Full text of RTC Review : August 1995, Vol. VI No. 8

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RTC REVIEW
RESOLUTION TRUST CORPORATION

VOL. VINO. 8

Angnst 1995

John E. Ryen, Deputy and Acting Chief Executive Officer

* RTC Sold or Collected Assets with a Book Value of $1.8 Billion in
June, $449 Billion, Net of Assets Put Back to RTC, Since Inception.
* Recoveries on Asset Reductions Totaled $1.1 Billion (61 % of Book
Value) in June, $391 Billion (87% of Book Value) Since Inception.

The Book Value of RTC Assets in Liquidation was $16 Billion on
June 30, 1995.
I

* Summary Data for RTC Thrift Resolutions are Included in this
Issue.

ASSET INVENTORY

In June, the amount of assets under RTC
management decreased from $18 billion to
$16 billion. The decrease in assets reflects the
ongoing sales effort by the RTC to reduce its
asset inventory. The $16 billion of assets
under RTC management on June 30 consisted of: $2 billion in cash and securities, $2
billion in performing 1-4 family mortgages, $3
billion in other performing loans, $3 billion in
delinquent loans, $1 billion in real estate, $4
billion in investments in subsidiaries, and $1
billion in other assets.
Many of these assets are low quality and less
marketable assets. Real estate and delinquent loans represented 29% of total assets,
whereas cash, securities, and performing 1-4
family mortgages represented 21 % of total

assets. The $16 billion figure refers to assets
in liquidation and excludes approximately $15
billion in cash, liquid investments, and accounts receivable accumulated from
receivership collections. Many of these accounts are restricted; about half are
securitization reserve funds.
ASSET REDUCTIONS

In June, the proceeds of asset sales and other
principal collections were $1.1 billion. This
included $0.9 billion in sales proceeds and
$0.2 billion in principal collections. From inception through June, the RTC collected
$158 billion from securities, $106 billion from
1-4 family mortgages, $57 billion from other
mortgages, $31 billion from non-mortgage
loans, $17 billion from real estate, and $23
billion from other assets.

TOTAL ASSETS
UNDER RTC MANAGEMENT
As of June 30, 1995

Other Loans

6.0%
1-4 Family Mortgages
11.9%

Cash & Securities
7.0%
MBS

2.3%
32.2%
(Percentage Of Gross Assets)
(Dollars in Billions)

Amount
Cash & Investment Securities*
$1.1
0.4
Mortgage Backed Securities
Performing Loans - Total
1-4 Family Mortgages
Construction & Land
Other Mortgages
Other Loans

4.8
1.9
0.2
1.7
1.0

29.8

Delinquent Loans - Total
1-4 Family Mortgages
Construction & Land
Other Mortgages
Other Loans

3.1

19.4
2.1
3.6
10.4
3.4

Real Estate Owned
Subsidiaries
Other Assets

1.5
3.8
1.4

11.9
1.1
10.8
6.0

0.3
0.6
1.7
0.5

Gross Assets

Percent
Gross Assets
7.0%
2.3

$16.2

9.2
23.4

8.8
100.0 %

Data based on preliminary 6/30/95 information
Number of institutions: 747
Excludes $14.7 billion in cash, investments (includin~ restricted investments),
and accounts receivable accumulated by receiverships.

-2-

In terms of book value, June sales and collections were $ 1.8 billion. The average recovery
rate on the collection of these assets was 61 %.
During the month, the RTC recovered 95%
from securities, 77% from 1-4 family
mortgages, 80% from other mortgages, 33%
from non-mortgage loans, 53% from real estate, and 23% from other assets.

1995. The recovery rate on the disposition of
conservatorship assets has remained relatively high during the last three quarters of 1994
and the first half of 1995, with the lowest
recovery rate of 91.1 % occurring in the fourth
quarter of 1994.
Sales to acquirers of thrifts have declined due
to the reduction of RTC's caseload. Resolution sales measured only $82 million from the
three resolutions in the first half of 1995. In
comparison, resolution sales were $1.3 billion
and $1.6 billion in the second and third
quarters of 1994, respectively.

