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.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

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-value liability for savings and loan associations already merged or sold with FSLIC assistance; (3) FSLIC reported a $55-billion present-value liability for resolving 560 troubled but still operating institutions; (4) FSLIC estimated that net future cash outlays for resolutions would exceed $63 billion; (5) $325 billion would be needed to pay off FSLIC obligations, resolve the problems of institutions awaiting resolution, and pay administrative and other expenses; (6) except as noted, the financial statements presented fairly the FSLIC financial position for 1988 and 1989; and (7) FSLIC complied with laws and regulations that could have materially affected its financial position.

Jul 9, 2014

Jun 19, 2014

May 30, 2014

May 15, 2014

May 13, 2014

May 12, 2014

May 2, 2014

Mar 27, 2014

Mar 13, 2014

Looking for more? Browse all our products here