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AFMD-85-60 1 (1985-07-16)

handle is hein.gao/gaobabfeh0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Examination Of The Federal Savings And Loan Insurance Corporation's Financial Statements For The Years Ended December 31, 1984 and 1983 GAO examined the financial statements of the Federal Savings and Loan Insurance Corporation for the years ended December 31,1984 and 1983. The examinations were made in accordance with generally accepted government auditing standards. As of December 31, 1984, the Corporation held $1.8 billion in subrogated accounts and secured advances (claims against the assets of closed institutions). Empire, Knox Federal, and San Marino savings and loan associations account for $1.3 billion of these claims. The net amount that will be realized from the claims against these three institutions is uncertain. The Corporation has established a $468 million allowance for loss for the assets acquired from these three institutions. However, the recency of the San Marino and Knox failures, along with inadequate loan records and pending and possible litigation affecting the three institutions, precludes finalizing the estimated net realizable value of the assets. In GAO's opinion, subject to the uncertain net realizable value of the assets acquired from Empire, Knox Federal, and San Marino, the financial state- ments 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. Because of the many imponderables involved in forecasting the sufficiency of the insurance fund to meet future claims against it, our opinion on the financial statements does not extend to the adequacy of the fund. 127410 ZGAO/AFMD-85-60 JULY 16,1985 O_ , 5

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