U.S. Central Federal Credit Union and the NCUA have clarifiedthe bottom-line affect the 2008 audit will have on membercapital.

Turns out, the Dec. 31 numbers are just half of the story. What the$27 billion wholesale corporate didn't release Friday were the Jan.1 numbers, in which non-credit losses were reversed. U.S. CentralChief Financial Officer Kathy Brick said the only bottom-linedifference is a $9.2 million impairment that will be recognized inthe 3^rd quarter, along with any additional impairmentsClayton Holdings might find when it reviews U.S. Central'sportfolio this month.

Brick said her shop will post updated 2009 financial statementson its Web site later today. (www.uscentral.org)

With the exception of the $9.2 million, all newly recordedlosses as of 12/31/08 were already recognized on U.S. Central'sbooks in 2009, said Scott Hunt, from the NCUA's Office of CorporateCredit Unions.

Hunt called the accounting entries "just a timing difference,"saying nine months of perspective provided auditors Deloitte &Touche with "the benefit of making a Monday morning quarterbackcall."

Officials confirmed that U.S. Central still holds $452 millionin membership capital shares on its books, still 63% impaired aspreviously announced.