§ 4612. — Minimum capital levels.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4612]
TITLE 12--BANKS AND BANKING
CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
SUBCHAPTER II--REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
ENFORCEMENT POWERS
Sec. 4612. Minimum capital levels
(a) In general
For purposes of this subchapter, the minimum capital level for each
enterprise shall be the sum of--
(1) 2.50 percent of the aggregate on-balance sheet assets of the
enterprise, as determined in accordance with generally accepted
accounting principles;
(2) 0.45 percent of the unpaid principal balance of outstanding
mortgage-backed securities and substantially equivalent instruments
issued or guaranteed by the enterprise that are not included in
paragraph (1); and
(3) 0.45 percent of other off-balance sheet obligations of the
enterprise not included in paragraph (2) (excluding commitments in
excess of 50 percent of the average dollar amount of the commitments
outstanding each quarter over the preceding 4 quarters), except that
the Director shall adjust such percentage to reflect differences in
the credit risk of such obligations in relation to the instruments
included in paragraph (2).
(b) Transition
Notwithstanding subsection (a) of this section, during the 18-month
period beginning upon October 28, 1992, the minimum capital level for
each enterprise shall be the sum of--
(1) 2.25 percent of the aggregate on-balance sheet assets of the
enterprise, as determined in accordance with generally accepted
accounting principles;
(2) 0.40 percent of the unpaid principal balance of outstanding
mortgage-backed securities and substantially equivalent instruments
issued or guaranteed by the enterprise that are not included in
paragraph (1); and
(3) 0.40 percent of other off-balance sheet obligations of the
enterprise not included in paragraph (2) (excluding commitments in
excess of 50 percent of the average dollar amount of the commitments
outstanding each quarter over the preceding 4 quarters), except that
the Director shall adjust such percentage to reflect differences in
the credit risk of such obligations in relation to the instruments
included in paragraph (2).
(Pub. L. 102-550, title XIII, Sec. 1362, Oct. 28, 1992, 106 Stat. 3975.)
Section Referred to in Other Sections
This section is referred to in sections 1452, 1718, 4614, 4616, 4619
of this title.