Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 44
Book Description
Financial Audit : Bank Insurance Fund's 1991 and 1990 Financial Statements
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 44
Book Description
Financial Audit
Author: U S Government Accountability Office (GPublisher: BiblioGov
ISBN: 9781289251277
Category :
Languages : en
Pages : 48
Book Description
GAO examined the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund's financial statements for the years ended December 31, 1991 and 1990. GAO found that: (1) four consecutive yearly losses resulted in the Bank Insurance Fund reporting a $7-billion deficit; (2) FDIC expects significant additional financially troubled banks to require resolution; (3) depending on economic conditions, adequate Bank Insurance Fund funding, receivership asset recovery and total resolution cost of troubled banks remain uncertain; (4) recapitalization of the Bank Insurance Fund is needed to avoid further borrowings from taxpayers; (5) data integrity problems result from weak FDIC controls and an inability to rely upon the Liquidation Asset Management Information System; and (6) FDIC fails to adhere to time and attendance accounting and reporting procedures.
Financial Audit
Author: United States Accounting Office (GAO)Publisher: Createspace Independent Publishing Platform
ISBN: 9781987658545
Category :
Languages : en
Pages : 44
Book Description
AFMD-92-73 Financial Audit: Bank Insurance Fund's 1991 and 1990 Financial Statements
Financial Audit
Author: U S Government Accountability Office (GPublisher: BiblioGov
ISBN: 9781289267285
Category :
Languages : en
Pages : 38
Book Description
GAO reviewed the Savings Association Insurance Fund's (SAIF): (1) financial statements for the years ended December 31, 1991, and 1990; and (2) internal control structure and compliance with applicable laws and regulations. GAO found that: (1) the financial statements presented fairly, in all material respects, the SAIF financial position for the years then ended, in conformity with generally accepted accounting principles; (2) as of December 31, 1991, SAIF reported an $87-million fund balance; (3) SAIF financial statements reflected a $21-million loss attributable to the failure of Oakar banks, or banks that acquired thrifts' deposits; (4) the financial condition of the thrift industry improved in 1991, but economic uncertainties will continue to affect SAIF exposure to potential insurance losses; (5) it is uncertain whether insurance assessments and Treasury payments, the two primary revenue sources for SAIF, will be sufficient to enable SAIF to carry out its responsibilities and achieve its net worth goals; (6) the Federal Deposit Insurance Corporation (FDIC), which administers SAIF, proposed an assessment rate increase to help SAIF reach its designated reserve ratio of 1.25 percent of its insured deposits; (7) FDIC lacks an adequate process for estimating potential insurance losses for SAIF, particularly those posed by failures of smaller Oakar banks; and (8) FDIC does not consistently follow its policies and procedures for time and attendance reporting.
Financial Audit
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 36
Book Description
Financial Audit
Author: U S Government Accountability Office (GPublisher: BiblioGov
ISBN: 9781289247287
Category :
Languages : en
Pages : 38
Book Description
GAO examined the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund's financial statements for the years ended December 31, 1990 and 1989. GAO found that: (1) the Fund's 1990 financial statements show that the significant losses it incurred in resolving problem institutions have depleted its equity; (2) a $4-billion balance at the end of 1990 represented just 0.15 percent of insured deposits; (3) given future bank failures, the Fund will likely be insolvent by December 31, 1991; (4) the Fund's financial statements fairly presented the Fund's financial position, in accordance with generally accepted accounting principles; (5) FDIC complied, in all material respects, with those laws and regulations that could have a material effect on the Fund's financial statements; (6) the Fund's actual resolution costs could be higher than estimated, due to significant uncertainties beyond FDIC control which affect cost estimates for resolving institutions; and (7) FDIC agreed to reclassify escrowed funds from failed bank resolutions as liabilities incured from bank assistance and failures.
Financial Audit
Author: United States Accounting Office (GAO)Publisher: Createspace Independent Publishing Platform
ISBN: 9781717287632
Category :
Languages : en
Pages : 34
Book Description
AFMD-92-72 Financial Audit: Savings Association Insurance Fund's 1991 and 1990 Financial Statements
Financial Audit : Savings Association Insurance Fund's 1991 and 1990 Financial Statements
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Savings and loan associations
Languages : en
Pages : 30
Book Description
Financial Audit : FSLIC Resolution Fund's 1991 and 1990 Financial Statements
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 44
Book Description
Financial Audit
Author: United States Accounting Office (GAO)Publisher: Createspace Independent Publishing Platform
ISBN: 9781987658453
Category :
Languages : en
Pages : 34
Book Description
AFMD-92-24 Financial Audit: Bank Insurance Fund's 1990 and 1989 Financial Statements