MINIMUM CAPITAL LEVEL.

“SEC. 8.33. MINIMUM CAPITAL LEVEL. “(a) In General.— Except as provided in subsection (b), for purposes of this subtitle, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of— “(1) 2.50 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (8)), as determined in accordance with generally accepted accounting principles; “(2) 0.45 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and “(3) the percentage of the aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 8.6(g) that is determined under subsection (c). “(b) 18-Month Transition.— During the 18-month period beginning upon the date of the enactment of this section, for purposes of this subtitle, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of— “(1) 1.50 percent of the aggregate on-balance sheet assets of the Corporation (other than assets referred to in paragraph (3)), as determined in accordance with generally accepted accounting principles; “(2) 0.40 percent of the unpaid principal balance of outstanding securities guaranteed by the Corporation and backed by pools of qualified loans and substantially equivalent instruments issued or guaranteed by the Corporation, and other off-balance sheet obligations of the Corporation; and 105 STAT. 1874 “(3) the percentage of the aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 8.6(g) that is determined under subsection (c). “(c) Linked Portfolio Assets.— The percentage of any aggregate assets of the Corporation acquired pursuant to the linked portfolio option under section 8.6(g) that is referred to in subsections (a)(8) and (b)(3) of this section (and in section 8.34(3)(A)) shall be— “(1) during the 5-year period beginning on the date of the enactment of this section— “(A) 0.45 percent of any such assets not exceeding $1,000,000,000; “(B) 0.75 percent of any such assets in excess of $1,000,000,000 but not exceeding $2,000,000,000; “(C) 1.00 percent of any such assets in excess of $2,000,000,000 but not exceeding $3,000,000,000; “(D) 1.25 percent of any such assets in excess of $3,000,000,000 but not exceeding $4,000,000,000; “(E) 1.50 percent of any such assets in excess of $4,000,000,000 but not exceeding $5,000,000,000; and “(F) 2.50 percent of any such assets in excess of $5,000,000,000; and “(2) after the expiration of such 5-year period, 2.50 percent of any such aggregate assets.