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GGD-85-33 1 (1985-07-03)

handle is hein.gao/gaobabfdj0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL I 2?7,z Report To The Congress OF THE UNITED STATES Federal Banking Agencies Are Adequately Examining Net Worth Certificate Program Applications The Garn-St Germain Depository Institutions Act of 1982 authorized capital assistance programs to savings and loan associations and savings banks--commonly called thrifts. The programs, which are administered by the Federal Home Loan Bank Board (the Bank Board) and the Federal Deposit Insurance Corporation (FDIC), are intended to increase the net worth (defined as an institution's assets less liabilities) of weakened thrifts, so that they can restructure and return to profitability. The act requires GAO to audit the programs and report to the Congress. GAO's first report analyzed the programs' design and use of accounting principles. In this report, GAO describes the industry's performance and status of the programs during the first half of 1984 and discusses the Bank Board's and FDIC's examination and processing of applications for assistance. While, as a whole, the thrift industry was profitable for the first half of 1984 and experienced moderate increases in its net worth, most thrifts receiving net worth certificate assistance reported losses and declining net worth. GAO's review of the programs' application process indicated that both the Bank Board and FDIC approved or disapproved applications in accordance with prescribed statutory and regulatory require- ments. \~~1t~ S.12127324 GAO/GGD-85-33 JULY 3, 1985 0r3^1 Q

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