Deposit Insurance Funds:

Compliance With Obligation and Repayment Requirements as of June 30, 1992

AFMD-93-64: Published: May 27, 1993. Publicly Released: May 27, 1993.

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Pursuant to a legislative requirement, GAO reported on the Federal Deposit Insurance Corporation's (FDIC) compliance with the maximum obligation limitation that applies to its insurance funds, focusing on: (1) the funds' ability to repay amounts borrowed from Treasury for insurance losses and factors affecting future borrowings; and (2) whether the Bank Insurance Fund's (BIF) management and disposition of failed bank assets will be sufficient to repay working capital borrowings.

GAO found that: (1) as of June 30, 1992, BIF assets and other funding sources exceeded its obligations by $36.9 billion and the Savings Association Insurance Fund's (SAIF) assets and other funding sources exceeded its obligations by $155 million; (2) FDIC has not yet finalized a policy for allocating Treasury borrowing authority between BIF and SAIF; (3) SAIF is scheduled to begin its full resolution responsibility on October 1, 1993, but prior to that time it could incur resolution costs related to certain institutions; (4) FDIC has not borrowed funds from Treasury to cover insurance losses for BIF or SAIF; (5) FDIC does not anticipate that BIF will need to borrow from Treasury for insurance losses during fiscal year 1993 based on cash flow projections for BIF; and (6) FDIC ability to generate future collections from its asset liquidation activity to repay BIF outstanding borrowings depends on the impact of future economic conditions on financial institutions failures, the cost of these failures to the insurance funds, and other funding alternatives.

Jul 6, 2020

Apr 30, 2020

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    Priority Open Recommendations:

    Department of the Treasury
    GAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.

Apr 27, 2020

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