From the inception of the RTC through June,
book value asset reductions were $449 billion,
and the RTC recovered 87% on these collections. From inception, the RTChas recovered
98% from securities, 96% from 1-4 family
mortgages, 75% from other mortgages, 89%
from non-mortgage loans, 55% from real estate, and 62% from other assets.

Receivership payments and maturities
dropped in the second quarter of 1995 to $0.7
billion from the average $1.6 billion for the
last three quarters in 1994. Receivership
sales increased in the second quarter of 1995
to $2.8 billion from $1.1 in the first quarter of
1995.

The RTC also collected $0.2 billion in
receivership income in June. From its inception to June 30, 1995, the RTC has collected
$20.4 billion in receivership income.

OUARTERLY ASSET ACTIVITY

Losses on the disposition of receivership assets have generally tracked sales activity. The
recovery rate on asset book value has varied
slightly from 71 % in the third quarter of 1994
to 66% in the fourth quarter of 1994. The
average recovery rate in the first half of 1995
was 67%. The RTC expects recovery rates to
decline over time, as lower quality assets are
liquidated.

A look at RTC assets shows a steady decline
in the inventory in each quarter from the
second quarter of 1994 to the second quarter
of 1995. As of June 30, 1995, the RTC controlled $16.2 billion in assets, whereas it held
$45.5 billion on June 30, 1994, a decline of
64%. The reduction represents the continuing sales effort by the RTC to reduce its inventory and the resolution of all RTC's
conservatorship institutions. As of July 1,
1995, RTC's authority to take over new thrift
failures expired.

THRIFf CLOSINGS

Only one institution remained in the RTC's
conservatorship program during the first
quarter of 1995. Hence, the payments and
maturities of conservatorship assets
decreased from $2.2 billion during the second
quarter of 1994 to $0. 7 billion in the first
quarter of 1995. Proceeds from the sales of
conservatorship assets also declined, from a
high of $1.0 billion in the fourth quarter of
1994 to $0.3 million in the first quarter of

Since no conservatorships remain under RTC
control, and since the authorization to close
additional thrifts expired on July 1, 1995, a
table summarizing RTC's resolution activity
has been included this month.
The majority of the 747 resolutions occurred
prior to April 30, 1992, at which time the
number of resolved institutions stood at 651.
Due to a lack of funding in the second half of
1992, the RTC slowed down the sale of insolvent thrifts. In 1993, 27 institutions were
resolved. Legislation was signed in Decem-

-3-

Asset Reductions
By Type of Asset
(Dollars in Millions)

Inception To Date

Sales
Securities
1-4 Family Mortgages
Other Mortgages
Other Loans

REO
Other Assets
TOTAL

Proceeds
$97,645
78,015
34,199
14,722
16,759
7,294
$248 634

Total
Sales & Principal
Collections
$158,217
105,923
56,589
30,621
16,759
23,032
$391 141

Principal
Collections
$60,572
27,908
22,390
15,899
0
15,738
$142 507

Discount
from
Book Value
$3,459
4,206
18,441
3,952
13,622
13,896
$57 576

Total
Book Value
Reduction
$161,676
110,130
75,030
34,572
30,381
36,928
$448 718

Discount
from
Book Value
$6
24
172
64
45
401
$712

Total
Book Value
Reduction
$137
103
877
95
97
524
$1 833

Discount
from
Book Value
$15
252
1,286
293
300
1,103
$3 249

Total
Book Value
Reduction
$1,689
2,440
2,714
586
612
1,943
$9 983

June 1995

Securities
1-4 Family Mortgages
Other Mortgages
Other Loans
REO
Other Assets

TOTAL

Sales
Proceeds
$106
52
670
13
52
12
$904

Principal
Collections
$25
27
35
19
0
111
$217

Total
Sales & Principal
Collections
$131
79
705
31
52
123
$1,121

1995 Year to Date

Securities
1-4 Family Mortgages
Other Mortgages
Other Loans
REO
Other Assets
TOTAL

