Commercial Fishing Vessel: Administration of the Colintino Rose II Loan Guarantee
RCED-89-105
Published: May 03, 1989. Publicly Released: May 03, 1989.
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Highlights
In response to a congressional request, GAO reviewed the National Marine Fisheries Service's (NMFS) actions concerning its loan guarantee of a commercial fishing vessel, focusing on: (1) the approval of the original loan guarantee; (2) efforts to resolve the loan default; (3) the vessel's construction and whether it was fit for its intended purpose; and (4) NMFS disbursement of funds, including those for vessel repair.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| National Marine Fisheries Service | The Assistant Administrator for Fisheries, NMFS, should direct the Chief, Financial Services Division, to ensure that justifications of the actions selected to resolve default situations are documented. |
Closed – Implemented
Policy to ensure that all significant servicing actions were documented was implemented in late November 1989.
|
| National Marine Fisheries Service | The Assistant Administrator for Fisheries, NMFS, should direct the Chief, Financial Services Division, to clarify the regulations by stipulating in program guidance the conditions under which it is appropriate to obtain a certified architect's or engineer's certification. |
Closed – Implemented
Program guidance was revised and issued.
|
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Topics
Agency proceedingsFinancial analysisForeclosuresFunds managementGovernment guaranteed loansInternal controlsLoan defaultsRepair costsWatercraftLoan guarantees