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Agriculture and Food: The Farm Credit System Analysis of Financial Condition

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Report Type Reports and Testimonies
Report Date Sept. 18, 1986
Report No. 131019
Subject
Summary:

GAO reported on the current and future financial condition of the farm credit system. GAO found that: (1) the system began to experience significant loan difficulties in mid-1983; (2) during 1985, the deterioration in the system's financial condition accelerated, resulting in an operating loss of $2.8 billion; (3) the loss reduced the system's combined surplus from $6.2 billion to $3.2 billion by the end of 1985; (4) if the loan problems continue, the system could lose $2.9 billion in 1986, which would eliminate the system's remaining surplus, thereby making it necessary to seek federal financial assistance; and (5) continued losses are to be expected unless the condition of the agricultural sector improves or the system can borrow and lend money at more competitive rates.

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