106 STAT. 3976 PUBLIC LAW 102-550—OCT. 28, 1992

(2) 0.45 percent of the unpaid principal balance of outstand-
ing mortgage-backed securities and substantially equivalent
instruments issued or guaranteed by the enterprise that are
not included in paragraph (1); and

(3) 0.45 percent of other off-balance sheet obligations of
the enterprise not included in paragraph (2) (excluding commit-
ments in excess of 50 percent of the average dollar amount
of the commitments outstanding each quarter over the preced-
ing 4 quarters), except that the Director shall adjust such
percentage to reflect differences in the credit risk of such obliga-
tions in relation to the instruments included in paragraph
(2).

(b) TRANSITION.—Notwithstanding subsection (a), during the
18-month period beginning upon the date of the enactment of this
Act, the minimum capital level for each enterprise shall be the
sum of—

(1) 2.25 percent of the aggregate on-balance sheet assets
of the enterprise, as determined in accordance with generally
accepted accounting principles;

(2) 0.40 percent of the unpaid principal balance of outstand-
ing mortgage-backed securities and substantially equivalent
instruments issued or guaranteed by the enterprise that are
not included in paragraph (1); and

(3) 0.40 percent of other off-balance sheet obligations of
the enterprise not included in paragraph (2) (excluding commit-
ments in excess of 50 percent of the average dollar amount
of the commitments outstanding each quarter over the preced-
ing 4 quarters), except that the Director shall adjust such
percentage to reflect differences in the credit risk of such obliga-
tions in relation to the instruments included in paragraph
(2).

12 U8C 4613. SEC. 1383. CRITICAL CAPITAL LEVELS.

For purposes of this subtitle, the critical capital level for each
enterprise shall be the sum of—

(1) 1.25 percent of the aggregate on-balance sheet assets
of the enterprise, as determined in accordance with generally
accepted accounting principles;

(2) 0.25 percent of the unpaid principal balance of outstand-
ing mortgage-backed securities and substantially equivalent
instruments issued or guaranteed by the enterprise that are
not included in paragraph (1); and

(3) 0.25 percent of other off-balance sheet obligations of
the enterprise not included in paragraph (2) (excluding commit-
ments in excess of 50 percent of the average dollar amount
of the commitments outstanding each quarter over the preced-
ing 4 quarters), except that the Director shall adjust such
percentage to reflect differences in the credit risk of such obliga-
tions in relation to the instruments included in paragraph

12 USC 4614. SEC. 1364. CAPITAL CLASSIFICATIONS.

(a) IN GENERAL.—For purposes of this subtitle, the Director
shall classify the enterprises according to the following capital
classifications:

(1) ADEQUATELY CAPITALIZED.—An enterprise shall be

classified as adequately capitalized if the enterprise—