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    [Appendix]
    [Financing Vehicles and the Board of Governors of the Federal Reserve]
    [From the U.S. Government Printing Office, www.gpo.gov]

             <h1>FINANCING VEHICLES AND THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE

             </h1>

          FINANCING VEHICLES AND THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE

             This chapter contains descriptions of and data on financing vehicles and the Board of Governors of the Federal Reserve. The
                Financing Corporation functions as a financing vehicle for the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution
                Fund. The Resolution Funding Corporation provided financing for the Resolution Trust Corporation (RTC) and is subject to the
                general oversight and direction of the Secretary of the Treasury.

             The Board of Governors of the Federal Reserve System's transactions are not included in the Budget because of its unique status
                in the conduct of monetary policy. The Board provides data on its administrative budget, which is included here for information.
                Its budget schedules and statements are not subject to review by the President.

             Amounts are on a calendar year basis, with the exception of the 2014 balance sheets for the Financing Corporation and Resolution
                Funding Corporation, which are as of September 30, 2014.

          Federal Funds
             Financing Corporation

             The Financing Corporation (FICO) is a mixed-ownership Government corporation, chartered by the Federal Home Loan Bank Board
                pursuant to the Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987, as amended (Act). FICO's sole
                purpose is to function as a financing vehicle for the FSLIC Resolution Fund, formerly the Federal Savings and Loan Insurance
                Corporation. Pursuant to the Act, FICO was authorized to issue debentures, bonds, and other obligations subject to limitations
                contained in the Act, the net proceeds of which were to be used solely to purchase capital certificates issued by the FSLIC
                Resolution Fund, or to refund any previously issued obligations. The Resolution Trust Corporation Refinancing, Restructuring,
                and Improvement Act of 1991 terminated FICO's borrowing authority.

             The Act provided formulas pursuant to which the Federal Home Loan Banks make capital contributions to FICO. FICO used the
                proceeds received from the sales of such capital stock to purchase non-interest bearing securities for deposit in a segregated
                account as required by the Act. The non-interest bearing securities held in the segregated account are the primary source
                of repayment of the principal of FICO obligations. Securities in the segregated account are kept separate from other FICO
                accounts and funds, but are not specifically pledged as collateral for the payment of obligations. The primary source of payment
                of interest on the obligations is the receipt of assessments imposed on and collected from institutions' accounts which are
                insured by the Federal Deposit Insurance Corporation's Deposit Insurance Fund.

          Balance Sheet (in millions of dollars)

                      Identification code 920–4980–0–4–373
                      2013 actual
                      2014 actual

                      ASSETS:

                      Federal assets:

                      Investments in US securities:

                      1102
                      Segregated accounts investment, net
                      5,894
                      6,282

                      Other Federal assets:

                      1801
                      Cash, cash equivalents
                      211
                      290

                      1901
                      Other assets
                      6
                      5

                      1999
                      Total assets
                      6,111
                      6,577

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      156
                      236

                      2203
                      Debt
                      8,156
                      8,157

                      2207
                      Other
                      75
                      72

                      2999
                      Total liabilities
                      8,387
                      8,465

                      NET POSITION:

                      3100
                      FICO capital stock purchased by FHLBanks
                      680
                      680

                      3300
                      Cumulative results of operations
                      5,214
                      5,602

                      3300
                      FSLIC capital certificates
                      –8,170
                      –8,170

                      3999
                      Total net position
                      –2,276
                      –1,888

                      4999
                      Total liabilities and net position
                      6,111
                      6,577

             Resolution Funding Corporation

             The Resolution Funding Corporation (REFCORP) is a mixed-ownership Government corporation established by Title V of the Financial
                Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The sole purpose of REFCORP was to provide financing
                for the Resolution Trust Corporation (RTC). Pursuant to FIRREA, REFCORP was authorized to issue debentures, bonds, and other
                obligations, subject to limitations contained in the Act and regulations established by the Thrift Depositor Protection Oversight
                Board. The proceeds of the debt (less any discount, plus any premium, net of issuance cost) were used solely to purchase nonredeemable
                capital certificates of RTC or to refund any previously issued obligations.

             Until October 29, 1998, REFCORP was subject to the general oversight and direction of the Thrift Depositor Protection Oversight
                Board. At that time, the Oversight Board was abolished and its authority and duties were transferred to the Secretary of the
                Treasury. The day-to-day operations of REFCORP are under the management of a three-member Directorate comprised of the Director
                of the Office of Finance of the Federal Home Loan Banks and two members selected from among the presidents of the 12 Federal
                Home Loan Banks (FHLBanks). Members of the Directorate serve without compensation, and REFCORP is not permitted to have any
                paid employees.

             FIRREA, as amended, and the regulations adopted by the Thrift Depositor Protection Oversight Board and the Secretary of the
                Treasury required that Federal Home Loan Banks (FHLBs) contribute 20 percent of net earnings annually to assist in the payment
                of interest on bonds issued by REFCORP until such time as the total payments are equivalent to a $300 million annual annuity
                with a final maturity date of April 15, 2030. The FHLBs fulfilled this obligation on August 5, 2011.

