Financial Audit: Federal Deposit Insurance Corporation's 2000 and
1999 Financial Statements (09-MAY-01, GAO-01-635).
GAO audited the financial statements for the Federal Deposit
Insurance Corporation's (FDIC) Bank Insurance Fund, Savings
Association Insurance Fund, and FSLIC Resolution Fund for 2000
and 1999. GAO found that (1) the financial statements of each
fund are presented fairly in conformity with U.S. generally
accepted accounting principles, (2) although certain internal
controls should be improved, FDIC had effective internal control
over financial reporting and compliance with laws and
regulations, and (3) no reportable noncompliance with the laws
and regulations that GAO tested.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-01-635
ACCNO: A00970
TITLE: Financial Audit: Federal Deposit Insurance Corporation's
2000 and 1999 Financial Statements
DATE: 05/09/2001
SUBJECT: Financial statement audits
Internal controls
Accounting standards
Corporate audits
Federal corporations
Funds management
Bank Insurance Fund
FSLIC Resolution Fund
Savings Association Insurance Fund
******************************************************************
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GAO-01-635
A
Report to the Congress
May 2001 FINANCIAL AUDIT Federal Deposit Insurance Corporation?s 2000 and
1999 Financial Statements
GAO- 01- 635
Letter 3 Opinion Letter 5 Bank Insurance Fund?s
14 Financial Statements
Statements of Financial Position 14 Statements of Income and Fund Balance 15
Statements of Cash Flows 16 Notes to Financial Statements 17
Savings Association 32
Insurance Fund?s Statements of Financial Position 32
Statements of Income and Fund Balance 33 Financial Statements
Statements of Cash Flows 34 Notes to Financial Statements 35
FSLIC Resolution 48
Fund?s Financial Statements of Financial Position 48
Statements of Income and Accumulated Deficit 49 Statements
Statements of Cash Flows 50 Notes to Financial Statements 51
Appendixes Appendix I: Comments From the Federal Deposit Insurance
Corporation 68
Appendix II: GAO Contacts and Staff Acknowledgements 69 Table Table 1: FRF?s
Assets and Liabilities as of January 1, 1996, and
December 31, 2000 11
Abbreviations
BIF Bank Insurance Fund FDIC Federal Deposit Insurance Corporation
FMFIA Federal Managers? Financial Integrity Act of 1982 FRF FSLIC Resolution
Fund FSLIC Federal Savings and Loan Insurance Corporation REFCORP Resolution
Funding Corporation RTC Resolution Trust Corporation SAIF Savings
Association Insurance Fund
Lett er
May 9, 2001 To the President of the Senate and the Speaker of the House of
Representatives
This report presents our opinions on the financial statements of the Bank
Insurance Fund, the Savings Association Insurance Fund, and the FSLIC
Resolution Fund (FRF) for the years ended December 31, 2000 and 1999. These
financial statements are the responsibility of the Federal Deposit Insurance
Corporation (FDIC), the administrator of the three funds. This report also
presents (1) our opinion on the effectiveness of FDIC?s internal control as
of December 31, 2000, and (2) our evaluation of FDIC?s
compliance with laws and regulations during 2000. In addition, it discusses
a reportable weakness in information system general controls detected during
our 2000 audits, and the future activities of FRF. We conducted our audits
pursuant to the provisions of section 17( d) of the
Federal Deposit Insurance Act, as amended (12 U. S. C. 1827( d)), and in
accordance with generally accepted government auditing standards. We are
sending copies of this report to Senator Phil Gramm, Chairman, and
Senator Paul S. Sarbanes, Ranking Member, of the Senate Committee on
Banking, Housing and Urban Affairs; Representative Michael G. Oxley,
Chairman, and Representative John J. LaFalce, Ranking Minority Member,
of the House Committee on Financial Services; the Honorable Donna Tanoue,
Chairman of the Board of Directors of the Federal Deposit Insurance
Corporation; the Honorable Alan Greenspan, Chairman of the
Board of Governors of the Federal Reserve System; the Honorable John D.
Hawke, Jr., Comptroller of the Currency; the Honorable Ellen S. Seidman,
Director of the Office of Thrift Supervision; the Honorable Paul H. O?Neill,
Secretary of the Treasury; the Honorable Mitchell E. Daniels, Jr., Director
of the Office of Management and Budget; and other interested parties.
