Resolution Trust Corporation:
Update on Funding and Performance
T-GGD-91-43: Published: Jun 11, 1991. Publicly Released: Jun 11, 1991.
Additional Materials:
- Full Report:
Contact:
GAO discussed: (1) the Resolution Trust Corporation's (RTC) estimates for future funding; (2) the status of RTC current operations and initiatives; and (3) reconstructing RTC. GAO noted that: (1) the $80-billion RTC appropriation would not be sufficient to resolve all expected thrift failures; (2) due to slow RTC sales of troubled assets, resolution costs are likely to exceed RTC and Oversight Board estimates; (3) RTC will need at least $50 billion in 1992 and will require additional working capital to fund the purchase of failed institutions' assets and its management until sale; (4) the amount needed to resolve the remaining troubled thrifts could increase significantly if RTC accelerates its resolution schedule, or more thrifts than predicted fail; (5) due to a new policy allowing RTC to discount distressed properties, some RTC working capital may not be repaid from asset sales proceeds, requiring additional funding; (6) due to RTC difficulty in reconciling its accounts and the late receipt of RTC financial statements, GAO will be unable to provide Congress with its audit opinion by the statutory reporting date; (7) any plan to recapitalize the Bank Insurance Fund or to provide funding to RTC without initially reforming the accounting and internal control problems would only perpetuate the problems that have contributed significantly to demise of the insurance funds; (8) RTC established a task force to develop and implement standardized procedures for auditing conservatorships to monitor managing agents' performance and ensure compliance with policies and procedures; and (9) RTC needs to improve its approaches to selling assets.
Dec 16, 2020
Financial Stability:
Agencies Have Not Found Leveraged Lending to Significantly Threaten Stability but Remain Cautious Amid PandemicGAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Dec 10, 2020
-
Federal Reserve Lending Programs:
Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally ImprovedGAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020. -
Financial Assistance:
Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible BusinessesGAO-21-198: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.
Sep 22, 2020
-
Anti-Money Laundering:
Opportunities Exist to Increase Law Enforcement Use of Bank Secrecy Act Reports, and Banks' Costs to Comply with the Act VariedGAO-20-574: Published: Sep 22, 2020. Publicly Released: Sep 22, 2020.
Sep 4, 2020
-
Bank Supervision:
FDIC Could Better Address Regulatory Capture RisksGAO-20-519: Published: Sep 4, 2020. Publicly Released: Sep 4, 2020.
Jul 21, 2020
-
Financial Company Bankruptcies:
Congress and Regulators Have Updated Resolution Planning RequirementsGAO-20-608R: Published: Jul 21, 2020. Publicly Released: Jul 21, 2020.
Jul 6, 2020
-
Public Companies:
Disclosure of Environmental, Social, and Governance Factors and Options to Enhance ThemGAO-20-530: Published: Jul 2, 2020. Publicly Released: Jul 6, 2020.
Apr 30, 2020
-
Priority Open Recommendations:
Department of the TreasuryGAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.
Apr 27, 2020
-
Priority Open Recommendations:
Board of Governors of the Federal Reserve SystemGAO-20-499PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020. -
Priority Open Recommendations:
Federal Deposit Insurance CorporationGAO-20-498PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020.
Looking for more? Browse all our products here
Explore our Key Issues on Financial Markets and Institutions
Explore our other Key Issues here
