Resolution Trust Corporation Completion Act

Resolution Trust Corporation Completion Act - Amends the Federal Home Loan Bank Act (FHLBA) to repeal the expiration date for the authority of the Resolution Trust Corporation (RTC) to use previously appropriated funds to resolve institutions in default. (Sec. 2) Conditions the availability of funds in excess of specified amounts upon certification by the Secretary of the Treasury to the Congress that the RTC is in compliance with this Act. Limits the use of appropriated funds solely for purposes of protecting insured depositors or the administrative expenses of the RTC. Forbids the use of such funds for the benefit of shareholders of an insured depository institution in default. (Sec. 3) Requires the RTC to institute specified management reforms, including: (1) establishment of a comprehensive business plan; (2) marketing of real property assets on an individual basis for a certain period before disposing of them on a portfolio basis or including them in a multiasset sales initiative (except in specified circumstances); (3) specified procedures for RTC disposition of real-estate related assets; (4) a division of minorities and women's programs; (5) a chief financial officer; (6) revised applicant appraisal procedures for future task ordering agreements; (7) specified measures with respect to its contracting systems and contractor oversight responsibilities; (8) an audit committee to monitor its financial operations and asset disposition operations; (9) an assistant general counsel for professional liability; (10) a management information system; and (11) internal controls against fraud, waste, and abuse. Requires the RTC to: (1) disclose its expenditures in detail, as well as the compensation paid to senior personnel of any depository institution under receivership or conservatorship; (2) grant preference to certain offers from minority individuals or business entities when considering offers to acquire an insured depository institution located in a predominantly minority neighborhood; (3) stipulate in certain-sized contracts that the contractor will subcontract with minority- or women-owned businesses; (4) apply competitive bidding procedures in awarding contracts that are no less stringent than those in effect on the date of enactment of this Act; (5) restrict the use of outside counsel to specified conditions; (6) ensure that each of its regional offices contains a client responsiveness unit responsible to its ombudsman; and (7) implement a process for non-defaulting business and commercial borrowers to appeal any of its decisions (when acting as a conservator) which would adversely affect their credit transactions. Requires the Comptroller General to study and report to the Congress on: (1) RTC compliance with the management reform required by this Act; and (2) RTC transfers of performing assets. Requires the RTC to notify the Administrator of General Services after acquiring certain interests in commercial office property in its capacity as conservator or receiver. (Sec. 4) Amends the Federal Deposit Insurance Act (FDIA) to extend retroactively from three years to five years the statute of limitations for certain tort actions brought by the RTC as conservator or receiver of a failed savings association for fraud or intentional misconduct resulting in unjust enrichment, and other claims arising from gross negligence or intentionally tortious conduct. (Sec. 5) Amends the FHLBA to limit the amounts of performance-based cash awards for FTC and Oversight Board employees. Proscribes compensation that exceeds that of the RTC chief executive. (Sec. 6) Directs the FDIC and the RTC to establish an interagency transition task force to facilitate the transfer to the FDIC of RTC operations and personnel with respect to the FSLIC Resolution Fund. (Sec. 7) Accelerates the RTC termination date from 1996 to 1995. (Sec. 8) Amends the FDIA to direct the Secretary of the Treasury to pay the Savings Association Insurance Fund (SAIF) any amounts needed to cover losses incurred in FY 1994 through 1998. Sets forth prerequisites for the payment of such funds, including certification by the Chairperson of the FDIC Board of Directors that specified conditions exist, and that the FDIC has provided for the appointment of: (1) a chief financial officer with no other operating responsibilities who will report directly to the FDIC Chairperson; (2) a senior officer responsible for contract enforcement; and (3) a senior attorney responsible for professional liability cases. Prohibits the aggregate amount appropriated to the SAIF for FY 1994 through 1998 from exceeding $8 billion. Requires the Comptroller General to evaluate for the Congress any certifications submitted pursuant to SAIF funding prerequisites. (Sec. 9) Extends the moratorium on conversion transactions (the change of status between Bank Insurance Fund (BIF) members and SAIF members) to before the later of the end of the five-year period beginning on August 9, 1989, or the date on which the SAIF first meets or exceeds a mandated reserve ratio. (Sec. 10) Declares that neither BIF members, nor SAIF members, shall be required to repay funds