David M. Walker Comptroller General of the United States
Opi ni on Let ter
To the Board of Directors Federal Deposit Insurance Corporation
We have audited the statements of financial position as of December 31, 2000
and 1999, for the three funds administered by the Federal Deposit Insurance
Corporation (FDIC), the related statements of income and fund balance
(accumulated deficit), and the statements of cash flows for the
years then ended. In our audits of the Bank Insurance Fund (BIF), the
Savings Association Insurance Fund (SAIF), and the FSLIC Resolution Fund
(FRF), we found
the financial statements of each fund are presented fairly in conformity
with U. S. generally accepted accounting principles;
although certain internal controls should be improved, FDIC had effective
internal control over financial reporting (including safeguarding of assets)
and compliance with laws and regulations; and
no reportable noncompliance with the laws and regulations that we tested.
The following sections discuss our conclusions in more detail. They also
present information on (1) the scope of our audits, (2) a reportable
condition 1 related to information system general control weaknesses noted
during our 2000 audits, (3) the future of FRF, and (4) our evaluation of
FDIC?s comments on a draft of this report. Opinion on Bank The financial
statements including the accompanying notes present fairly, Insurance Fund?s
in all material respects, in conformity with U. S. generally accepted
accounting principles, the Bank Insurance Fund?s financial position as of
Financial Statements December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended.
1 Reportable conditions involve matters coming to the auditor?s attention
that, in the auditor?s judgment, should be communicated because they
represent significant deficiencies in the design or operation of internal
control, and could adversely affect FDIC?s ability to meet the control
objectives described in this report.
Opinion on Savings The financial statements including the accompanying notes
present fairly, Association Insurance
in all material respects, in conformity with U. S. generally accepted
accounting principles, the Savings Association Insurance Fund?s financial
Fund?s Financial
position as of December 31, 2000 and 1999, and the results of its operations
Statements
and its cash flows for the years then ended. Opinion on FSLIC
The financial statements including the accompanying notes present fairly,
Resolution Fund?s
in all material respects, in conformity with U. S. generally accepted
accounting principles, the FSLIC Resolution Fund?s financial position as of
Financial Statements December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended.
As discussed in note 8 of FRF?s financial statements, a contingency exists
from approximately 120 lawsuits filed in the United States Court of Federal
Claims concerning the counting of goodwill assets as part of regulatory
capital. FDIC has concluded that it is probable that FRF will be required to
pay possibly substantial amounts as a result of future judgments and
settlements. FDIC is currently unable to estimate a range of loss to FRF, or
determine whether any such loss would have a material effect on the
financial condition of FRF. However, funds to pay such judgments or
compromise settlements from these goodwill litigation cases are made
available to FRF by an indefinite, permanent appropriation as provided by
Section 110 of the Department of Justice Appropriations Act, 2000.
Opinion on Internal Although certain internal controls should be improved,
FDIC management Control maintained, in all material respects, effective
internal control over financial reporting (including safeguarding assets)
and compliance as of December 31, 2000, that provided reasonable assurance
that misstatements, losses, or
noncompliance, material in relation to the FDIC?s financial statements would
be prevented or detected on a timely basis. FDIC management asserted that
its internal control was effective based on criteria established under 31 U.
S. C. 3512 (Federal Managers? Financial Integrity Act-- FMFIA). In making
its assertion, FDIC management also fairly stated the need to improve
certain internal controls.
Our work identified weaknesses in FDIC?s information system general
controls, as described as a reportable condition in a later section of this
report. The weakness in information system general controls, although not
considered material, represents a significant deficiency in the design or
operations of internal control that could adversely affect FDIC?s ability to
meet its internal control objectives. Although the weakness did not
materially affect the 2000 financial statements, misstatements may
nevertheless occur in other FDIC- reported financial information as a result
of the internal control weakness.
Compliance With Laws Our tests for compliance with selected provisions of
laws and regulations
and Regulations disclosed no instances of noncompliance that would be
reportable under
U. S. generally accepted government auditing standards. However, the
objective of our audits was not to provide an opinion on overall compliance
with laws and regulations. Accordingly, we do not express such an opinion.
Objectives, Scope, and FDIC?s management is responsible for (1) preparing
the annual financial
Methodology statements in conformity with U. S. generally accepted
accounting principles, (2) establishing, maintaining, and assessing internal
control to
provide reasonable assurance that the broad control objectives of FMFIA are
met, and (3) complying with applicable laws and regulations.
We are responsible for obtaining reasonable assurance about whether (1) the
financial statements are presented fairly, in all material respects, in
conformity with U. S. generally accepted accounting principles, and
(2) management maintained effective internal control, the objectives of
which are
financial reporting - transactions are properly recorded, processed, and
summarized to permit the preparation of financial statements in conformity
with U. S. generally accepted accounting principles, and
assets are safeguarded against loss from unauthorized acquisition, use, or
disposition, and
compliance with laws and regulations - transactions are executed in
accordance with laws and regulations that could have a direct and material
effect on the financial statements. We are also responsible for testing
compliance with selected provisions of laws and regulations that have a
direct and material effect on the financial statements.