Notes:

Sales
Proceeds
$579
1,967
1,104
199
312
192
$4353

Principal
Collections
$1,095
220
323
94
0
648
$2 380

Total
Sales & Principal
Collections
$1,674
2,188
1,428
293
312
840
$6734

Data for inception through June 30, 1995 are net of putbacks recorded to date.
Resolution sales are shown at book value. Proceeds of assets sales at resolution are
not separable from amounts paid for deposits of resolved thrifts.
Data exclude asset transfers between receiverships, subsidiaries, and RTC Corporate.
The distribution of sales and collections for receiverships for 1989 and 1990 is estimated.

-4-

Quarterly Asset Activity
1994 - 1995
(Dollars In Billions)

2nd
Quarter
1995

1st
Quarter
1995

4th
Quarter
1994

3rd
Quarter
1994

2nd
Quarter
1994

$20.8

$25.0

$36.5

$45.5

$54.2

New Conservatorship Assets ..............................................

0.0

LESS:
Conservatorship Payments & Maturities.............................
Conservatorship Sales Proceeds ........................................
Loss on Sales ......................................................................
Other Changes (add) ..........................................................

0.1
0.0
(0.0)
0.0

0.7
0.3
0.0
(0.5)

1.1
1.0
0.2
(0.8)

1.8
0.5
0.1
(1.3)

2.2
0.7
0.0
(0.6)

Accelerated Resolution Program Assets ............................

0.4

0.0

0.1

LESS:
Resolution Sales (Gross of Putbacks) ................................
Receivership Payments & Maturities ...................................
Receivership Sales Proceeds .............................................
Principal Losses ..................................................................
Other Changes (add) ............................ ..............................

0.0
0.7
2.8
1.7
(0.2)

0.0
1.0
1.1
1.6
(0.1)

0.0
1.7
4.2
3.8
0.3

1.6
1.8
1.2
2.7
0.5

1.3
1.4
0.9
3.3
(0.6)

Total Assets at End of Period ..............................................

$16.2

$20.8

$25.0

$36.5

$45.5

Recoverv Rate on Asset Sales and Collections ..................

68%

67%

66%

71%

66%

Total Assets at Beginning of Period ....................................
CONSERVATORSHIP ACTIVITY:

ADD:

RESOLUTION & RECEIVERSHIP ACTIVITY:

ADD:

Note: Second quarter 1995 conservatorship activity includes residual amount of sales proceeds and collections for an instiution resolved on 11/18/94.

-5-

ber 1993 which provided $18.3 billion in additional funding, extended RTC's resolution
responsibility to July 1, 1995, and changed the
RTC's sunset date to December 31, 1995.
During 1994, 62 of the RTC's conservatorships were resolved and two new takeovers
were resolved under the Accelerated Resolution Program (ARP). The final RTC conservatorship was resolved in March 1995 and two
more institutions were resolved under the
ARP program during the second quarter of
1995.
The 747 resolved institutions held $220.6 billion in deposits and 25.0 million deposit accounts. These accounts had an average
account balance of $9,000. These institutions
held $241.5 billion in assets at the time of
closure. Of the total, $51 billion of assets, or
21 %, were sold to acquire rs ( after taking into
account assets returned to the RTC under
putback provisions of resolution transactions).
Estimated resolution costs for the 747 closed
thrifts totaled $90.1 billion. The $90.1 billion
represented 32% of their total liabilities at
the time of resolution. If the insured deposits
of all 747 institutions had been paid out to
depositors, the estimated resolution cost
would have been $94.8 billion. The $4.7 billion difference represented the estimated
savings, or premiums, over insured deposit
payout costs. For all resolutions since inception, these savings were equal to 2.8% of core
deposits, represented by deposits with balances below $80,000. More recently, the
premiums increased to 8.9% and 10.7% in
1994 and 1995, respectively.
Some of the characteristics of the 747 resolutions were as follows:
Deal Type Of the 747 cases, 497 were purchase and assumption transactions (P&As),
in which deposits, certain other liabilities, and
a portion of the assets were sold to acquirers.
Another 158 were insured deposit transfers