          Balance Sheet (in millions of dollars)

                      Identification code 920–4981–0–4–373
                      2013 actual
                      2014 actual

                      ASSETS:

                      Federal assets:

                      Investments in US securities:

                      1102
                      Principal fund account investment, net
                      14,770
                      15,656

                      1206
                      Non-Federal assets: Assessments receivable for interest expense
                      886
                      888

                      1999
                      Total assets
                      15,656
                      16,544

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Accrued interest payable on long-term obligations
                      886
                      888

                      2203
                      Debt
                      30,068
                      30,066

                      2999
                      Total liabilities
                      30,954
                      30,954

                      NET POSITION:

                      3100
                      Nonvoting capital stock issued to FHLBanks
                      2,513
                      2,513

                      3300
                      Cumulative results of operations
                      12,419
                      13,307

                      3300
                      RTC nonredeemable capital certificates
                      –31,286
                      –31,286

                      3300
                      Contributed capital - principal fund assessments
                      1,056
                      1,056

                      3999
                      Total net position
                      –15,298
                      –14,410

                      4999
                      Total liabilities and net position
                      15,656
                      16,544

             Board of Governors of the Federal Reserve System

             Program and Financing (in millions of dollars)

                      Identification code 920–4982–0–4–803
                      2013 actual
                      2014 est.
                      2015 est.

                      Obligations by program activity:

                      0801
                      Monetary and economic policy
                      118
                      128
                      136

                      0802
                      Federal Reserve System policy direction
                      35
                      36
                      37

                      0803
                      Supervisory, regulatory, and legal services
                      176
                      190
                      216

                      0804
                      Support and security services
                      185
                      212
                      214

                      0805
                      Extraordinary items
                      14
                      18
                      26

                      0809
                      Reimbursable program activities, subtotal
                      528
                      584
                      629

                      0810
                      Office of Inspector General operating expenses
                      26
                      27
                      29

                      0900
                      Total new obligations
                      554
                      611
                      658

                      Budgetary resources:

                      Financing authority:

                      Spending authority from offsetting collections, mandatory:

                      1800
                      Collected
                      554
                      611
                      658

                      1850
                      Spending auth from offsetting collections, mand (total)
                      554
                      611
                      658

                      1930
                      Total budgetary resources available
                      554
                      611
                      658

                      Change in obligated balance:

                      Unpaid obligations:

                      3010
                      Obligations incurred, unexpired accounts
                      554
                      611
                      658

                      3020
                      Financing disbursements (gross)
                      –554
                      –611
                      –658

                      Financing authority and disbursements, net:

                      Mandatory:

                      4090
                      Financing authority, gross
                      554
                      611
                      658

                      4110
                      Financing disbursements, gross
                      554
                      611
                      658

                      Offsets against gross financing authority and disbursements:

                      Offsetting collections (collected) from:

                      4123
                      Non-Federal sources
                      –554
                      –611
                      –658

             The Federal Reserve System operates under the provisions of the Federal Reserve Act of 1913, as amended, and other acts of
                the Congress.

             To carry out its responsibilities under this Act, the Board determines general monetary, credit, and operating policies for
                the System as a whole and formulates the rules and regulations necessary to carry out the purposes of the Federal Reserve
                Act. The Board's principal duties consist of exerting an influence over credit conditions and supervising the Federal Reserve
                banks and member banks.

             Under the provisions of section 10 of the Federal Reserve Act, the Board of Governors levies upon the Federal Reserve banks,
                in proportion to their capital and surplus, an assessment sufficient to pay its estimated expenses. The Board, under this
                Act, determines and prescribes the manner in which its obligations are incurred and its expenses paid. Funds derived from
                assessments are deposited in the Federal Reserve Bank of Richmond, and this Act provides that such funds "not be construed
                to be Government funds or appropriated moneys.'' No Government appropriation is required to support operations of the Board.

             The information presented pertains to Board operations only. Expenditures made on behalf of the Federal Reserve banks for
                production, issuance, retirement, and shipment of Federal Reserve notes are not included, since they are reimbursed in full
                by the Federal Reserve banks.

          Object Classification (in millions of dollars)

                      Identification code 920–4982–0–4–803
                      2013 actual
                      2014 est.
                      2015 est.

                      Reimbursable obligations:

                      Personnel compensation:

                      11.1
                      Full-time permanent
                      318
                      338
                      375

                      11.3
                      Other than full-time permanent
                      3
                      3
                      3

                      11.5
                      Other personnel compensation
                      2
                      2
                      2

                      11.9
                      Total personnel compensation
                      323
                      343
                      380

                      12.1
                      Civilian personnel benefits
                      64
                      67
                      74

                      13.0
                      Benefits for former personnel
                      6
                      6
                      6

                      21.0
                      Travel and transportation of persons
                      15
                      16
                      15

                      22.0
                      Transportation of things

                      1
                      1

                      23.3
                      Communications, utilities, and miscellaneous charges
                      9
                      12
                      10

                      24.0
                      Printing and reproduction
                      2
                      3
                      2

                      25.1
                      Advisory and assistance services
                      68
                      71
                      57

                      25.2
                      Other services from non-Federal sources
                      24
                      30
                      39

                      26.0
                      Supplies and materials
                      14
                      21
                      32

                      31.0
                      Equipment
                      29
                      41
                      42

                      99.9
                      Total new obligations
                      554
                      611
                      658