In order to fulfill these responsibilities, we examined, on a test basis,
evidence supporting the amounts and disclosures in the financial statements;
assessed the accounting principles used and significant estimates made by
management;
evaluated the overall presentation of the financial statements;
obtained an understanding of internal control related to financial
reporting, including safeguarding assets, and compliance with laws and
regulations, including the execution of transactions in accordance with
management?s authority;
tested relevant internal control over financial reporting, including
safeguarding assets, and compliance, and evaluated the design and operating
effectiveness of internal control;
considered FDIC?s process for evaluating and reporting on internal control
based on criteria established by FMFIA; and
tested compliance with selected provisions of the Federal Deposit
Insurance Act, as amended and the Chief Financial Officers Act of 1990. We
did not evaluate all internal controls relevant to operating objectives as
broadly defined by FMFIA, such as those controls relevant to preparing
statistical reports and ensuring efficient operations. We limited our
internal control testing to controls over financial reporting and
compliance. Because of inherent limitations in internal control,
misstatements due to error or fraud, losses, or noncompliance may
nevertheless occur and not be detected. We also caution that projecting our
evaluation to future periods is subject to the risk that controls may become
inadequate because of changes in conditions or that the degree of compliance
with controls may
deteriorate. We did not test compliance with all laws and regulations
applicable to FDIC. We limited our tests of compliance to those deemed
applicable to the financial statements for the year ended December 31, 2000.
We caution
that noncompliance may occur and not be detected by these tests and that
such testing may not be sufficient for other purposes.
We conducted our audits from July 2000 through April 6, 2001. We performed
our work in accordance with U. S. generally accepted government auditing
standards. FDIC provided comments on a draft of this report. They are
discussed and evaluated in a later section of this report and are reprinted
in appendix I.
Reportable Condition As part of the financial statement audits, we reviewed
FDIC?s information systems general controls. The primary objectives of
information system
general controls are to safeguard data, protect computer application
programs, prevent system software from unauthorized access, and ensure
continued computer operations in case of unexpected interruption.
Information system general controls include corporatewide security program
planning and management, access controls, system software, application
software development and change controls, segregation of duties, and service
continuity controls. The effectiveness of application
controls 2 depends on the effectiveness of general controls. Both
information system general controls and application controls must be
effective to help ensure the reliability, appropriate confidentiality, and
availability of critical automated information.
In performing our tests, we identified weaknesses in FDIC?s corporatewide
security program, access controls, segregation of duties, system software,
and service continuity. As we have reported to FDIC in 1998 and 1999, 3 the
underlying cause of many of these general control weaknesses is rooted in
the lack of a fully implemented and effective corporatewide security
program. This critical area is generally the foundation of an entity?s
security control and reflects the entity?s commitment to addressing security
risks over the long term. In our 1999 report, we provided FDIC with
recommended corrective actions and acknowledged that it takes a significant
and sustained effort by FDIC management to establish an effective
corporatewide security program. In response, FDIC management stated its
commitment to implement a strong information system environment. During
2000, we found that FDIC developed plans for correcting many of the
weaknesses we identified; however, implementation of these plans had not
occurred as of December 31, 2000.
The weaknesses in information system general controls can significantly
impair the effectiveness of all FDIC?s application controls, including
financial systems. We considered the effect of the information system
general control weaknesses and determined that other management
2 Application controls consist of the structure, policies, and procedures
that apply to separate, individual systems, such as accounts payable and
general ledger systems. 3 Because of their sensitive nature, in 1998 and
1999 we communicated to FDIC management the details surrounding the
weaknesses and vulnerabilities we identified, along with our
recommendations for corrective action, through separate correspondence.
controls mitigated their effect on the financial statements. Because of
their sensitive nature, the details surrounding these weaknesses are being
communicated to FDIC management, along with our recommendations for
corrective actions, through separate correspondence.
In addition to these weaknesses, we identified less significant matters
involving FDIC?s system of internal accounting control that we will be
reporting in separate correspondence to FDIC management.
Future of FRF FDIC, as administrator of FRF, is responsible for completing
the liquidation of the assets and liabilities of the former Federal Savings
and Loan
Insurance Corporation (FSLIC) and Resolution Trust Corporation (RTC). 4 FRF
will continue operations until all of its assets are sold or otherwise
liquidated and all of its liabilities are satisfied. As shown in table 1,
since 1996 FRF has had a significant decline in total assets and liabilities
and, in particular, in the assets not yet liquidated. FDIC expects continued
rapid decline in FRF assets. Through December 31, 2000, FRF has returned $4.