(IDTs), in which the acquiring institutions
served as paying agents for the RTC, established accounts on their books for the
depositors of the failed institutions, and acquired some of their assets in many cases. The
remaining 92 were insured deposit payoffs
(POs) in which the RTC directly paid
depositors their insured deposits and retained
all of the assets.
Most attractive franchises were resolved
using P&As, and these acquirers paid considerably higher premiums over deposit payoff
costs: 3.2% of core deposits, compared to
0.7% for IDTs. Although only 67% of RTC
resolutions were P&As, these transactions accounted for 82% of the deposits that were
made whole by the RTC.
The P&A transactions included 39 Accelerated Resolution Program (ARP) cases,
in which the institutions were closed without
first being placed in the conservatorship program.
Type of Acguirer Banks acquired 433 of the
resolved institutions, while thrifts acquired
222 institutions.
Number of Bids 42% of the institutions attracted two or fewer bids; 21 % attracted three
or four bids; and 37% attracted five or more
bids.
Thrift Size Whereas 77% of the resolved institutions had assets of less than $250 million,
there have been 57 resolutions of thrifts with
more than $1 billion in assets. These 57 thrifts
accounted for 58% of the assets held by
resolved thrifts.
Location The most resolutions occurred in
Texas. Other states with a large number of
resolutions were California, Louisiana, Illinois, and Florida. Resolved institutions
from Texas and California held the most assets, followed by Florida.

-6-

Summary of RTC Resolutions
Inception to June 30, 1995
(Dollars in Billions)

Deal Type*

1989

1990

Year of Resolution
1991
1992
1993

I
1994

1995

Total

PA:
Number of Institutions
Total Assets at Resolution
% of Assets Passed**
Total Deposits at Resolution
No. of Deposit Accounts (000s)
Estimated Cost of Resolution
Est. Savings over Payout Cost
Est.Savings/Core Deposits***

7
$8.6
21.0%
$7.8
907
$4.3
$0.2
4.0%

172
$76.0
28.8%
$68.5
8,343
$24.2
$1.4
2.7%

165
$58.8
21.2%
$53.6
5,959
$23.3
$0.7
1.7%

63
$35.1
15.2%
$27.4
3,063
$6.6
$0.7
2.9%

26
$7.7
35.2%
$7.9
1,065
$1.9
$0.3
5.1%

61
$15.5
19.3%
$14.3
1,904
$6.7
$1.1
8.9%

3
$1.7
4.8%
$1.8
160
$0.3
$0.2
10.7%

497
$203.4
23.3%
$181.2
21,401
$67.3
$4.6
3.2%

IDT:
Number of Institutions
Total Assets at Resolution
% of Assets Passed**
Total Deposits at Resolution
No. of Deposit Accounts (000s)
Estimated Cost of Resolution
Est. Savings over Payout Cost
Est.Savings/Core Deposits***

26
$2.0
19.6%
$2.5
197
$1.4
$0.0
0.8%

96
$13.5
9.5%
$13.7
1,515
$8.1
$0.1
0.6%

34
$14.6
14.1%
$14.7
1,266
$6.7
$0.1
0.7%

2
$0.1
2.6%
$0.1
7
$0.0
$0.0
0.4%

0
$0.0
0.0%
$0.0
0
$0.0
$0.0
0.0%

158
$30.3
12.4%
$31.0
2,985
$16.3
$0.1
0.7%

PO:
Number of Institutions
Total Assets at Resolution
% of Assets Passed**
Total Deposits at Resolution
No. of Deposit Accounts (000s)
Estimated Cost of Resolution
Est. Savings over Payout Cost
Est.Savings/Core Deposits***

