Examination of Financial Statements of the Federal Home Loan Bank Board and Related Agencies for the Year Ended 12/31/81

AFMD-82-58: Published: Mar 24, 1982. Publicly Released: Mar 24, 1982.

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GAO examined the financial statements of the Federal Home Loan Bank Board (FHLBB), the Federal Savings and Loan Insurance Corporation (FSLIC), and the Federal Home Loan Banks in accordance with generally accepted Government auditing standards.

GAO found that the financial statements present fairly the financial position of the FHLBB, FSLIC, and the Banks and the results of their operations. The procedures FSLIC adopted to assist failing institutions at minimum cost should enable it to manage the additional liability it expects to incur in the foreseeable future. However, given the state of the economy and future uncertainties, it is possible that FSLIC could sustain increased losses due to its default prevention activities.

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