INTEREST TO CERTAIN DEPOSITORS.

SEC. 1101. INTEREST TO CERTAIN DEPOSITORS. (a) Payment of Interest Required.— Notwithstanding any other provision of law, the Federal Deposit Insurance Corporation shall pay interest in accordance with the requirements of subsection (b) on nonnegotiable certificates (commonly referred to as “yellow certificates”) which— (1) were issued by the Golden Pacific National Bank of New York, New York, before such bank was declared to be insolvent by the Comptroller of the Currency on June 21, 1985; and (2) have been determined to be insured deposits (as such term is defined in section 3(m)(1) of the Federal Deposit Insurance Act) in any judicial action or agency proceeding. (b) Computation of Interest.— Interest required to be paid under subsection (a) with respect to any certificate described in such subsection shall be computed— (1) on the principal amount of that portion of such certificate which was determined to be an insured deposit; (2) at the statutory rate of interest in effect under the law of the State of New York; and (3) for the period beginning on June 21, 1985, and ending on the date on which the holder of such certificate, or the holder’s representative, receives the payment of deposit insurance on account of such certificate from the Federal Deposit Insurance Corporation.