; and (B) provides an indemnity, for the benefit of the estate, assuring that all other claims against and interests in the estate will be fully, timely, and irrevocably paid according to their terms. (5) Closing of estate After an estate has been fully administered, the trustee shall close the estate and, except as otherwise directed by the applicable covered bond regulator, shall destroy all records of the estate. (6) No loss to taxpayers Taxpayers shall bear no losses from the resolution of an estate under this subtitle. To the extent that the Secretary and the Corporation jointly determine that the Deposit Insurance Fund incurred actual losses that are higher because the covered bond program of an insured depository institution was subject to resolution under this subtitle rather than as part of the receivership of the institution under the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.), the Corporation may exercise the powers available under section 7(b) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(b) ) to recover an amount equal to those losses after consulting with the Secretary. 344. Securities law provisions (a) Existing exemptions applicable to covered bonds (1) Treatment of certain banks and other entities Any covered bond issued or guaranteed by a bank or by an eligible issuer described in section 341(9)(D) and sponsored solely by 1 or more banks for the sole purpose of issuing covered bonds is and shall be treated as a security issued or guaranteed by a bank under section 3(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77c(a)(2) ), section 3(c)(3) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(3) ), and section 304(a)(4)(A) of the Trust Indenture Act of 1939 ( 15 U.S.C. 77ddd(a)(4)(A) ). No covered bond issued or guaranteed by a bank or by an eligible issuer described in section 341(9)(D) and sponsored solely by 1 or more banks for the sole purpose of issuing covered bonds shall be treated as an asset-backed security (as defined in section 3 of the Securities and