ALEXANDRIA, Va. — According to NCUA Chief Financial Officer Dennis Winans' presentation today at the NCUA Board meeting, losses to the insurance fund would have to more than double to make even the slightest dip in the equity ratio by yearend.
Winans said the gross income of the NCUSIF came in $4.4 million over budget while operating expenses were $1.4 million under budget. Still, the higher than expected insurance losses of $25.4 million over the $18.0 million budgeted putting the NCUSIF's net income just under budget, $154.0 million versus $154.9 million.
Even so, the NCUSIF equity ratio stands at 1.31% and is projected to reach 1.32% by yearend, allowing for the possibility of a refund.
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