Resolution Trust Corporation:

Performance Assessment for 1991

T-GGD-92-18: Published: Mar 5, 1992. Publicly Released: Mar 5, 1992.

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GAO discussed the Resolution Trust Corporation's (RTC): (1) progress in resolving failed or problem thrifts; and (2) funding needs. GAO noted that RTC: (1) continues to make good progress in resolving thrifts and selling certain assets, and by the end of 1991, had resolved 584 thrifts at a cost of $77 billion, but during 1991, economic and funding disruptions caused RTC to resolve only 232 thrifts out of 268 planned resolutions; (2) cannot accurately predict the full cost of its resolution actions or the exact number or time of future bank failures; (3) decreased its average speed in resolving thrifts to only 40 weeks; (4) increased its emphasis on asset sales, but needs a more aggressive disposition program for its increasing inventory of hard-to-sell financial and real estate assets; (5) improved its contracting system, but made little progress in implementing effective strategies for contractor oversight and contract administration; (6) lacked adequate information systems to support asset management and disposition, and such problems as unclear or changing requirements, inaccurate or incomplete data, poor software, and poor response times have delayed systems delivery and use; and (7) has awarded more contracts to minority and women-owned businesses.

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