Examination of Financial Statements of the Federal Home Loan Bank Board and Related Agencies for the Years Ended December 31, 1978 and 1977

GGD-79-72: Published: Jun 21, 1979. Publicly Released: Jun 21, 1979.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

The statements of financial condition of the Federal Home Loan Bank Board (FHLBB), the Federal home loan banks, the Federal Savings and Loan Insurance Corporation, and the Federal Home Loan Mortgage Corporation were examined as of December 31, 1978 and 1977. Also examined were their related statements of income, expense, retained earnings and primary reserve, and changes in financial position for the years then ended. FHLBB showed a deferred credit of $44,400,000 and $42,094,280 as of December 31, 1978 and 1977 respectively. The deferred credit represents assessments to the 12 federal home loan banks for the cost of the FHLBB new building and land. This deferred credit is currently shown as a liability; however, there is no intention by FHLBB to repay any portion of this assessment to the 12 banks. Accordingly, GAO believes that this and all future capital assessments should be classified as paid-in-capital, and the amounts above should be reclassified.

Sep 22, 2020

Sep 4, 2020

Jul 21, 2020

Jul 6, 2020

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.

Apr 27, 2020

Apr 21, 2020

Apr 20, 2020

Looking for more? Browse all our products here