Financial Audit:

FSLIC Resolution Fund's 1990 and 1989 Financial Statements

AFMD-92-22: Published: Dec 17, 1991. Publicly Released: Dec 17, 1991.

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GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC) Resolution Fund's financial statements for the year ended December 31, 1990, and the period August 9, 1989 through December 31, 1989.

GAO found that: (1) primarily due to the economy's continuing weakness and the over-built real estate market, it was unable to assess the reasonableness of the Fund's estimated liability for assisted institutions and its estimated recoveries from asset sales; (2) although it was unable to express an opinion on the Fund's statements of financial position, the Fund's statements of cash flows were presented fairly in all material respects; and (3) Congress appropriated $22 billion, in fiscal year 1991 to reduce the cost of the Fund's assistance obligations, but, since FSLIC had not planned such actions as of December 31, 1990, the 1990 financial statements did not fully reflect those potential cost savings.

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