borrowed by the FDIC to aid the sister fund. (Sec. 11) Mandates that the BIF and SAIF be separately maintained. Proscribes any commingling of their respective funds. Precludes either the BIF or the SAIF from being used to benefit the shareholders of an insured depository institution in connection with any type of resolution by either the FDIC or the RTC in their respective capacities as conservator or receiver. (Sec. 12) Amends the FHLBA to increase, subject to appropriations, the maximum dollar limits for condominium and single family properties eligible for the RTC affordable housing program. (Sec. 13) Amends the FDIA to include within the FDIC affordable housing program properties acquired by the FDIC in its capacity as sole owner of certain subsidiaries of a depository institution under conservatorship or receivership. (Sec. 14) Amends the FHLBA and the FDIA to direct the RTC and the FDIC to notify clearinghouses within a reasonable time that they have acquired title to residential property ineligible for the affordable housing program. Establishes the Affordable Housing Advisory Board to advise the Thrift Depositor Protection Oversight Board and the Board of Directors of the FDIC on affordable housing policies and operations. Terminates such Board on September 30, 1998. Terminates the National Housing Advisory Board 90 days after enactment of this Act. Amends the FHLBA and the FDIA to direct the RTC and the FDIC to provide information on the availability of seller financing to minority- and women-owned businesses and nonprofit organizations engaged in providing affordable housing. Amends the FHLBA and the FDIA to direct the RTC and the FDIC to enter into an agreement setting forth a plan for the orderly unification of their respective activities, authorities, and responsibilities to achieve an effective and comprehensive affordable housing program management structure. Prescribes agreement guidelines. Transfers remaining authorities and responsibilities to the FDIC on October 1, 1995. Limits the liability of the RTC and the FDIC with respect to the disposition of assets for which they have respectively been appointed conservator or receiver. (Sec. 15) Amends the FHLBA and the FDIA to authorize the RTC and the FDIC, respectively, to offer the right of first refusal to purchase single family property to the household residing in it. (Sec. 16) Amends the FHLBA and the FDIA to direct the RTC and FDIC, when selling real property, to give preference, among purchase offers that will result in the same net present value proceeds, to those that would use the property to provide housing for the homeless. (Sec. 17) Amends the FHLBA and the FDIA to direct the RTC and the FDIC to grant sales preferences to public agencies and nonprofit organizations for affordable housing or homeless shelter programs when selling certain commercial real properties. (Sec. 18) Amends the FHLBA to direct member banks to: (1) implement a housing opportunities hotline program to provide information regarding opportunities to purchase single-family properties held by Federal agencies located in the member bank's district; and (2) establish a toll-free telephone line to disseminate such information. (Sec. 19) Amends the FDIA to declare that the FDIC shall be a U.S. agency for purposes of Federal criminal conflict of interest law. Applies such law to the FDIC and its contractors. Directs the FDIC Board of Directors to prescribe regulations regarding: (1) conflicts of interest, ethical responsibilities and the use of confidential information; (2) procedures for ensuring minimum standards of competence, experience, and integrity for its contractors; and (3) proscriptions against the sale of assets of a failed institution by the FDIC to certain persons who engaged in unethical conduct with respect to such institution. Grants FDIC rules priority over the conflict of interest or ethical rules of other agencies or Government corporations with respect to any officer, director, employee, or independent contractor acting for or on behalf of the FDIC. (Sec. 21) Amends the FDIA and the FHLBA to: (1) expand the list of proscribed activities entitled to whistleblower protection; and (2) extend its whistleblower protections to FDIC contractors. (Sec. 22) Establishes within the FDIC a separate Division of Asset Disposition to exercise all powers of the FDIC with respect to the liquidation of insured depository institutions and the disposition of their assets. (Sec. 23) Amends the Inspector General Act of 1978 to: (1) make the office of Inspector General of the FDIC a presidential appointment (currently an agency appointment); and (2) authorize the Chairperson of the FDIC to delegate specified authorities solely to the Vice Chairperson of the FDIC Board of Directors. (Sec. 24) Amends the FHLBA to establish the position of deputy chief executive officer of the RTC. (Sec. 25) Amends the FDIA to apply certain Federal due process protections regarding prejudgment attachment of assets and related injunctions (without the usual Federal requirement that the applicant show irreparable and immediate injury, loss, or damage). (Sec. 26) Requires the Comptroller General to study