12 USC 2279bb-2: Minimum capital level

12 USC 2279bb-2: Minimum capital level Text contains those laws in effect on January 4, 1995

From Title 12-BANKS AND BANKINGCHAPTER 22-TYING ARRANGEMENTSSUBCHAPTER VIII-AGRICULTURAL MORTGAGE SECONDARY MARKETPart B-Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation

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§2279bb–2. Minimum capital level

(a) In general

Except as provided in subsection (b) of this section, for purposes of this part, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of-

(1) 2.50 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (3)), as determined in accordance with generally accepted accounting principles;

(2) 0.45 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and

(3) the percentage of the aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 2279aa–6(g) of this title that is determined under subsection (c) of this section.

(b) 18-month transition

During the 18-month period beginning upon December 13, 1991, for purposes of this part, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of-

(1) 1.50 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (3)), as determined in accordance with generally accepted accounting principles;

(2) 0.40 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and

(c) Linked portfolio assets

The percentage of any aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 2279aa–6(g) of this title that is referred to in subsections (a)(3) and (b)(3) of this section (and in section 2279bb–3(3)(A) of this title) shall be-

(1) during the 5-year period beginning on December 13, 1991-

(A) 0.45 percent of any such assets not exceeding $1,000,000,000;

(B) 0.75 percent of any such assets in excess of $1,000,000,000 but not exceeding $2,000,000,000;

(D) 1.25 percent of any such assets in excess of $3,000,000,000 but not exceeding $4,000,000,000;

(E) 1.50 percent of any such assets in excess of $4,000,000,000 but not exceeding $5,000,000,000; and

(F) 2.50 percent of any such assets in excess of $5,000,000,000; and

(2) after the expiration of such 5-year period, 2.50 percent of any such aggregate assets.

(Pub. L. 92–181, title VIII, §8.33, as added Pub. L. 102–237, title V, §503(b)(2), Dec. 13, 1991, 105 Stat. 1873 .)

Section Referred to in Other Sections

This section is referred to in sections 2279bb–3, 2279bb–4 of this title.