4
$0.2
0.0%
$0.3
25
$0.2
$0.0
0.0%

47
$4.7
0.0%
$5.0
299
$3.9
$0.0
0.0%

33
$2.5
0.0%
$2.9
281
$2.3
$0.0
0.0%

4
$0.2
0.0%
$0.1
10
$0.1
$0.0
0.0%

1
$0.1
0.0%
$0.0
1
$0.0
$0.0
0.0%

3
$0.1
0.0%
$0.0
3
$0.0
$0.0
0.0%

0
$0.0
0.0%
$0.0
0
$0.0
$0.0
0.0%

92
$7.8
0.0%
$8.4
619
$6.5
$0.0
0.0%

Total During Year:
Number of Institutions
Total Assets at Resolution
% of Assets Passed**
Total Deposits at Resolution
No. of Deposit Accounts (000s)
Estimated Cost of Resolution
Est. Savings over Payout Cost
Est.Savings/Core Deposits***

37
$10.8
20.4%
$10.5
1,130
$5.9
$0.2
3.3%

315
$94.2
24.6%
$87.2
10,156
$36.2
$1.5
2.3%

232
$75.9
19.2%
$71.2
7,506
$32.3
$0.8
1.5%

69
$35.3
15.0%
$27.6
3,081
$6.6
$0.7
2.9%

27
$7.8
34.8%
$7.9
-1,065
$2.0
$0.3
5.1%

64
$15.6
19.2%
$14.3
1,907
$6.7
$1.1
8.9%

3
$1.7
4.8%
$1.8
160
$0.3
$0.2
10.7%

747
$241.5
21.1%
$220.6
25,005
$90.1
$4.7
2.8%

*Deal Type
IDT= Insured Deposit Transfer
PA= Purchase of Assets and Assumption of Liabilities
PO=lnsured Deposit Payoff
**Assets passed are net of putbacks.
***Core Deposits are estimated as deposits with balances below $80,000.
Note: Asset and estimated cost data reflect post-closing revisions and may differ
from data previously released . Number of Accounts are as of quarter before resolution.

-7-

Resolution Trust Corporation
Characteristics of 747 Resolutions
Inception through June 30, 1995
(Dollars in Billions)

Number
Type of
Acquirer *
Bank

Number
Total

Size of Resolved

Cases

Assets

Institution (Assets)

433

$140.5

$1 Billion or more

Total

Cases

Assets

$140.7

Thrift

222

93.2

$500 to 999 Million

34.4

TOTAL--Acquirers

655

233.7

$250 to 499 Million

23.9

Under $250 Million

572

42.6

TOTAL

747

$241.5

Payouts

7.8

TOTAL

747

$241 .5

Number

Total

Cases
137

Assets
$43.5

274

Total
Assets
$120.8

California

43.5

4 bids

25.6

Louisiana

6.2

3 bids

25.1

llliniois

7.5

2 bids

107

35.1

Florida

22.7

1 bid

141

28.7

New Jersey

12.0

No bids

6.3

TOTAL

747

$241.5

Location of
Resolved Institution
Texas

5.0

Other

330

101.0

TOTAL

747

$241.5

Kansas

Number
Percentage of Assets

Number of Bids
Received
5 or more bids

Savings over Deposit

Total

of
Cases

Number

Payout Costs as % of

Total

Cases

Assets

129

$41.3

Cases

Assets

75%or more

$5.3

5% or more

50 to74.9%

99
159

17.0

3to4.9%

52.6

25to49.9%

65.0

1 to 2.9%

178

54.1

Under25%

432

Under 1%

368

93.5

TOTAL

747

TOTAL

747

$241.5

Passed to Acquirers**

154.2
$241.5

Core Deposits ****

•
Number
Estimated Resolution
Cost as a % of Liabilities

Branch sales invoMng multiple acquirers
are classified according

Total

Cases

Assets

60%or more

112

$22.1

40to59.9%

165

37.4

20 to39.9%

238

86.6

Under 20%

232

95.3

TOTAL

747

$241.5

status of the majority of acquirers.

••

Assets passed are net of putbacks.

.,u·

Core deposits are estimated as deposits

with balances below $80,000.

