Audit of Financial Statements of the Federal Financing Bank, Fiscal Years 1975 and 1976

GGD-77-36: Published: Apr 27, 1977. Publicly Released: Apr 27, 1977.

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The financial statements of the Federal Financing Bank for fiscal years 1975 and 1976 and other information concerning the Bank's operation and financial condition were examined.

The Bank charges interest, including a fee for expenses and contingencies, on its loans to federal agencies--its only customers. It accumulated profits of $126 million from its creation in 1973 through the end of fiscal year 1976, and will continue to add to these profits under its present lending practices. Use of the Bank has saved the borrowing agencies' money. Eleven agencies estimated fiscal year savings of $43 million in interest and $10 million in administrative expenses. However, the Bank is accumulating profits far beyond its needs. The Bank's net income in 1976 was $62.6 million; its expenses were $250,000.

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