assessment income to repay obligations issued to and other amounts borrowed from
 * ^nk Insurance Fund members under section 14(d); or

"(iii) for any other purpose the Corporation may deem necessary; and "(B) is allocated between Bank Insurance Fund members and Savings Association Insurance Fund members in amounts which reflect the degree to which the proceeds of the amounts borrowed are to be used for the benefit of the respective insurance funds.". SEC. 104. RECAPITALIZING THE BANK INSURANCE FUND. (a) IN GENERAL. —Section 7(b)(1)(C) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(1)(C)) is amended to read as follows: "(C) ASSESSMENT RATES FOR BANK INSURANCE FUND MEM- BERS. — "(i) IN GENERAL. —I f the reserve ratio of the Bank Insurance Fund equals or exceeds the fund's designated reserve ratio under subparagraph (B), the Board of Directors shall set semiannual assessment rates for members of that fund as appropriate to maintain the reserve ratio at the designated reserve ratio. "(ii) SPECIAL RULES FOR RECAPITALIZING UNDERCAPiTAUZED FUND. —I f the reserve ratio of the Bank Insurance Fund is less than the designated reserve ratio under subparagraph (B), the Board of Directors shall set semiannual assessment rates for members of that fund— "(I) that are sufficient to increase the reserve ratio for that fund to the designated reserve ratio not later than 1 year after such rates are set; or "(II) in accordance with a schedule promulgated by the Corporation under clause (iii).

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