Managing the crisis : the FDIC and RTC experience 1980-1994 by Federal Deposit Insurance Corporation (FDIC)

By Federal Deposit Insurance Corporation (FDIC)

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Branch Breakups. In certain large failing institutions, there were few, if any, acquirers willing to assume the deposits of a multi-branch bank or thrift. This became a major concern to the RTC in the early 1990s as the size of many of the conservatorships and the general health of the banking and thrift industries limited the amount of competition during the resolution process. In response, the RTC initiated the branch breakup 28 M A N A GI N G T H E C R I S I S transaction to enhance the franchise value by increasing bidder participation, competition, and flexibility for the resolution process.

The RTC contributed asset pools as its equity capital and arranged for financing of the partnership, providing a leveraged return to the investor. The general partner invested both equity capital and asset management services. 27. For additional information, see, Chapter 17, Partnership Programs. / Inception ships Bond Holder N Series Dec. 1992 6 MIFs Jan. 1993 2 Land Funds July 1993 12 S Series Sept. 1993 9 JDCs Dec. 1993 30 SN Series Aug. 1995 NP Series Aug. 1995 Yes/ Institutional investors via open market No, but bond equivalent/ Held by RTC Types of Underlying Assets Target Investor/ Legal Structure Commercial and multi-family nonperforming loans Large investors/ Trust Commercial and multi-family nonperforming loans, REO† Large institutional investors/ Partnership LP/GP* Ownership Percentage 51/49 25-50/ 50-75 No Small investors/ Undeveloped and partially developed Partnership land (REO and nonperforming loans) 60-75/ 25-40 Yes/Held by a trustee for the RTC Commercial and multi-family nonperforming loans Small investors/ Trust No JDCs and small balance assets (SBAs) Investors with collection experience/ Partnership 5 Yes/Held by a trustee for the RTC Commercial nonperforming loans Large and small investors/Trust 51/49 8 Yes/Held by a trustee for the RTC Small investors/ Nonperforming Trust land loans and land REO, unsecured loans or loans secured by non–real estate collateral (such as business loans), nonperforming commercial real estate and REO (commercial and multi-family) 50-70/ 30-50 51/49 ‡ * LP is limited partnership; GP is general partner.

After the debt was paid in full, the partners generally split the remaining proceeds according to the percentage of ownership each respective partner held. 1-8 outlines the general characteristics of the RTC equity partnerships. The largest of the seven types of equity partnerships set up by the RTC was the Judgements, Deficiencies, and Charge-offs (JDC) Program. 4 billion. The assets the RTC contributed generally were legally impaired or were unsecured and of poor quality, so typically the general partner was a firm with collection experience.

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