Thrift Resolutions:
Estimated Costs of FSLIC's 1988 and 1989 Assistance Agreements Subject to Change
AFMD-90-81: Published: Sep 13, 1990. Publicly Released: Sep 13, 1990.
Additional Materials:
- Full Report:
Contact:
Pursuant to a legislative requirement, GAO reported on the cost of the Federal Savings and Loan Insurance Corporation's (FSLIC) bank assistance agreements from January 1, 1988 through August 9, 1989.
GAO found that: (1) FSLIC estimated the cost of 96 assistance agreements to be $61.9 billion, which was $5.1 billion less than the Federal Deposit Insurance Corporation's (FDIC) estimate of $67 billion; (2) FSLIC did not include one large agreement's cost estimate when determining the total cost estimate; (3) FDIC estimated that payments to be made after March 31, 1990 represented a current cost of $39.1 billion when computed on a present-value basis; (4) such related uncertainties as regional real estate markets, future interest-rate levels, and the success of FDIC-covered asset management and disposition strategies will significantly affect the actual assistance payments; (5) to protect future yield maintenance payments, FDIC should estimate the actual future yield of covered assets; (6) FSLIC and FDIC could not guarantee their estimates of assistance agreement payments, since they could not forecast certain conditions over the term of the agreement; (7) FSLIC incurred costs other than assistance payments as a result of such agreements, including reduced federal tax revenues, monitoring fees, legal fees, and audit fees; and (8) in 1989, FSLIC estimated that the agreements' tax implications would provide $8.5 billion in tax benefits, but also estimated that it would use about $4.3 billion to reduce assistance payments.
Nov 16, 2020
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Financial Audit:
Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial StatementsGAO-21-174R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Federal Housing Finance Agency's FY 2020 and FY 2019 Financial StatementsGAO-21-201R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Securities and Exchange Commission's FY 2020 and FY 2019 Financial StatementsGAO-21-192R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020.
Nov 10, 2020
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Financial Audit:
IRS's FY 2020 and FY 2019 Financial StatementsGAO-21-162: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020. -
Financial Audit:
Office of Financial Stability's (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial StatementsGAO-21-173R: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
Nov 9, 2020
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Financial Audit:
Bureau of the Fiscal Service's FY 2020 and FY 2019 Schedules of Federal DebtGAO-21-124: Published: Nov 9, 2020. Publicly Released: Nov 9, 2020.
Nov 6, 2020
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FY 2020 Excise Tax:
Agreed-Upon Procedures Related to Distributions to Trust FundsGAO-21-163R: Published: Nov 6, 2020. Publicly Released: Nov 6, 2020.
Oct 13, 2020
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DOD Financial Management:
Continued Efforts Needed to Correct Material Weaknesses Identified in Financial Statement AuditsGAO-21-157: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
Sep 30, 2020
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Financial Management:
DOD Needs to Implement Comprehensive Plans to Improve Its Systems EnvironmentGAO-20-252: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.
Sep 9, 2020
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Defense Real Property:
DOD-Wide Strategy Needed to Address Control Issues and Improve Reliability of RecordsGAO-20-615: Published: Sep 9, 2020. Publicly Released: Sep 9, 2020.
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