Thursday, September 15, 2016 6:16:01 PM
Read
2008-09-11 OTS letter to FDIC re WaMu ratings
http://fcic.law.stanford.edu/resource/index/Search.keywords:WAMU/Search.Videos:1/Search.Documents:1/Search.Interviews:1/Search.startmonth:01/Search.startyear:2008/Search.endmonth:09/Search.endyear:2016
Page 13
Liquidity is managed to ensure sufficient liquidity under two stress scenarios and the bank
presently has nearly $45 billion of total liquidity, not including its potential $8 billion access to
the FRB discount window. Under the most severe stress scenario, WaMu had $13.8 billion in
excess liquidity at July 31, 2008. This excess liquidity is after an assumed 2 notch downgrade in
ratings, a 10% additional retail deposit run off and a $5 billion commercial deposit run off,
FHLB haircuts increasing another 4%, no credit card securitization or conduit rolls. The stressed
excess liquidity of $13.8 billion is below the Bank's internal $25 billion policy threshold that
was set when the Bank was heavily engaged in mortgage banking operations and larger in size.
Management is continuing to build its liquidity through retail deposits and pledging additional
collateral for borrowing lines. Current uninsured retail deposits are estimated at $17 billion but
expected to be approximately $3 billon less when an account by account scrub is done and
uninsured commercial deposits are estimated at $5 billion. Recent deposit trends are generally
stable and back to pre- IndyMac patterns.
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