Examination of Financial Statements of the Export-Import Bank of the United States for the Fiscal Year Ended September 30, 1979

ID-80-43: Published: May 13, 1980. Publicly Released: May 13, 1980.

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The statement of the financial condition of the Export-Import Bank of the United States as of September 30, 1979, was examined along with the statements of income and analysis of reserve for contingencies and defaults, and changes in financial position for the year then ended. The Bank has a policy of purchasing defaulted commercial loans and payments made under the Exporter Credit and Insurance Program for guaranteed and insured loans rescheduled under countrywide debt consolidation. In 1979, loans of the governments of Peru and Togo were purchased, as well as additional loans of the governments of Zaire and Turkey. Although the reserve increased for 1979, the risk of incurring possible future losses increased to a larger extent. This was due to increases in loan purchases and outstanding purchase agreements and principal and interest delinquencies. In December 1979, the Bank accelerated certain loans which had been made to, or guaranteed by, the government of Iran. The effect of developments in that country on the Bank's exposure is not determinable at this time. As a result, GAO was unable to express an opinion on the adequacy of the reserve. Except for the amount reserved for contingencies and defaults, the accompanying financial statements presented fairly the financial position of the Export-Import Bank and the results of its operations and changes in its financial position in conformity with generally accepted accounting principles applied on a consistent basis.

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