Deposit Insurance Funds:

Compliance with Obligation and Repayment Requirements as of March 31, 1994

AIMD-95-15: Published: Nov 4, 1994. Publicly Released: Nov 4, 1994.

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Pursuant to a legislative requirement, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) quarterly compliance with the maximum obligation limitation established by the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA).

GAO found that: (1) the Bank Insurance Fund's (BIF) assets and other funding sources exceeded its obligations by $48 billion, and the Savings Association Insurance Fund's (SAIF) assets and other funding sources exceeded its obligations by $1.6 billion as of March 31, 1994; (2) there was no reason to question the reasonableness of the amounts reported for BIF and SAIF as of March 31, 1994; (3) as of March 31, 1994, neither BIF nor SAIF had borrowed funds for insurance losses from the U.S. Treasury; (4) the need for future borrowings for insurance losses, and each fund's ability to repay any such borrowings, depends on the impact of future economic conditions on the number of financial institution failures, the cost of these failures to the insurance funds, future assessment revenues, and other funding alternatives; (5) FDIC projections through fiscal year 1999 indicate that neither BIF nor SAIF will need to borrow funds from Treasury to cover insurance losses; (6) FDIC anticipates that BIF will achieve its designated ratio of reserves to insured deposits before the end of 1995 and that SAIF will achieve its ratio by 2002; (7) FDIC borrowed no funds from the Federal Financing Bank (FFB) for working capital needs during the quarter ending March 31, 1994; and (8) FDIC repaid the outstanding balance of its previous FFB borrowings on August 6, 1993.

Apr 30, 2020

  • finance icon, source: Comstock

    Priority Open Recommendations:

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

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