Financial Audit:

Export-Import Bank's 1990 and 1989 Financial Statements

AFMD-92-6: Published: Feb 3, 1992. Publicly Released: Feb 3, 1992.

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Pursuant to a legislative requirement, GAO examined the Export-Import Bank of the United States' (Eximbank) financial statements as of September 30, 1990 and 1989.

GAO found that: (1) the financial statements presented fairly the Eximbank financial position as of September 30, 1989 and 1990, in conformity with generally accepted accounting principles; (2) the Eximbank internal control structure did not have any material weaknesses; (3) Eximbank complied with applicable laws and regulations; (4) due to estimated losses on loan and claim receivables, declining interest revenues as a result of nonperforming loans, a large negative interest rate spread on certain loans, and the cost of capital, Eximbank lost $890 million in fiscal year (FY) 1990 and $1.9 billion in FY 1989; (5) Eximbank has grown dependent on Federal Financing Bank borrowings to pay its operating costs; and (6) beginning in FY 1992, the President's budget will include the estimated cost of Eximbank direct loans and loan guarantees, Congress will provide an appropriation of budget authority to cover such costs and establish a permanent appropriation to fund the cost of prior years' losses, and the Treasury will finance Eximbank losses.

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