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Financial Audit: FSLIC Resolution Fund's 1990 and 1989 Financial Statements

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Report Type Reports and Testimonies
Report Date Dec. 17, 1991
Report No. AFMD-92-22
Subject
Summary:

This report presents the results of GAO's audits of the FSLIC Resolution Fund's financial statements for 1990 and 1989. Significant uncertainties surround the Fund's ultimate cost of assistance to troubled thrift institutions and the Fund's recoveries from the sale of its assets. Due to the continuing recession and the overbuilt real-estate market--factors largely outside the Fund's control--GAO could not assess the reasonableness of the Fund's estimated liability for assisted thrifts and its estimated recoveries from asset sales. Therefore, GAO expresses no opinion on the Fund's statements of financial position; however, the Fund's statements of cash flows present fairly, in all material respects, the Fund's cash flows. Congress appropriated $22 billion for fiscal year 1991, most of which was expected to be used to reduce the cost of the Fund's assistance obligations. Since most of these actions had not been planned as of the end of 1990, however, the 1990 financial statements do not fully reflect the potential savings from use of this appropriation.

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