and report to the Congress on: (1) the effectiveness of the RTC Affordable Housing Program in providing affordable very low-, low-, and moderate-income housing; and (2) feasibility of establishing a single Federal agency to consolidate real property disposition activities now conducted separately by the RTC, the FDIC, and certain other Federal agencies. (Sec. 27) Amends the FHLBA and the FDIA to extend the duty of the RTC to be appointed as conservator or receiver until July 1, 1995. (Sec. 28) Requires the Chairpersons of the Thrift Depositor Protection Oversight Board and of the FDIC to report to certain congressional committees regarding the purposes for which funds made available to the RTC and the SAIF were used. (Sec. 29) Amends the FHLBA to: (1) establish the Office of General Counsel of the RTC; (2) set forth procedural guidelines under which a warranted contracting officer is authorized to execute contracts on behalf of the RTC; and (3) set forth additional contracting requirements for certain-sized RTC contracts. (Sec. 32) Amends the Department of Defense Appropriations Act, 1990 to include within the definition of property any intangible assets sold or offered by the FDIC or the RTC. (Sec. 33) Expresses the sense of the Congress that the chief executive officers of certain Federal financial institution regulatory agencies take all necessary steps to ensure that individuals with disabilities and entities owned by such individuals are not discriminated against in contracting for delivery of services to the agencies. (Sec. 34) Requires the Special Counsel appointed under the Crime Control Act of 1990 to submit to certain congressional committees a status report on efforts to monitor and improve the collection of fines and restitution in cases involving criminal activity in and against the financial services industry. (Sec. 35) Requires the Resolution Trust Corporation to provide semiannual reports to certain congressional committees concerning auction contractors for RTC assets. (Sec. 36) Amends the FHLBA to cite conditions under which the RTC must accept appointment from the FDIC to serve as conservator or receiver of certain SAIF member banks. (Sec. 37) Permits the BIF to assist an insured depository institution that has become State-owned. (Sec. 38) Amends the FDIA to provide for separate insurance of funds deposited by an insured depository institution pursuant to the Bank Deposit Financial Assistance Program of the Department of Energy.

Resolution Trust Corporation Completion Act - Amends the Federal Home Loan Bank Act (FHLBA) to repeal the expiration date for the authority of the Resolution Trust Corporation (RTC) to use previously appropriated funds to resolve institutions in default. (Sec. 2) Conditions the availability of funds in excess of specified amounts upon certification by the Secretary of the Treasury to the Congress that the RTC is in compliance with this Act. Limits the use of appropriated funds solely for purposes of protecting insured depositors or the administrative expenses of the RTC. Forbids the use of such funds for the benefit of shareholders of an insured depository institution in default. (Sec. 3) Requires the RTC to institute specified management reforms, including: (1) establishment of a comprehensive business plan; (2) marketing of real property assets on an individual basis for a certain period before disposing of them on a portfolio basis or including them in a multiasset sales initiative; (3) specified procedures for RTC disposition of real-estate related assets; (4) a division of minorities and women's programs; (5) a chief financial officer; (6) revised applicant appraisal procedures for future task ordering agreements; (7) specified measures with respect to its contracting systems and contractor oversight responsibilities; (8) an audit committee to monitor its financial operations and asset disposition operations; (9) an assistant general counsel for professional liability; (10) a management information system; and (11) internal controls against fraud, waste, and abuse. Requires the RTC to: (1) disclose its expenditures in detail, as well as the compensation paid to senior personnel of any depository institution under receivership or conservatorship; (2) grant preference to certain offers from minority individuals or business entities when considering offers to acquire an insured depository institution located in a predominantly minority neighborhood; (3) apply competitive bidding procedures in awarding contracts that are no less stringent than those in effect on the date of enactment of this Act; and (4) implement a process for non-defaulting business and commercial borrowers to appeal any of its decisions (when acting as a conservator) which would adversely affect their credit transactions. Requires the Comptroller General to study and report to the Congress on: (1) RTC compliance with the management reform required by this Act; and (2) RTC transfers of performing assets. (Sec. 4) Amends the Federal Deposit Insurance Act (FDIA) to extend retroactively from three years to five years the statute of limitations for certain tort actions brought by the RTC as conservator or