Corporate Asset Management Estates Recoveries and Claims - March 2021

As of 3/31/2021

Numbers are $ in Millions, Amounts are Unaudited.

Recoveries - Actual/Projected
Number Asset Recoveries USC WSC MUC SWC CON
1 Assets Purchased by Bridge Corporate for Assuming Liabilities a $18,089 $10,412 $4,859 $7,248 $658
2 Securitization Proceeds from NGNs Issued a $12,723 $9,976 $2,878 $2,278 $452
3 Proceeds from Assets Prev Securitized in NGN Transactions a, b $2,389 $2,323 $412 $467 $81
4 Proceeds from Asset Sales, P&I Receipts and Other Recoveries a $2,928 $1,716 $921 $338 $29
5 Proceeds from Legal Recoveries a, c $1,793 $2,638 $279 $392 $5
6 NRV of Legacy Assets, Loans and Other Assets Held by AMEs d $1,036 $372 $134 $125 $14
7 NGN Program - Cash Equivalents with Trustees d $19 $10 $8 $5 $0
8 NGN Program - Legacy Assets/Invest Collateralizing the NGNs d $278 $118 $104 $109 $35
9 Paid/Projected Recoveries from USC FCU AME e, f $0 $79 $279 $242 $31
10 Recoveries from Western Bridge FCU AME a, g $0 $21 $0 $0 $0
11 Total $39,255 $27,663 $9,874 $11,204 $1,305
Original/Life-to-Date Claims
Number Claims and Expenses USC WSC MUC SWC CON
12 Liquidation Expenses h $-49 $-54 $-17 $-13 $-3
13 Accrued Liquidation Expenses d, i $-17 $-17 $-4 $-3 $-1
14 Costs Associated with P&A h $-515 $-161 $-101 $-34 $-12
15 Costs Related to Legal Recoveries c, h $-446 $-645 $-68 $-98 $-1
16 Claims Related to NGN Maturity and Collateral Release h, j $-744 $-1,291 $-182 $-227 $-82
17 NGN Notes Payable d $-161 $-71 $-73 $-62 $-9
18 Guaranteed Deposits & Insured Shares assumed by Bridge Corp h $-25,264 $-21,251 $-8,821 $-10,043 $-1,158
19 NCUA Loan to the Corporate h $-5,000 $-5,000 $0 $0 $0
20 Medium Term Notes Guaranteed by NCUA h $-4,134 $-1,571 $0 $0 $0
21 Corporate's HARP Obligations Guaranteed by NCUA h $-165 $-1 $0 $0 $0
22 Other Liquidation Claims $0 $0 $0 $0 $0
23 NGN Guarantee Payments Reimbursement Claim by NCUA $0 $0 $0 $0 $0
24 Unsecured General Creditors d, k $-1 $0 $-2 $-1 $0
25 NCUA Capital Note e $-1,000 $0 $0 $0 $0
26 Member Capital e $-1,686 $-931 $-493 $-404 $-67
27 Paid in Capital e $-300 $-213 $-79    
28 Total $-39,483 $-31,204 $-9,841 $-10,885 $-1,333
29 Projected Surplus / (Unpaid) Claims l $-228 $-3,541 $33 $319 $-28
Original/Life-to-Date Claims
Number Claims and Expenses USC WSC MUC SWC CON
30 Claims Received $-39,483 $-31,204 $-9,841 $-10,885 $-1,333
31 Claims Paid $37,319 $27,085 $9,191 $10,588 $1,225
32 Net Claims Outstanding $-2,164 $-4,119 $-650 $-297 $-108
33 Projected Claims Payments $1,936 $578 $650 $297 $80
34 Projected Liquidating Dividend $0 $0 $33 $319 $0
35 Projected Unpaid Claims l $-228 $-3,541 $33 $319 $-28

Fiduciary Assets and Liabilities

Fiduciary Assets
Number Asset USC WSC MUC SWC CON
36 Cash and Cash Equivalents $608 $10 $158 $139 $0
37 Legacy Assets $1,036 $372 $134 $125 $14
38 Legacy Assets/Investments Collateralizing the NGNs $278 $118 $104 $109 $35
39 Loans $0 $0 $0 $0 $0
40 Receivable from AMEs $0 $0 $0 $0 $0
41 Other Fiduciary Assets s $0 $6 $24 $21 $3
42 Total Fiduciary Assets $1,922 $505 $421 $394 $52
Fiduciary Liabilities
Number Asset USC WSC MUC SWC CON
43 Accrued Expenses and Payables q $167 $-17 $-130 $-95 $-1
44 NGNs $-161 $-71 $-73 $-62 $-9
45 Due to NGN Trusts $0 $0 $0 $0 $0
46 Unsecured Claims $0 $0 $0 $0 $0
47 Due to NCUSIF m $14 $-2,887 $6 $2 $-32
48 Total Fiduciary Liabilities $-314 $-2,974 $-197 $-155 $-41
49 Total Fiduciary Net Assets / (Liabilities) $1,608 $-2,469 $224 $239 $11

