Internal controls (21 - 30 of 51 items)
Thrift Resolutions: FSLIC 1988 and 1989 Assistance Agreement Costs Subject to Continuing Uncertainties
AFMD-92-78: Published: Aug 3, 1992. Publicly Released: Aug 3, 1992.
GAO provided information on the costs of the Federal Savings and Loan Insurance Corporation's (FSLIC) 1988 and 1989 assistance agreements.GAO found that: (1) FSLIC 1988 and 1989 assistance agreements payments totalled $56.1 billion; (2) 1990 total estimated payments decreased by $9.3 billion, largely resulting from future interest cost savings and a $15.7-billion Resolution Trust Corporation (RTC)...
Financial Audit: Resolution Trust Corporation's 1991 and 1990 Financial Statements
AFMD-92-74: Published: Jun 30, 1992. Publicly Released: Jun 30, 1992.
GAO reviewed the Resolution Trust Corporation's (RTC): (1) financial statements for the years ended December 31, 1991, and 1990; and (2) internal accounting controls and compliance with applicable laws and regulations.GAO found that: (1) the financial statements presented fairly, in all material respects, the RTC financial position for the year ending December 31, 1991, in conformity with generall...
Supplemental Information on Portfolio Sales
GGD-92-5R: Published: Apr 1, 1992. Publicly Released: Apr 1, 1992.
Pursuant to a congressional request, GAO provided supplemental information about the disposition of failed banks' assets, including portfolio sales of participating cash flow mortgages. GAO also provided responses to questions regarding the staff study of a specific bank's transactions and the overall strengths and weaknesses of the concept of portfolio sales. GAO believes that: (1) the use of por...
Corporate Accountability: A Time for Reform
147444: Jan 23, 1992
GAO discussed legislation Congress passed providing $70 billion in loans to shore up the Federal Deposit Insurance Corporation's Bank Insurance Fund. GAO noted that: (1) the legislation requires federal bank regulators to more timely deal with problem banks before they deplete bank capital; (2) real corporate accountability is impossible without a board of directors that is independent of manageme...
Comprehensive Deposit Insurance Reform and Taxpayer Protection Act of 1991: Observations on Accounting Reforms and Funding for the Bank Insurance Fund
T-AFMD-92-3: Published: Dec 11, 1991. Publicly Released: Dec 11, 1991.
GAO discussed recently passed legislation regarding bank deposit insurance protection, focusing on: (1) the level of funding the act provides for the Bank Insurance Fund; and (2) accounting reforms. GAO noted that: (1) the legislation provides the Fund with approximately $70 billion in borrowing authority to resolve problem banks; (2) $30 billion of that amount is for losses the Fund incurs in res...
Thrift Resolutions: FSLIC 1988 and 1989 Assistance Agreement Costs Subject to Significant Uncertainties
AFMD-92-9: Published: Nov 18, 1991. Publicly Released: Nov 18, 1991.
Pursuant to a legislative requirement, GAO reported on the costs of bank assistance agreements that the Federal Savings and Loan Insurance Corporation (FSLIC) entered into between January 1, 1988 and August 9, 1989, focusing on the: (1) reliability of the Federal Deposit Insurance Corporation's (FDIC) December 31, 1990 total projected payments; and (2) status of the Resolution Trust Corporation's...
OCC's Supervision of the Bank of New England
T-GGD-91-66: Published: Sep 19, 1991. Publicly Released: Sep 19, 1991.
GAO discussed its review of a major bank's failure, focusing on the: (1) causes of the failure; (2) Office of the Comptroller of the Currency (OCC) efforts to adequately assess safety and soundness deficiencies at the bank; and (3) extent to which insider activity may have contributed to the failure. GAO noted that: (1) the bank grew rapidly from fiscal year (FY) 1985 to FY 1988, mainly through ac...
Resolution Trust Corporation: Update on Funding and Performance
T-GGD-91-47: Published: Jun 17, 1991. Publicly Released: Jun 17, 1991.
GAO discussed the: (1) Resolution Trust Corporation's (RTC) estimates for future funding; (2) status of RTC operations and initiatives; and (3) reconstruction of RTC. GAO noted that: (1) the $80 billion Congress provided will not be sufficient to resolve all expected thrift failures; (2) since RTC sales of troubled assets were slower than hoped and future proceeds will be lower than anticipated, r...
Lessons Learned From Recent U.S. Banking Experience
143801: May 3, 1991
GAO discussed the lessons Europeans could learn from recent U.S. banking experience to help prepare them for a more deregulated financial services market. GAO noted that: (1) since banks were likely to engage in more risky activities to make up for limited profits, the quality of supervision must be high to control excessive bank risk-taking and to reduce costly failures; (2) accurate information...
Failed Banks: Accounting and Auditing Reforms Urgently Needed
AFMD-91-43: Published: Apr 22, 1991. Publicly Released: Apr 22, 1991.
GAO analyzed the financial reports prepared by managers and regulators' examination reports for 39 banks that failed in 1988 and 1989 to identify: (1) the impact of accounting and internal control weaknesses on those failures; and (2) reforms that could minimize future losses to the Bank Insurance Fund.GAO found that: (1) examination of the call reports banks prepared an average 6 months prior to...