Financial Audit:

Federal Savings and Loan Insurance Corporation's 1987 and 1986 Financial Statements

AFMD-88-58: Published: Jul 5, 1988. Publicly Released: Jul 5, 1988.

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GAO examined the Federal Savings and Loan Insurance Corporation's (FSLIC) consolidated statements of financial condition as of December 31, 1987 and 1986, and the related statements of income and expense and reserves, and changes in financial position for the years then ended.

GAO found that FSLIC: (1) lost about $8.6 billion in 1987 and had a deficit of $13.7 billion; (2) had an estimated $17.4-billion liability for the expected costs of resolving the problems of insolvent institutions; and (3) increased its case load of failed but operating institutions to 205 with total assets of $52.1 billion and a negative net worth of $14.6 billion. GAO also found that, subject to FSLIC obtaining sufficient funds to continue operating and to meet its obligations, the financial statement presented fairly the FSLIC financial position and the results of its operations and changes in financial position, in conformity with generally accepted accounting principles applied on a consistent basis.

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