Analysis of Claim Payments n

B1 - Liquidation Expenses
Category USC WSC MUC SWC CON
Original Amount $1,772 $2,167 $373 $376 $99
Amount Paid to Date $-1,755 $-1,903 $-368 $-373 $-94
Current Unpaid Balance $17 $264 $4 $3 $5
Projected Repayment $-17 $-264 $-4 $-3 $-5
Projected Amount Unpaid $0 $0 $0 $0 $0
B2 - Wages and Salaries
Category USC WSC MUC SWC CON
Original Amount $1,772 $2,167 $373 $376 $99
Amount Paid to Date $-1,755 $-1,903 $-368 $-373 $-94
Current Unpaid Balance $17 $264 $4 $3 $5
Projected Repayment $-17 $-264 $-4 $-3 $-5
Projected Amount Unpaid $0 $0 $0 $0 $0
B4 - Due to Government o
Category USC WSC MUC SWC CON
Original Amount $34,550 $27,601 $8,459 $9,772 $1,127
Amount Paid to Date $-34,550 $25,183 $-8,459 $-9,772 $-1,127
Current Unpaid Balance $0 $2,419 $0 $0 $0
Projected Repayment $0 $-243 $0 $0 $0
Projected Amount Unpaid $0 $2,175 $0 $0 $0
B5 - Due to General Creditors k
Category USC WSC MUC SWC CON
Original Amount $1 $0 $2 $1 $0
Amount Paid to Date $-1 $0 $-2 $-1 $0
Current Unpaid Balance $0 $0 $0 $0 $0
Projected Repayment $0 $0 $0 $0 $0
Projected Amount Unpaid $0 $0 $0 $0 $0
B6 - Due to NCUA for Insured Shares Payment p
Category USC WSC MUC SWC CON
Original Amount $13 $221 $363 $271 $31
Amount Paid to Date $-13 $0 $-363 $-271 $-4
Current Unpaid Balance $0 $221 $0 $0 $28
Projected Repayment $0 $0 $0 $0 $-28
Projected Amount Unpaid $0 $221 $0 $0 $0
B6.5 - USC Capital Note
Category USC WSC MUC SWC CON
Original Amount $1,000 $0 $0 $0 $0
Amount Paid to Date $-1,000 $0 $0 $0 $0
Current Unpaid Balance $0 $0 $0 $0 $0
Projected Repayment $0 $0 $0 $0 $0
Projected Amount Unpaid $0 $0 $0 $0 $0
B7 - Membership Capital q
Category USC WSC MUC SWC CON
Original Amount $1,686 $931 $493 $404 $67
Amount Paid to Date $0 $0 $0 $-171 $0
Current Unpaid Balance $1,686 $931 $493 $232 $67
Projected Repayment $-1,686 $0 $-493 $-232 $-39
Projected Amount Unpaid $0 $931 $0 $0 $28
B9 - Paid In Capital q
Category USC WSC MUC SWC CON
Original Amount $300 $213 $79 $0 $0
Amount Paid to Date $0 $0 $0 $0 $0
Current Unpaid Balance $300 $213 $79 $0 $0
Projected Repayment $-72 $0 $-79 $0 $0
Projected Amount Unpaid $228 $213 $0 $0 $0
Potential Liquidating Dividend r
Category USC WSC MUC SWC CON
Original Amount $0 $0 $33 $319 $0

Disclaimer: All projections are point in time estimates based on best available information and are subject to change. This report provides data on AMEs with depleted member capital and does not include information related to USC Bridge. 


Footnotes


a Assets recovered or utilized to reduce fiduciary liabilities (not a current fiduciary asset).

b Proceeds recovered from legacy assets formerly in NGN transactions. This line item was added to breakout these NGN legacy asset recoveries from the "Proceeds from Asset Sales, P&I Receipts and Other Recoveries" line item where the amounts were previously located.

c Legal recoveries and related expenses net to a total recovery of $3.8 billion. More information is available on the "Legal Recoveries" section of the transparency website at www.ncua.gov. Differs to website by $61.194 million due to expenses netted off of gross recoveries.

d Shown as a fiduciary asset/liability.

e Not shown as a fiduciary asset/liability.

f If depleted member capital is repaid by USC AME, a portion will be distributed to the other AMEs holding capital claims. The amount of approved or paid USC AME capital distributions in this line item are $6m for WSC AME, $24m for MUC AME, $21.1m for SWC AME, and $2.7m for CON AME.

g Wescorp AME received recovery from the residual equity paid by Western Bridge.

h Liabilities and expenses paid or netted against fiduciary assets (not a current fiduciary liability).

i This represents estimated expenses accrued for through the full resolution of the Asset Management Estates.

j Outstanding NGN investors and trust expenses must be fully repaid at NGN maturity. NCUSIF provides this required funding and facilitates the return of each AME's NGN collateral. NCUA then considers available options to dispose of these legacy assets to satisfy the claims. Formerly securitized assets recovered and utilized to reduce these claims are located in line item 3.

k These were paid for those AMEs where the General Creditors are next in line for payment before payment is made to lower level claims.

l Amount of claims projected to be unpaid at the resolution of the estates.

m Due to NCUSIF represents the assets recovered and utilized to reduce fiduciary liabilities (endnote a) less liabilities and expenses paid or netted against fiduciary assets (endnote h). Proceeds allocated at quarter-end result in a net due from balance for USC, MUC, and SWC AMEs for the period.

n There are no claims at the B3 and B8 payment priority levels.

o AME obligations backed by the NCUA guarantee which were repaid, and for which the NCUA claims reimbursement.

p Shares/certificates insured up to the insurance limit.

q Depleted member and paid in capital; USC AME capital holders inclusive of AMEs. Approved capital distributions are reflected as payable in line 43 for three AMEs (USC = $150 million, MUC = $126.1 million, and SWC = $92.4 million).

r Potential equity distribution to members at the conclusion of all liquidation activities.

s Approved USC AME capital distribution to be received by WSC, MUC, SWC, and CON AMEs.

Last modified on
08/23/21