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Previously recorded OTTI was based on Clayton reviews, however, Members United has since added AD&Co., which is projecting lower losses than Clayton.
The red ink gives the corporate an $11 million year-to-date net loss, but the new OTTIs were absorbed by retained earnings and did not impair its remaining $14.6 million in member capital shares.
Members United also has an additional $1.2 million to guard against future capital depletions, after an internal audit turned up it had overstated OTTI in April due to a one-time formula error." The result was the depletion of member capital shares by 89.7% on May 25, rather than the correct, post-audit amount of 88.8%.
The $1.2 million error represents less than 0.2% of the cumulative OTTI of $562.3 million recorded to date.
NCUA Director of Public and Congressional Affairs John McKechnie said the adjustment is consistent with OTTIs being recorded at corporate credit unions.
Monoline insurer Ambac's forced restructuring could cost corporate credit unions as much as $400 million in new OTTIs.
England head coach Andy Flower said: "Ottis has been a valuable member of my management team and we will all be sorry to see him leave.
In addition, the company reports that "during the clinical human trials there was no evidence that OTTIS Ice Cream used any fat-storage mechanism, nor were there any reports of gastrointestinal distress." "In both diabetics and non-diabetics, OTTIS Ice Cream performed as a very low glycemic food with a low glycemic load."