6
billion to the U. S. Treasury and has made $1.4 billion of payments to the
Resolution Funding Corporation (REFCORP). 5 4 On January 1, 1996, FRF
assumed responsibility for all remaining assets and liabilities of the
former RTC. 5 The RTC Completion Act required FDIC to return to the U. S.
Treasury any funds that were transferred to RTC pursuant to the RTC
Completion Act but not needed by RTC. The RTC
Completion Act made available $18.3 billion of additional funding. Prior to
RTC?s termination on December 31, 1995, RTC drew down $4. 6 billion of the
$18.3 billion made available by the RTC Completion Act. The full amount of
the appropriation transferred to RTC has been fully repaid. After providing
for all outstanding RTC liabilities, FDIC must also transfer the net
proceeds from the sale of RTC- related assets to REFCORP. Any funds
transferred to REFCORP are used to pay the interest on REFCORP bonds issued
to provide funding for the early RTC resolutions.
Table 1: FRF?s Assets and Liabilities as of January 1, 1996, and December
31, 2000
Dollars in billions
Percent January 1,
December 31, Increase
1996 2000 (Decrease)
Cash and cash equivalents $ 1.5 $ 3. 5 133 Assets not yet liquidated 13.9 2.
3 (83)
Total Assets $ 15.4 $5. 8 (62) Total Liabilities $11.2 $0. 1 (99)
As described in notes 3 and 4 of FRF?s financial statements, two major
components of the assets not yet liquidated are receivables from thrift
resolutions (about $0. 5 billion) and investments in securitization related
assets (about $1.8 billion). Most of the receivables from thrift resolutions
represent amounts advanced and/ or obligations incurred for resolving
troubled and failed insured thrifts. FDIC manages and disposes the assets
from failed thrifts through receiverships. 6 Most of the remaining assets in
these receiverships are cash. FDIC is pursuing the complete liquidation of
these receiverships during the year 2001 except for those receiverships
involved in goodwill litigation. 7 The securitization related assets had a
weighted- average remaining life of less than 1 year on December 31, 2000.
The operations of FRF will eventually meet a point where maintaining a
separate liquidation entity may not be cost- effective. At that time, there
may be some assets that are not fully liquidated; pending legal liabilities
that may take years to settle; and certain assets the disposal of which may
not be in the best interest of the United States government. FDIC has a
research and evaluation effort underway to identify the remaining issues
that need to be resolved, along with possible disposition strategies, in
order
to dissolve FRF as contemplated by the Federal Deposit Insurance Act. Also,
due to the unique nature of several of these assets and liabilities, FDIC
anticipates that its effort will include the development of new disposal
plans for its remaining assets and liabilities. 6 The assets held by
receiverships, and the claims against them, are accounted for separately
from FRF?s assets and liabilities to ensure that liquidation proceeds are
distributed in accordance with applicable laws and regulations.
7 See note 8 of FRF?s financial statements for a description of goodwill
litigation and its impact.
Following are some of the issues and items remaining in FRF:
Over 900 criminal restitution orders are outstanding, in the amount of
approximately $600 million, which will remain open for nearly 20 years. The
actual amount that will ultimately be collected is unknown. 8 During 2000,
FDIC collected $3.2 million from these outstanding restitution orders.
Over 90 outstanding items, which include litigation claims and judgments,
were obtained against officers and directors and other professionals
responsible for causing thrift losses with an estimated recoverable value of
approximately $80 million. These judgments are renewable based on individual
state law. Generally, the renewals vary from 5 to 10 years and are renewable
more than once. 9 FDIC recovered $31.9 million in claims during 2000.
Numerous assistance agreements entered into by the former FSLIC will remain
open for many years as those assisted institutions share with FRF their tax
savings that result from the tax free nature of FSLIC
assistance. 10 In 2000, FRF collected over $80 million as its share of these
tax savings.
Various litigation cases are outstanding. FRF is involved in approximately
700 cases. 11 The most numerous, and substantial in terms of liability
involve goodwill litigation. 12 To date, approximately 120 lawsuits have
been filed against the United States government. Because of appeals and
differences in awarding damages in the cases thus far, the
final outcome in the cases and the amount of any possible damages remain
uncertain. There are also litigation cases in which FRF is the plaintiff for
itself, or is acting in a fiduciary manner on behalf of the receiverships
resulting from failed financial institutions. These pending 8 U. S.
generally accepted accounting principles state that contingencies that
result in gains are usually not reflected in the financial statements to
avoid recognizing revenue prior to its realization. 9 See footnote 8 of this
report. 10 See footnote 8 of this report.
