Financial Audit: Resolution Funding Corporation's 1989 Financial Statements

AFMD-91-49 Published: Apr 02, 1991. Publicly Released: Apr 02, 1991.

Highlights

GAO examined the Resolution Funding Corporation's financial statements for the fiscal year December 31, 1989.

Recommendations

Matter for Congressional Consideration

Matter	Status	Comments
Congress should provide additional funds to the Resolution Trust Corporation (RTC) so that resolutions of troubled thrifts can continue without undue interruption. For those additional funds that will be raised through borrowings, Treasury should be authorized to issue the bonds directly in order to minimize interest costs.	Closed – Implemented	Congress provided RTC with an additional $30 billion for resolution losses through a direct Treasury appropriation, thereby saving .3 percent or more than $2.5 billion in interest costs over the life of the loans.

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Auditing and Financial Management

Accounting proceduresBank managementBudget deficitCorporate auditsFederal agency accounting systemsFinancial managementFinancial recordsFinancial statement auditsInsured commercial banksSecurities