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§ 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.



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