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Financial Audit: Bank Insurance Fund's 1991 and 1990 Financial Statements

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Report Type Reports and Testimonies
Report Date June 30, 1992
Report No. AFMD-92-73
Subject
Summary:

On the basis of its audit of the Bank Insurance Fund's 1991 and 1990 financial statements, GAO concludes that the fund's financial position and its related statements of income and fund balance and statements of cash flow have been presented fairly. The 1991 financial statements report a deficit of $7 billion, resulting from four consecutive years of net losses. The Federal Deposit Insurance Corporation (FDIC), which administers the fund, has been given increased authority to borrow money to cover losses and working capital. The condition of the economy and real estate markets is fraught with uncertainties, however, which could substantially reduce the recovery value of failed bank assets held by the fund and increase the costs of resolving failed banks in the future. As a result, it is questionable whether the funding will be enough to deal with the fund's exposure to troubled banks. In addition, material control weaknesses in FDIC's management information system for failed institution assets could expose the fund to losses and irregularities that could go undetected for long periods.

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