PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 167 "(C) other off-balance sheet obligations of the Corporation. "(b) TRANSITION PERIOD. — "(1) IN GENERAL. —For purposes of this subtitle, the minimum capital level for the Corporation— "(A) prior to January 1, 1997, shall be the amount of core capital equal to the sum of— "(i) 0.45 percent of aggregate off-balance sheet obligations of the Corporation; "(ii) 0.45 percent of designated on-balance sheet assets of the Corporation, as determined under paragraph (2); and "(iii) 2.50 percent of on-balance sheet assets of the Corporation other than assets designated under paragraph (2); "(B) during the 1-year period ending December 31, 1997, shall be the amount of core capital equal to the sum of— "(i) 0.55 percent of aggregate off-balance sheet obligations of the Corporation; "(ii) 1.20 percent of designated on-balance sheet assets of the Corporation, as determined under paragraph (2); and "(iii) 2.55 percent of on-balance sheet assets of the Corporation other than assets designated under paragraph (2); "(C) during the 1-year period ending December 31, 1998, shall be the amount of core capital equal to— "(i) if the Corporation's core capital is not less than $25,000,000 on January 1, 1998, the sum of— "(I) 0.65 percent of aggregate off-balance sheet obligations of the Corporation; "(II) 1.95 percent of designated on-balance sheet assets of the Corporation, as determined under paragraph (2); and "(III) 2.65 percent of on-balance sheet assets of the Corporation other than assets designated under paragraph (2); or "(ii) if the Corporation's core capital is less than $25,000,000 on January 1, 1998, the amount determined under subsection (a); and "(D) on and after January 1, 1999, shall be the amount determined under subsection (a). " (2) DESIGNATED ON-BALANCE SHEET ASSETS.—For purposes of this subsection, the designated on-balance sheet assets of the Corporation shall be— "(A) the aggregate on-balance sheet assets of the Corporation acquired under section 8.6(e); and "(B) the aggregate amount of qualified loans purchased and held by the Corporation under section 8.3(c)(13).". SEC. 115. CRITICAL CAPITAL LEVEL. Section 8.34 of the Farm Credit Act of 1971 (12 U.S.C. 2279bb- 3) is amended to read as follows: "SEC. 8.34. CRITICAL CAPITAL LEVEL. "For purposes of this subtitle, the critical capital level for the Corporation shall be an amount of core capital equal to 50
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