Note:

Assets and liability data reflect postclosing revisions.

-8-

to the insurance

Assets Sold to Acguirers In 58% of the cases,
less than 25% of the assets were sold to acquirers. However, in 57 cases, 75% or more
of the assets were passed to acquirers.
Savines Oyer Insured Deposit Payout Costs
Estimated savings over insured deposit
payout costs were less than 1 % of core
deposits in 49% of the resolutions; however,
these resolutions represented only 39% of
total assets.
Estimated Resolution Costs Estimated
resolution costs were under 40% of liabilities
in 470 cases, but over 60% for 112 cases.

RECEIVERSHIP TERMINATIONS
Since the inception of the Receivership Termination Program in July 1992, 230 receiverships which had $18.5 billion in total gross
assets at the time of takeover have been terminated. The percentage of total dividends
paid to proven claimants was 71 % with $9.4
billion of total dividends being paid on total
proved claims of $13.2 billion. The difference
between the proven claims of the terminating
receiverships and the actual total dividend
paid represents the negative book value net
worth at time of resolution for these institutions, minus any deposit premiums paid by
acquirers, plus all post-conservatorship asset

Receivership Terminations
Inception Through June 1995
(Dollars In Billions)

Number of Receiverships Terminated
or in Process of Termination (1) ................................................................... .

230

Book Value of Assets at Takeover ........................................ ............. .......... .

$18.5

Book Value of Assets at Resolution ........... ..................... .......... ........... .... .... .

$12.4

Book Value of Assets Sold and Collected
at Resolution or in Receivership ..................................... .. .................. .... .. ....

$12.0

Cash Proceeds from Assets Sold and Collected
at Resolution or in Receivership ............................................... ................ .. ..

$10.4

Total Book Value Purchased by Corporation ................ ........... .................. ..

$0.6

Estimated Cash Proceeds from Assets Purchased by Corporation ........... .

$0.3

Total Dividends from Terminating Receiverships (2) .. .. ..... ............ ............ ..

$9.4

Total Proven Claims on Terminating Receiverships ......... ......... .. ............... ..

$13.2

Pct. Dividends to Proven Claims ..................... ... ................ ...... .. ....... ......... ...

71%

(1) Refera to receiverships that the RTC has approved for termination and which have pajd a final
dividend. Twenty receiverships did not have remaining funds to pay a final dividend.
(2) All payments paid to the RTC and other proven claimants over time on an undiacounted basis .
Excludes $1,494 million in repayments of RTC advances .
Notes: Data exclude general claims proved and dividends paid to pass - ttvough receive< snp creditors .
Data exclude general unsecured crecfrtors for institutions in depositor preference states .
Data are preliminary.

-9-

losses, expenses, and adjustments. Virtually
all claims (99.51%) were from the RTC.

SOURCES AND USES OF FUNDS
($ in billions)
Inception through June 30, 1995

The 230 terminating receiverships had
resolution and receivership book value
reductions of $12.0 billion, and recovered
$10.4 billion in cash proceeds from resolution
and receivership sales and collections to the
general public. The corporation purchased
$615 million in assets from these institutions
for $299 million. After the corporate purchase, the corporation has received $188 million in cash proceeds from sales and
collections on assets with a book value of $341
million.

SOURCES:
Initial Trcasuiy Appropriations
FHLB Contribution
REFCORP Borrowings
Additional Appropriations
FFB Borrowings
Total External Sources
Recoveries from Receiverships
TOTAL SOURCES
USES:
Resolutions and Receivership Funding
Conscrvatorship Advances Outstanding•
FFB Interest
Other Disbursements (Net)••

In the RTC Receivership Termination Program, the remaining assets of a receivership
are purchased by the corporation and placed
into a corporate pool for disposition. Final
dividends are paid out to proved claimants of
the receivership, other liabilities are written
off, and the receivership is terminated.

18.8
1.2
30.1
40.7

1iR
1065

120.0

m6.i
$ 217.1

TOTAL USES
NIIT CASH AVAllABl.E

0.0
9.6

-1.1
~

.LJl.2.

