The Resolution Costs are based in large part on a range of estimated losses on the Legacy Assets as well as other expenses relating to resolving the liquidated corporate credit unions.  The chart below illustrates the total projected Resolution Costs to the credit union system and sources of payments of those costs.  The majority of projected Resolution Costs (more than 90%) are those associated with the Legacy Assets.  Other incremental costs include losses on the sale of other assets, bridge corporate transition expenses, borrowing costs, and liquidation expenses.  The sources of payment include member capital, actual assessments to date, future assessments to credit unions, and recoveries received as a result of legal action.

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Note: NCUA has received approximately $170 million in recoveries through March 2012 through pursuit of legal claims against securities underwriters. Net proceeds from recoveries will reduce future projected ranges of remaining assessments.