Page:United States Statutes at Large Volume 112 Part 2.djvu/49

 PUBLIC LAW 105-219—AUG. 7, 1998 112 STAT. 933 "(ii) the premium charge does not exceed the amount necessary to restore the equity ratio to 1.3 percent. " (C) PREMIUM CHARGE REQUIRED IF EQUITY RATIO FALLS BELOW 1.2 PERCENT. —I f the Fund's equity ratio is less than 1.2 percent, the Board shall, subject to subparagraph (B), assess a premium charge in such an amount as the Board determines to be necessary to restore the equity ratio to, and maintain that ratio at, 1.2 percent. " (3) DISTRIBUTIONS FROM FUND REQUIRED.— "(A) IN GENERAL.— The Board shall effect a pro rata distribution to insured credit unions after each calendar year if, as of the end of that calendar year— "(i) any loans to the Fund from the Federal Government, and any interest on those loans, have been repaid; "(ii) the Fund's equity ratio exceeds the normal operating level; and "(iii) the Fund's available assets ratio exceeds 1.0 percent. "(B) AMOUNT OF DISTRIBUTION.— The Board shall distribute under subparagraph (A) the maximum possible amount that— "(i) does not reduce the Fund's equity ratio below the normal operating level; and "(ii) does not reduce the Fund's available assets ratio below 1.0 percent. " (C) CALCULATION BASED ON CERTIFIED STATEMENTS. — In calculating the Fund's equity ratio and available assets ratio for purposes of this paragraph, the Board shall determine the aggregate amount of the insured shares in all insured credit unions from insured credit unions certified statements under subsection (b) for the final reporting period of the csdendar year referred to in subparagraph (A)."; (4) in subsection (c), by adding at the end the following new paragraph: "(4) TIMELINESS AND ACCURACY OF DATA.— In calculating the available assets ratio and equity ratio of the Fund, the Board shall use the most current and accurate data reasonably available."; and (5) by striking subsection (h) and inserting the following: "(h) DEFINITIONS.— For purposes of this section, the following definitions shall apply: "(1) AVAILABLE ASSETS RATio.The term 'available assets ratio', when applied to the Fund, means the ratio of— "(A) the amount determined by subtracting— "(i) direct liabilities of the Fund and contingent liabilities for which no provision for losses has been made, from "(ii) the sum of cash and the market value of unencumbered investments authorized under section 203(c), to "(B) the aggregate amount of the insured shares in all insured credit unions. "(2) EQUITY RATIO.— The term 'equity ratio', when applied to the Fund, means the ratio of—

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