Budget Issues:

Information on FDIC and FSLIC Notes Payable

AFMD-88-71FS: Published: Aug 5, 1988. Publicly Released: Aug 5, 1988.

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Pursuant to a congressional request, GAO provided information regarding the dollar value of interest-paying notes the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC) issued to assist: (1) failing banks to continue operations; and (2) acquirers to purchase failing banks.

GAO found that FDIC: (1) issued $466 million in notes during fiscal year (FY) 1986, $1,126 million during FY 1987, and $997 million through April 30, 1988; and (2) reduced the notes by $935 million during FY 1986, $1,961 million during FY 1987, and $431 million through April 30, 1988. GAO also found that FSLIC: (1) issued $2,913 million in notes during FY 1986, $469 million during FY 1987, and $2,128 million through June 30, 1988; and (2) redeemed $557 million during FY 1986, $937 million during FY 1987, and $216 million through June 30, 1988.

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