receiver of a failed savings association for fraud or intentional misconduct resulting in unjust enrichment, and other claims arising from gross negligence or intentionally tortious conduct. (Sec. 5) Amends the FHLBA to limit the amounts of performance-based cash awards for FTC and Oversight Board employees. Proscribes compensation that exceeds that of the RTC chief executive. (Sec. 6) Directs the FDIC and the RTC to establish an interagency transition task force to facilitate the transfer to the FDIC of RTC operations and personnel with respect to the FSLIC Resolution Fund. (Sec. 7) Accelerates the RTC termination date from 1996 to 1995. (Sec. 8) Amends the FDIA to direct the Secretary of the Treasury to pay to the SAIF any amounts needed to cover losses incurred in FY 1994 through 1998. Prohibits the aggregate amount appropriated to the SAIF for FY 1994 through 1998 from exceeding $8 billion. (Sec. 9) Extends the moratorium on conversion transactions (the change of status between Bank Insurance Fund (BIF) members and SAIF members) to before the later of the end of the five-year period beginning on August 9, 1989, or the date on which the SAIF first meets or exceeds a mandated reserve ratio. (Sec. 10) Declares that neither BIF members, nor SAIF members, shall be required to repay funds borrowed by the FDIC to aid the sister fund. (Sec. 11) Precludes either the BIF or the SAIF from being used to benefit the shareholders of an insured depository institution in connection with any type of resolution by either the FDIC or the RTC in their respective capacities as conservator or receiver. (Sec. 12) Amends the FHLBA to increase, subject to appropriations, the maximum dollar limits for condominium and single family properties eligible for the RTC affordable housing program. (Sec. 13) Amends the FDIA to include within the FDIC affordable housing program properties acquired by the FDIC in its capacity as sole owner of certain subsidiaries of a depository institution under conservatorship or receivership. Deems the FDIC to be in compliance with the FDIA affordable housing program if, in its sole discretion, it modifies, amends, or waives any provisions with the respect to the program during FY 1994 in order to maximize the efficient use of the available appropriated funds. (Sec. 14) Amends the FHLBA and the FDIA to direct the RTC and the FDIC to: (1) notify clearinghouses within a reasonable time that they have acquired title to residential property ineligible for the affordable housing program; and (2) give preference to certain purchase offers intended to provide housing for the homeless. Establishes the Affordable Housing Advisory Board to advise the Thrift Depositor Protection Oversight Board and the Board of Directors of the FDIC on affordable housing policies and operations. Declares that the Secretary of Housing and Urban Development shall appoint members of the Advisory Board to represent specific interests. States that such appointees shall not be considered employees of the executive branch or special Government employees for purposes of certain Federal criminal law. Terminates the National Housing Advisory Board. Amends the FHLBA and the FDIA to direct the RTC and the FDIC to provide information on the availability of seller financing to minority- and women-owned businesses and nonprofit organizations engaged in providing affordable housing. Amends the FHLBA to: (1) direct the RTC to implement for a designated period the administrative responsibilities of the FDIC with respect to the Affordable Housing Program; and (2) reassign such duties to the FDIC at the start of FY 1995. Amends the FDIA to direct the FDIC, in FY 1995, to establish an Affordable Housing Program Office to implement such Program with respect to eligible residential and condominium properties not disposed of by the RTC. Limits the liability of the RTC and the FDIC with respect to the disposition of assets for which they have respectively been appointed conservator or receiver. (Sec. 15) Amends the FHLBA and the FDIA to authorize the RTC and the FDIC, respectively, to offer the right of first refusal to purchase single family property to the household residing in it. (Sec. 16) Amends the FHLBA and the FDIA to direct the RTC and FDIC, when selling real property, to give, among purchase offers that will result in the same net present value proceeds, preference to those that would use the property to provide housing for the homeless. (Sec. 17) Amends the FHLBA and the FDIA to direct the RTC and the FDIC to grant sales preferences to public agencies and nonprofit organizations for affordable housing programs when selling certain commercial real properties. (Sec. 18) Amends the FHLBA to direct member banks to: (1) implement a housing opportunities hotline program to provide information regarding opportunities to purchase single-family properties held by Federal agencies located in the member bank's district; and (2) establish a toll-free telephone line to disseminate such information. (Secs. 19 and 20) Amends the FDIA to declare that the FDIC shall be a U.S. agency for purposes of Federal criminal conflict of interest law. Applies such law to the FDIC and