(a)
In general
Except as provided in subsection (b) of this section, for purposes of this part, the minimum capital level for the Corporation shall be an amount of core capital equal to the sum of
(1)
2.75 percent of the aggregate on-balance sheet assets of the Corporation, as determined in accordance with generally accepted accounting principles; and
(2)
0.75 percent of the aggregate off-balance sheet obligations of the Corporation, which, for the purposes of this part, shall include
(A)
the unpaid principal balance of outstanding securities that are guaranteed by the Corporation and backed by pools of qualified loans;
(B)
instruments that are issued or guaranteed by the Corporation and are substantially equivalent to instruments described in subparagraph (A); and
(C)
other off-balance sheet obligations of the Corporation.