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AFMD-85-58 1 (1985-05-29)

handle is hein.gao/gaobabfcc0001 and id is 1 raw text is: BY THF COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Examination Of The Federal Deposit Insurance Corporation's Financial Statements For The Years Ended December 31, 1984 And 1983 GAO examined the financial statements of the Federal Deposit Insurance Corporation for the years ended December 31, 1984 and 1983. The examinations were made in accordance with generally accepted government auditing standards. The Corporation has acquired $2.1 billion of poor quality loans and related assets, as part of financial assistance provided to Continen- tal Illinois National Bank and Trust Company of Chicago, and may acquire an additional $1.4 billion of such troubled loans. The Cor- poration has not yet estimated the collectibility of these loans and the financial statements disclose no provision for loss. The Corpo- ration acknowledges that collection of the acquired loans is subject to significant uncertainties because of financially troubled borrow- ers and the effects of general economic conditions on their indus- tries. GAO believes that a significant amount of the loans already acquired will not be collectible. Continental Bank has estimated the Corporation will lose from $551 to $774 million on the acquired loans. In GAO's opinion, except for the lack of a reserve for losses on the troubled loans acquired from Continental Bank, the financial statements present fairly the financial position of the Corporation as of December 31,1984 and 1983, the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles. / 1111111 l A.~ 127052 U GAO/AFMD-85-58 MAY 29, 1985 7 CO$

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