Federal corporations (21 - 30 of 54 items)
Financial Audit: Resolution Trust Corporation's 1989 Financial Statements
AFMD-91-57: Published: Apr 4, 1991. Publicly Released: Apr 4, 1991.
GAO reviewed the Resolution Trust Corporation's (RTC) financial statements for August 9, 1989 through December 31, 1989, focusing on: (1) uncertainties related to RTC cost estimates for resolving institutions; and (2) RTC internal controls and compliance with laws and regulations.GAO found that: (1) RTC was provided with $50 billion under the Financial Institutions Reform, Recovery, and Enforcemen...
Resolution Trust Corporation: Performance Assessment to Date
T-GGD-91-7: Published: Feb 20, 1991. Publicly Released: Feb 20, 1991.
GAO discussed the Resolution Trust Corporation's (RTC) operations since August 1989. GAO noted that: (1) as of December 31, 1990, RTC used about $101 billion of the $106 billion it received from Congress to begin cleaning up the savings and loan crisis, using $37 billion to fund losses and the remaining for working capital; (2) Congress was considering alternative methods of funding RTC to avoid a...
Obligations Limitation: Resolution Trust Corporation's Compliance as of June 30, 1990
AFMD-91-41: Published: Dec 21, 1990. Publicly Released: Jan 23, 1991.
Pursuant to a congressional request, GAO assessed the Resolution Trust Corporation's (RTC) compliance with the maximum RTC obligation limit that the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) set forth.GAO found that: (1) RTC did not omit any of the FIRREA-required formulas from its calculations; (2) RTC was working to correct several minor errors and miscalculat...
[Comments on Bank Insurance Fund Recapitalization Plan]
142769: Dec 7, 1990
GAO commented on plans to recapitalize the Bank Insurance Fund by requiring banks to purchase preferred stock from the Federal Deposit Insurance Corporation (FDIC). GAO expressed concern that proper accounting should be used by both FDIC and the banks if the stock was issued...
Resolution Trust Corporation: Status of Selected Management Issues
T-GGD-91-4: Published: Dec 6, 1990. Publicly Released: Dec 6, 1990.
GAO discussed selected management issues regarding the Resolution Trust Corporation (RTC), focusing on its: (1) established organizational structure; (2) management of its conservatorships; (3) resolution of failed thrifts; and (4) disposal of financial and real estate assets. GAO noted that: (1) from August 1989 through September 1990, RTC resolved 287 thrifts; (2) as of September 30, 1990, RTC m...
Bank Insurance Fund: Additional Reserves and Reforms Needed to Strengthen the Fund
AFMD-90-100: Published: Sep 11, 1990. Publicly Released: Sep 11, 1990.
GAO: (1) audited the Bank Insurance Fund's financial statements for the years ended December 31, 1989, and 1988; and (2) discussed serious problems facing the banking industry, the Fund's ability to deal with those problems, and reforms to strengthen the Fund.GAO found that: (1) although the Fund had the resources to handle anticipated bank failures in 1990, its low level of reserves, coupled with...
Obligations Limitation: Resolution Trust Corporation's Compliance as of March 31, 1990
AFMD-90-101: Published: Jul 27, 1990. Publicly Released: Aug 29, 1990.
Pursuant to a congressional request, GAO reviewed the quarterly report on the Resolution Trust Corporation's (RTC) compliance with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), to determine whether: (1) RTC included all the required categories in its calculations; and (2) the values reported appeared reasonable for select components of the calculations.GAO foun...
Risks and Oversight of Government-Sponsored Enterprises
T-GGD-90-59: Published: Jul 27, 1990. Publicly Released: Jul 27, 1990.
GAO discussed: (1) the purposes and general activities of government-sponsored enterprises (GSE); (2) risks GSE and the government face from failure; and (3) the need for appropriate oversight and capital standards for GSE. GAO noted that: (1) there were no indications suggesting immediate failure of GSE; (2) it did not conduct an independent test of the financial vulnerabilities of GSE; (3) the g...
Financial Audit: Federal Savings and Loan Insurance Corporation's 1989 and 1988 Financial Statements
AFMD-90-79: Published: Jul 17, 1990. Publicly Released: Jul 17, 1990.
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC): (1) 1988 and 1989 final financial statements; and (2) internal accounting controls system and compliance with applicable laws and regulations.GAO found that: (1) in 1989, FSLIC reported a capital deficit of $87 billion, the largest ever reported by a public or private corporation; (2) FSLIC reported a $38-billion present-va...
Risks and Oversight of Government Sponsored Enterprises
T-GGD-90-42: Published: May 15, 1990. Publicly Released: May 15, 1990.
GAO discussed government-sponsored enterprises' (GSE) operations, potential for failure, and federal oversight. GAO noted that: (1) farm credit banks reported profits in 1988 and 1989 after 3 years of losses, but the farm credit system's health heavily relied on the general state of agriculture; (2) while federal home loan banks historically presented little risk of failure, future profitability w...