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Financial Institutions: Budgetary Implications of the Savings and Loan Crisis

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Report Type Reports and Testimonies
Report Date Oct. 5, 1988
Report No. T-AFMD-88-19
Subject
Summary:

GAO discussed the budgetary impact of the: (1) savings and loan industry crisis; and (2) Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent thrift institutions. GAO found that, in 1988: (1) thrift industry experienced an overall net loss totalling $7.5 billion; (2) insolvent institutions incurred losses of about $8.7 billion; (3) 497 institutions with $188 billion in assets reported negative net worth of about $26 billion; (4) FSLIC incurred $20.2 billion in costs relating to 126 actions it took to resolve the problems of failed institutions; and (5) FSLIC issued $10 billion in notes, although the Office of Management and Budget (OMB) had raised the budget estimates to only $5.8 billion in July 1988. GAO also found that the OMB fiscal year 1989 budget estimate for FSLIC was inadequate and could affect 1989 deficit reduction calculations.

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