its contractors. Directs the FDIC Board of Directors to prescribe regulations regarding: (1) conflicts of interest and ethical responsibilities; (2) procedures for ensuring minimum standards of competence, experience, and integrity for its contractors; and (3) proscriptions against the sale of assets of a failed institution by the FDIC to certain persons who engaged in unethical conduct with respect to such institution. Grants FDIC rules priority over the conflict of interest or ethical rules of other agencies or Government corporations with respect to any officer, director, employee, or independent contractor acting for or on behalf of the FDIC. (Secs. 21 and 22) Amends the FDIA to: (1) extend its whistleblower protections to FDIC contractors; and (2) establish within the FDIC a separate Division of Asset Disposition to exercise all powers of the FDIC with respect to the liquidation of insured depository institutions and the disposition of their assets. (Sec. 23) Amends the Inspector General Act of 1978 to: (1) make the office of Inspector General of the FDIC a presidential appointment (currently an agency appointment); and (2) provide that the compensation of existing employees of such office will not be reduced by such change. (Sec. 24) Amends the FHLBA to establish the position of deputy chief executive officer of the RTC. (Sec. 25) Amends the FDIA to apply certain Federal due process protections regarding prejudgment attachment of assets and related injunctions (without the usual Federal requirement that the applicant show irreparable and immediate injury, loss, or damage). (Sec. 26) Requires the Comptroller General to study and report to the Congress on: (1) the efficacy of the RTC Affordable Housing Program in providing affordable very low-, low-, and moderate-income housing; and (2) feasibility of establishing a single Federal agency to consolidate real property disposition activities now conducted separately by the RTC, the FDIC, and certain other Federal agencies. (Sec. 27) Amends the FHLBA to extend the power of the RTC to be appointed as conservator or receiver until April 1, 1995.

Thrift Depositor Protection Act of 1993 - Amends the Federal Home Loan Bank Act (FHLBA) to repeal the termination date for additional interim funding to the Resolution Trust Corporation (RTC) (thus making the availability of such funding indefinite). Releases such funds in specified stages, subject to certification to the Congress by the Chairperson of the Thrift Depositor Protection Oversight Board (the Chairperson) that a specified program tailored to curb RTC waste, fraud, and abuse has been implemented. Requires the Chairperson to notify certain congressional committees 30 days before the expenditure of any funds subject to such certification. Amends the Federal Deposit Insurance Act to (FDIA) to provide additional funding to the Savings Association Insurance Fund (SAIF), up to designated limits. Conditions the payment of such funds upon certification to the Congress by the Chairperson of the Federal Deposit Insurance Corporation (FDIC) that increased deposit insurance premiums could create a substantial risk of triggering additional institutional failures, the losses of which would either exceed the increased premium income, or would threaten the viability of the thrift industry. Provides for payments by the Secretary of the Treasury (the Secretary) and the FDIC to the SAIF for insurance losses at failed institutions, unless the SAIF is expected to meet a specified minimum net worth. Authorizes the Secretary, upon FDIC request, to pay to either the SAIF, or the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund, for a defined period after RTC termination, any funds earmarked for the RTC that the Secretary determines are not required to meet its obligations. Restricts the use of such funds to resolve problem institutions identified by the Director of the Office of Thrift Supervision. Conditions a two-stage relief of SAIF funds upon certification to the Congress by the Secretary that specified managerial, operational, and auditing reforms are being implemented, including professional liability and contracting reforms. Requires the Secretary to notify certain congressional committees 30 days before the expected payment of any funds subject to such certification. Provides for a 60-day moratorium period following the Secretary's certification, unless the Secretary notifies the Congress that an emergency exists. Requires the Comptroller General to submit an independent report to the Congress during such period on the impact of increased deposit insurance premiums and increased assessment rates. Amends the FHLBA to require the Chairperson to certify to certain congressional committees that the RTC is implementing an acceptable appeals procedure for nondefaulting business and commercial borrowers whose credit transactions have been adversely affected by RTC decisions. Directs the Secretary to submit to certain congressional committees final reports on the use of funds by the RTC and the SAIF. Establishes the Thrift Depositor Protection Oversight Board Audit Committee, to be appointed by the Chairperson of the Thrift Depositor