• Cowervatonbip balaocca ace DC! principal balaoccs outsUDding.
•• lodudes cxpaucs paicl oo bcbaJf ol conservatonbipo and other coq,orate
dabuncmenta, less iotercot payments and e,pcnse reimbuncmentJ received
from coosavatoohipl and other 10Uro:S.

SOURCES AND USES OF FUNDS

From its inception through June 30, 1995, the
RTC obtained $107 billion in funds from the
following external sources: $50 billion in FIRREA appropriations, $41 billion in subsequent loss funds authorized by Acts of
Congress, and $16 billion in Federal Financing Bank (FFB) borrowings. The RTC also
obtained $120 billion in recoveries from
receiverships.
The FIRREA appropriations include $30.1
billion from REFCORP, $18.8 billion in
Treasury funding, and $1.2 billion in FHLB
contributions. The Resolution Trust Corporation Funding Act of 1991 and the RTC
Refinancing, Restructuring, and Improvement Act of 1991 provided for an additional
$30 billion and $25 billion, respectively, in
loss funds through Treasury appropriations.
The Improvement Act allowed the RTC to
obligate funds for new resolutions up to April
1, 1992. On April 30, 1992, the RTC returned

$18.3 billion to the Treasury Department that
had not been obligated by the April 1, 1992
deadline. The RTC Completion Act, enacted
into law on December 17, 1993, authorized
the Treasury to provide the RTC with up to
$18.3 billion in loss funds. As of June 30,
1995, $4 billion of the $18.3 billion had been
released by the Thrift Depositor Protection
Oversight Board to fund resolutions.
Working capital, obtained from the FFB, is
used for the temporary funding of assets
retained by the RTC when institutions are
resolved. Working capital has also been used
to replace high-cost liabilities and meet liquidity needs of conservatorship institutions.
The RTC's outstanding borrowings and other
liabilities are subject to a limitation
prescribed by FIRREA
The 74 7 resolutions through June 30 required
outlays of $217.1 billion from the RTC. Inter-

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est on FFB borrowings was $9.6 billion. This
left $0.9 billion in cash on hand on June 30.

employee benefits, and labor and employment issues. He was named Deputy General
Counsel in January 1995.

NEWS NOTES:

A graduate of Dartmouth College and Yale
Law School, Mr. Collishaw served with the
law firm of Squire, Sanders & Dempsey
before joining the RTC. From 1964 to 1972,
he was an associate with the firm's Cleveland,
Ohio, office, and in 1972, he joined the firm's
Washington, D.C., office. In 1974, he became
a partner of the firm. His areas of concentration included general corporate and real estate law, public finance, financial planning
and federal taxation, and legal matters relating to financial institutions, including representation of the Federal Home Loan Bank
Board and the Federal Savings and Loan Insurance Corporation (FSLIC) in connection
with mergers, acquisitions, and insurance.

WILLIAM C. COLLISHAW NAMED RTC
GENERAL COUNSEL

William C. Collishaw was appointed General
Counsel of the RTC, on July 17, 1995, replacing Ellen Kulka, who resigned earlier in the
month.
'The RTC still has a considerable amount of
work to be done in the legal area before we
sunset on December 31, 1995," said RTC
Deputy and Acting CEO John E. Ryan. "We
are fortunate to be able to turn those matters
over to the very capable hands of Bill Collishaw, who has served the RTC with distinction since 1991."

FURTHER INFORMATION

Previously, Mr. Collishaw served as Deputy
General Counsel of Business Activities for
the RTC's Division of Legal Services. In that
capacity, he oversaw real estate matters,
securities and finance, resolutions, conservatorships and receiverships, contracting, and
field office operations.

All RTC public documents, including RTC
press releases and policy statements, are
available from the RTC Reading Room at
202-416-6940. Written requests should be
mailed to the RTC Reading Room, 801 17th
Street, NW, Washington, DC 20434-0001.

