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exit fee is to compensate the Savings Association Insurance Fund
from the cherry-picking of its desirable members: “But for the
conversion transaction, the former insurer would have received
income in the form of the semiannual insurance premiums payable
on the deposit liabilities which were the subject of the
assumption, and a failing SAIF participant could have had an
opportunity to reach that income were the FDIC to have allowed
it.” Id.
The majority has failed to reconcile its various
speculations with the condition imposed by 12 U.S.C. section
1815(d)(2)(C) (Supp. I, 1989), pertinent to the approval by the
FDIC of a conversion transaction during the 5-year moratorium
imposed by 12 U.S.C. sec. 1815(d)(2)(A)(ii)(Supp. I, 1989), that
the FDIC may approve such a conversion transaction any time if:
(ii) the conversion occurs in connection with the
acquisition of a Savings Association Insurance Fund
member in default or in danger of default, and the
Corporation determines that the estimated financial
benefits to the Savings Association Insurance Fund or
the Resolution Trust Corporation equal or exceed the
Corporation’s estimate of loss of assessment income to
such insurance fund over the remaining balance of the
5-year period referred to in subparagraph (A) * * *
Apparently, Congress intended the FDIC to approve conversion
transactions involving a failed or failing Savings Association
Insurance Fund (SAIF) member during the moratorium only if the
loss of that member would improve the SAIF (e.g., if the present
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