TeachMeFinance.com - explain income capital certificate (ICC)
income capital certificate (ICC) -- an instrument developed by the former Federal Savings and Loan Insurance Corporation to provide assistance to troubled thrift institutions. Under the program, the thrift issued ICCs to the FSLIC in return for cash or the FSLIC's promissory notes. The thrift was allowed to count outstanding ICCs as part of its net worth (minimum required capital). As the institution regained financial health, the ICCs were retired.
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