11 Whereas FRF is involved in approximately 700 cases, FDIC records losses
for only those cases in which the contingent loss is considered probable and
reasonably estimable. FDIC also discloses contingent losses that are
reasonably possible. See note 8 of FRF?s financial statements. 12 See
footnote 7 of this report.
cases may take years to settle, and many of the goodwill cases are still
pending from the early 1990s.
Potential liabilities may exist due to representations and warranties made
to support the sale of loans and servicing rights. 13 These liabilities
could be incurred over the remaining life of the loans, which could be as
long as 20 years. Only when the remaining asset and liability issues, some
of which are highlighted above, are resolved can FRF be formally dissolved.
FDIC is considering whether seeking enabling legislation or other measures
may be needed to dissolve the remaining FRF assets and liabilities.
FDIC Comments and In commenting on a draft of this report, FDIC acknowledged
the Our Evaluation information system weakness, and stated a commitment to
continue its efforts to strengthen its information security program and to
incorporate
GAO?s recommendations into its security plans for 2001. We plan to evaluate
the effectiveness on FDIC?s corrective actions in information security as
part of our 2001 audit of FDIC?s financial statements and internal control.
FDIC also stated that it will continue to monitor the other matters
discussed in our report, including goodwill litigation cases.
David M. Walker Comptroller General of the United States
April 6, 2001 13 See note 3 of FRF?s financial statements for a description
of representations and warranties.
Bank Insurance Fund?s Financial Statements
Statements of Financial Position
Statements of Income and Fund Balance
Statements of Cash Flows
Notes to Financial Statements
Savings Association Insurance Fund?s Financial Statements
Statements of Financial Position
Statements of Income and Fund Balance
Statements of Cash Flows
Notes to Financial Statements
FSLIC Resolution Fund?s Financial Statements
Statements of Financial Position
Statements of Income and Accumulated Deficit
Statements of Cash Flows
Notes to Financial Statements
Appendi xes Comments From the Federal Deposit
Appendi x I Insurance Corporation
Appendi x II
GAO Contacts and Staff Acknowledgements GAO Contacts Jeanette M. Franzel
(202) 512- 9471 Lynda E. Downing (202) 512- 9168 Acknowledgements In
addition to those named above, the following staff made key
contributions to this report: Patricia P. Blumenthal, Gary P. Chupka, Dennis
L. Clarke, John C. Craig, Timothy J. Murray, and Theresa A. Patrizio.
The following staff from the FDIC Office of Inspector General also
contributed to this report: Robert W. Allmang, James J. Ballenger, Arlene S.
Boateng, Rhonda G. Bunte, W. Kevin Hainsworth, R. William Harrington, Paul
S. Johnston, Foxhall A. Parker, Michael L. Rexrode, Duane H. Rosenberg,
Titus S. Simmons, Dale W. Seeley, Ross E. Simms, Sharon R. Spencer, Charles
E. Thompson, Joseph E. Uricheck, and R. Leon Wellons.
(917672) Lett er
GAO United States General Accounting Office
Page 1 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Contents
Contents Page 2 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 3 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements United States
General Accounting Office
Washington, D. C. 20548 Comptroller General
of the United States
Page 4 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 5 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements United States
General Accounting Office
Washington, D. C. 20548 Comptroller General
of the United States
Page 6 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 7 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 8 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 9 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 10 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 11 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 12 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 13 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 14 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 15 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 16 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 17 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 18 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 19 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 20 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 21 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 22 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 23 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 24 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 25 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 26 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 27 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 28 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 29 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 30 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Bank Insurance Fund?s Financial Statements Page 31 GAO- 01- 635 FDIC?s 2000
and 1999 Financial Statements
Page 32 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 33 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 34 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 35 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 36 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 37 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 38 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 39 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 40 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 41 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 42 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 43 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 44 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 45 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 46 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Savings Association Insurance Fund?s Financial Statements
Page 47 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 48 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 49 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 50 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 51 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 52 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 53 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 54 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 55 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 56 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 57 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 58 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 59 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 60 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 61 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 62 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 63 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 64 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 65 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
FSLIC Resolution Fund?s Financial Statements Page 66 GAO- 01- 635 FDIC?s
2000 and 1999 Financial Statements
Page 67 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Page 68 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Appendix I
Page 69 GAO- 01- 635 FDIC?s 2000 and 1999 Financial Statements
Appendix II
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Contents Table 1: FRF?s Assets and Liabilities as of January 1, 1996, and
December 31, 2000 11
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