REFCORP


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Resolution Funding Corporation (RefCorp)

A government agency established by Congress in 1989 to issue bailout bonds and raise funds for the activities of the Resolution Trust Corporation, as well as to administer struggling institutions inherited from the disbanded Federal Savings and Loan Corporation.

Resolution Funding Corporation

An agency established by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to fund the Resolution Trust Corporation, which in turn was charged with bailing out insolvent savings & loan associations. REFCORP funded its own activities by issuing zero-coupon bonds through the US Treasury.

REFCORP

References in periodicals archive ?
Finally, the REFCORP payment was converted to a payment of 20 per cent of earnings, representing a one-third increase in the annual payment that will speed up the eventual repayment of the outstanding debt.
The same act that required the Banks to make annual REFCORP payments also required the Banks to contribute $2 1/2 billion between 1989 and 1991 to capitalise the Corporation.
The increase reflected growth in net interest income and other income, partially offset by increased assessments for the REFCORP and the AHP.
In accordance with the Bank's Retained Earnings and Dividend Policy, the Bank retains the net unrealized fair value gains on these financial instruments, after REFCORP and AHP assessments, in restricted retained earnings.