About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

AFMD-88-57 1 (1988-05-20)

handle is hein.gao/gaobabowf0001 and id is 1 raw text is: ___-- I51Z)LILk5 f1 AI~United States General Accounting Office Washington, D.C. 20548 Accounting and Financial Management Division B-114893 May 20, 1988 0 ~~~~~~I IIllIII 11111 p IIIiIil iNi~l The Honorable M. Danny Wall Chairman 135913 Federal Home Loan Bank Board 1700 G Street, NW Washington, DC 20552 Dear Mr. Wall: As you are aware, we have completed our audit of the Federal Savings and Loan Insurance Corporation (FSLIC) and will be issuing our report on that audit shortly, together with our reports on our review of internal accounting controls and compliance with laws and regulations. We are issuing this separate reportito bring to your attention three matters for which we believe the Federal Home Loan Bank Board should establish policies setting forth its intentions. First, FSLIC has begun a policy of issuing notes in connection with many of its resolution actions. At the present time, there are few controls over the total amount of notes that FSLIC can issue. Accordingly, a fair degree of public uncertainty exists about the extent to which FSLIC will use notes. We believe that a public policy statement is needed to provide some degree of accountability and control over the amount of notes that will be issued and the resultant commitment of federal monies. Such a public statement is important to maintain the public credibility and acceptability of those notes. Secondly, in connection with its assisted mergers and sales, FSLIC has also begun to issue more substantial amounts of long-term yield and other guarantees to acquirers and others involved in restructuring insolvent thrifts. As with notes, these guarantees are long-term commitments of the insurance fund. Accordingly, we believe that a public policy statement as to the extent to which FSLIC will commit resources under such guarantee arrangements is necessary to provide appropriate controls, public accountability, and public credibility. GAO/AFMD-88-57

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most