995.8—Non-administrative expenses; assessments.
(a) Interest expenses.
The Financing Corporation shall determine anticipated interest expenses on its obligations at least semiannually.
(b) Assessments on insured depository institutions—
(1) Authority.
To provide sufficient funds to pay the non-administrative expenses of the Financing Corporation approved under § 995.6, the Financing Corporation shall, with the approval of the board of directors of the FDIC, assess against each insured depository institution an assessment in the same manner as assessments are made by the FDIC under section 7 of the Federal Deposit Insurance Act.
(2) Assessment rate—
(i) Determination.
The Financing Corporation at least semiannually shall establish an assessment rate formula, which may include rounding methodology, to determine the rate or rates of the assessment it will assess against insured depository institutions pursuant to section 21(f)(2) of the Act (12 U.S.C. 1441(f)(2)) and paragraph (b)(1) of this section.
(ii) Limitation.
Until the earlier of December 31, 1999, or the date as of which the last savings association ceases to exist, the rate of the assessment imposed on an insured depository institution with respect to any BIF-assessable deposit shall be a rate equal to 1/5 of the rate of the assessment imposed on an insured depository institution with respect to any SAIF-assessable deposit.
(iii) Notice.
The Financing Corporation shall notify the FDIC and the collection agent, if any, of the formula established under paragraph (b)(2)(i) of this section.
(3) Collecting assessments—
(i) Collection agent.
The Financing Corporation shall have authority to collect assessments made under section 21(f)(2) of the Act (12 U.S.C. 1441(f)(2)) and paragraph (b)(1) of this section through a collection agent of its choosing.
(ii) Accounts.
Each Bank shall permit any insured depository institution whose principal place of business is in its district to establish and maintain at least one demand deposit account to facilitate collection of the assessments made under section 21(f)(2) of the Act (12 U.S.C. 1441(f)(2)) and paragraph (b)(1) of this section.
(c) Receivership proceeds—
(1) Authority.
To the extent the amounts collected under paragraph (b) of this section are insufficient to pay the non-administrative expenses of the Financing Corporation approved under § 995.6, the Financing Corporation shall have authority to require the FDIC to transfer receivership proceeds to the Financing Corporation in accordance with section 21(f)(3) of the Act (12 U.S.C. 1441(f)(3) ).
(2) Procedure.
The Directorate shall request in writing that the FDIC transfer the receivership proceeds to the Financing Corporation. Such request shall specify the estimated amount of funds required to pay the non-administrative expenses of the Financing Corporation approved under § 995.6.
(d) Exit fees—
(1) Authority.
To the extent the amounts provided under paragraphs (b) and (c) of this section are insufficient to pay the interest due on Financing Corporation obligations, the Financing Corporation shall have authority to request that the Secretary of the Treasury order the transfer of exit fees to the Financing Corporation in accordance with section 5(d)(2)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1815(d)(2)(E)) or as otherwise may be provided for by statute.
(2) Procedure.
The Directorate shall request in writing that the Secretary of the Treasury order that exit fees be transferred to the Financing Corporation. Such request shall specify the estimated amount of funds required to pay the interest due on Financing Corporation obligations.