§ 2279bb–2. Minimum capital level

• (a) Except as provided in subsection (b), 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) 2.75 percent of the aggregate on-balance sheet assets of the Corporation, as determined in accordance with generally accepted accounting principles; and
  • (2) 0.75 percent of the aggregate off-balance sheet obligations of the Corporation, which, for the purposes of this part, shall include
    • (A) the unpaid principal balance of outstanding securities that are guaranteed by the Corporation and backed by pools of qualified loans;
    • (B) instruments that are issued or guaranteed by the Corporation and are substantially equivalent to instruments described in subparagraph (A); and
    • (C) other off-balance sheet obligations of the Corporation.
• (b)
  • (1) For purposes of this part, the minimum capital level for the Corporation—
    • (A) prior to January 1, 1997 , shall be the amount of core capital equal to the sum of—
      • (i) 0.45 percent of aggregate off-balance sheet obligations of the Corporation;
      • (ii) 0.45 percent of designated on-balance sheet assets of the Corporation, as determined under paragraph (2); and
      • (iii) 2.50 percent of on-balance sheet assets of the Corporation other than assets designated under paragraph (2);
    • (B) during the 1-year period ending December 31, 1997 , shall be the amount of core capital equal to the sum of—
      • (i) 0.55 percent of aggregate off-balance sheet obligations of the Corporation;
      • (ii) 1.20 percent of designated on-balance sheet assets of the Corporation, as determined under paragraph (2); and
      • (iii) 2.55 percent of on-balance sheet assets of the Corporation other than assets designated under paragraph (2);
    • (C) during the 1-year period ending December 31, 1998 , shall be the amount of core capital equal to—
      • (i) if the Corporation’s core capital is not less than $25,000,000 on January 1, 1998 , the sum of—
        • (I) 0.65 percent of aggregate off-balance sheet obligations of the Corporation;
        • (II) 1.95 percent of designated on-balance sheet assets of the Corporation, as determined under paragraph (2); and
        • (III) 2.65 percent of on-balance sheet assets of the Corporation other than assets designated under paragraph (2); or
      • (ii) if the Corporation’s core capital is less than $25,000,000 on January 1, 1998 , the amount determined under subsection (a); and
    • (D) on and after January 1, 1999 , shall be the amount determined under subsection (a).
  • (2) For purposes of this subsection, the designated on-balance sheet assets of the Corporation shall be—
    • (A) the aggregate on-balance sheet assets of the Corporation acquired under section 2279aa–6(d) of this title ; and
    • (B) the aggregate amount of qualified loans purchased and held by the Corporation under section 2279aa–3(c)(13) of this title .