- 49 -
regulations establish the amount of the exit fee as “the product
derived by multiplying the dollar amount of the retained deposit
base transferred from the Savings Association Insurance Fund
member to the Bank Insurance Fund member by 0.90 percent
(0.0090)”. 12 C.F.R. sec. 312.5(c)(2) (1991). In pertinent
part, the term “retained deposit base” means:
the total deposits transferred from a Savings
Association Insurance Fund Member to a Bank Insurance
Fund Member * * * less the following deposits:
(1) Any deposit acquired, directly or indirectly,
by or through any deposit broker; and
(2) Any portion of any deposit account exceeding
$80,000.
12 C.F.R. sec. 312.1(j) (1991).
2. Failure of Petitioner To Establish Purpose of the
Exit Fee
There is no clear explanation in FIRREA of the purpose of
the exit fee. Moreover, the majority recognizes: “The pertinent
legislative history does not contain an explicit explanation of
Congress’ intent as to the imposition of the exit fee.” Majority
op. p. 16. Nevertheless, the majority speculates variously that
the purpose of the exit fee is “to discourage SAIF-insured
institutions from insuring their deposits with the BIF”, Majority
op. p. 15, “to protect the integrity of the SAIF, id. p. 20, and
“to compensate the former insurer (in this case, the SAIF) for
its future loss of income as to the assumed deposit liabilities”,
id. p. 21. The majority also speculates that the purpose of the
Page: Previous 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 NextLast modified: May 25, 2011