Protection Oversight Board. Amends the FHLBA and the Federal Deposit Insurance Corporation Act (FDICA) to declare that, for 90 days after acquiring real property, the FDIC, acting as receiver, may only sell it on an individual basis. Specifies exceptions for certain resolutions and bridge bank purchases. Amends the Financial Institutions Reform, Recovery, and Enforcement Act to place limitations on cash bonus awards to certain FDIC employees. Amends the FHLBA and the FDICA to expand employee whistleblower protections to cover reports of gross mismanagement as well as violations of law. Applies to the adjudication of protected whistleblower activities the same burdens of proof that apply to merit system protection actions by Federal employees with respect to administrative reprisals against them. Amends the FHLBA to establish within the Resolution Trust Corporation the office of: (1) deputy chief executive officer; (2) acting chief executive officer; and (3) general counsel of the RTC. Amends the Inspector General Act of 1978 to include within its purview the FDIC, and to set forth special provisions regarding it. Amends the FHLBA to restrict authority to execute a contract on behalf of the RTC solely to either a warranted contracting officer, or a managing agent of a savings association under RTC conservatorship. Prescribes contract authority and execution guidelines. Advances the termination date for the RTC from December 31, 1996, to December 31, 1995. Directs the RTC to appoint an Assistant General Counsel for Professional Liability who shall: (1) report to the Associate General Counsel for Litigation and the chief executive officer of the RTC; (2) direct the investigation, evaluation, and prosecution of all professional liability cases involving the RTC; (3) supervise all personnel and contractors involved in the litigation of such claims; and (4) submit semiannual reports to the Congress. Amends the Department of Defense Appropriations Act, 1990 and other law to redefine property to include intangible assets sold or offered by the FDIC or the RTC, such as financial instruments, notes, loans, and bonds. Amends the FDIA to provide for a five-year statute of limitations for tort actions brought by the RTC as conservator or receiver of a failed savings association, or the applicable period under State law, whichever is longer. Grants the FDIC, as successor to the RTC, the right to pursue any tort action brought by the latter prior to its termination. Requires the Director of the Office of Management and Budget to: (1) review Federal property management policies and procedures; and (2) report to certain congressional committees regarding improved Federal agency coordination and efficiency. Expresses the sense of the Senate that the chief executive officer of specified Federal agencies, including the RTC and the FDIC, shall take all necessary steps to ensure that businesses run by individuals with disabilities are afforded all opportunities to compete for such agencies' contracts. Prescribes guidelines for persons executing contracts on behalf of the RTC in excess of $100,000 in value. Requires the Special Counsel concerned to submit a status report to certain congressional committees on efforts to improve the collection of fines and restitution in cases involving fraud and other criminal activity in the financial services industry. Directs the RTC to make semi-annual reports to certain congressional committees regarding the contracting and selection procedures for auction contractors.

Thrift Depositor Protection Act of 1993 - Amends the Federal Home Loan Bank Act to provide additional funding to the Resolution Trust Corporation (RTC), up to designated limits. Releases such funds in specified stages, subject to certification to the Congress by the Chairperson of the Thrift Depositor Protection Oversight Board (the Chairperson) that a specified program tailored to curb RTC waste, fraud, and abuse has been implemented. Amends the Federal Deposit Insurance Act to provide additional funding to the Savings Association Insurance Fund (SAIF), up to designated limits. Authorizes the Secretary of the Treasury (the Secretary) to pay to SAIF or to the FSLIC Resolution Fund, for a certain period after RTC termination, any RTC funds that the Secretary determines are not required to meet its obligations. Conditions the release of SAIF funds in two stages upon certification by the Secretary to the Congress that: (1) the funds are needed; (2) the SAIF is being operated in an efficient manner; (3) it is implementing a program to prevent waste, if appropriate, fraud, and abuse in its operations; and (4) the FDIC is taking action, if appropriate, to correct problems identified in its most recent General Accounting Office audit. Amends the Federal Home Loan Bank Act to require the Chairperson to certify to certain congressional committees that the RTC is implementing an appeals procedure for non-defaulting businesses and commercial borrowers whose credit transactions have been adversely affected by RTC decisions. Directs the Secretary to submit to certain congressional committees final reports on the use of funds by the RTC and the SAIF.