Mr. Collishawjoined the RTC in August 1991
as Senior Counsel in the Department of Corporate Affairs. He was named Assistant
General Counsel for Corporate Affairs in
January 1993; from July 1993 to May 1994, he
served as Acting Associate General Counsel
for Corporate Affairs. His responsibilities included tax and environmental issues,

To receive the RTC Review monthly, write
to: RTC Office of Corporate Communications, 10th Floor, RTC Review Mailing List,
80117th Street, NW, Washington, DC204340001.

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Commonly Dialed RTC Telephone Numbers
National Sales Center

(202) 416-4200

RTC Small Investors Program

Real Estate Information Center and Orders for Asset Inventory

(800) 782-3006

RTC SD<>Cial Resources Clearinghouse

(800) 421 -2073
(800) 486-6288

Asset SD<>Cific lnQury Service

(800) 782-3006

Reading Room - Public Information

(202) 416-6940

Securities Sales (Caoital Markets)

(202) 416-7554

MainO,,..,ator

(202) 416-6900

Contracting Office

RTC California Office

(800) 283-9288

Office of Coroorate Communications - Mecfia lnquries

(800) 541-1782
(202) 416-7556

RTC Dallas Office

(800) 782-4674

Low Income Housing Program

(202) 416-2823

RTC Allanta Office

(800) 628-4362

Asset Claims

(202) 416-7262

RTC Valley Forge Office

(800) 782-6326

Information Center ATI (Complaints)

(800) 348-1484

Nole:

Calibmla Oflloe - CA, AZ, CO, HI, NM, ~ . VT
Dallas Off""' - LA, MS, TX

Kansas Cily Office - IJ<., AA, IA, 0, IL IN, KS, KY, Ml, MN, MO, MT, NO, NE, OH, OK. OR, SO, WA, WI, W'f

Atlanta Office - Al.. DC, FL GA, MO, NC, PR, SC, TN, VA, WV
Valle F

e Office - CT, OE, MA, ME, NH, NJ, NY, PA, RI, VT

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Beginning Assets and Asset Reductions
Inception Through June 1995
(Dollars in Billions)
All 747 Institutions
Gash &

1-4 Family

Other

Securities /1 Mortgages Mortgages

Other

Real

Subsid-

Other

Loans

Estate /2

iaries

Assets

Total

$111 .2

$115.3

$81 .7

$30.5

$31 .1

$11 .3

$21.4

$402.4

Sales Proceeds ....... ..... .... .. .... ........... ....

61 .6

28.9

7.8

5.9

7.4

0.4

2.2

114.1

Payment & Maturities .... .. .... .......... .... .. .

52.8

17.9

12.0

11 .3

0.0

1.2

2.7

97.9

Other Changes (Net) /3 ........ .... ... .........

(50.1)

1.0

4.8

(6.0)

3.5

(1 .8)

(1.6)

(50.2)

Assets Passed (Net of Putbacks) ...... ...

25.5

15.6

5.6

3.6

0.1

0.4

0.1

51 .0

Principal Collections .... .... .. ..... ... .. .. .... ...

18.3

43.6

31.3

9.8

9.2

7 .3

8.6

128.1

Other Changes (Net) /4 ......... .... .... .......

1.5

6.1

16.1

4.3

9.3

(0.1)

7.9

45.2

$1.5

$2.3

$4.2

$1.5

$3.8

$1.4

$16.2

Assets at Takeover .......... .. ... ...... ......... ...
Reductions During Conservatorshi12

Resolution & ReceivershiQ Reductions

Total Assets as
of June 30, 1995....... .......... ... .... .... .............. .

/1 Excludes $14.7 billion in cash, investments (including restricted investments) , and accounts
receivables accumulated by receiverships.
/2 Transfer of REO from one subsidiary to a receivership is included in Other Changes.
/3 Includes net losses on sales, charge-offs of goodwill and certain equity
investments and other assets, accumulation and investment of cash, and new
loans and asset purchases. For receiverships, accounting adjustments made
at resolution are also included.
/4 Includes asset balance adjustments and principal losses.

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