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FSLIC Resolution Fund’s Financial
Statements
Page 59 GAO/AIMD-00-157 FDIC’s 1999 and 1998 Financial Statements
receiverships' assets. Payments to prevent a failure were made to operating institutions when
cost and other criteria were met.
As of December 31, 1999 and 1998, the FDIC, in its receivership capacity for the former FSLIC
and SAIF-insured institutions, held assets with a book value of $2.1 billion and $2.6 billion,
respectively (including cash and miscellaneous receivables of $1.5 billion and $1.6 billion at
December 31, 1999 and 1998, respectively). These assets represent a significant source of
repayment of the FRF’s receivables from thrift resolutions. The estimated cash recoveries from
the management and disposition of these assets that are used to derive the allowance for losses
are based in part on a statistical sampling of receivership assets. The sample was constructed to
produce a statistically valid result. These estimated recoveries are regularly evaluated, but
remain subject to uncertainties because of potential changes in economic conditions. These
factors could cause the FRF’s and other claimants’ actual recoveries to vary from the level
currently estimated.
Receivables from Thrift Resolutions, Net at December 31
Dollars in Thousands
1999 1998
Assets from open thrift assistance $ 437,265 $ 529,123
Allowance for losses (385,537) (386,935)
Net Assets From Open Thrift Assistance 51,728 142,188
Receivables from closed thrifts 51,720,279 72,874,857
Allowance for losses (50,405,663) (71,500,480)
Net Receivables From Closed Thrifts 1,314,616 1,374,377
Total
$
1,366,344
$
1,516,565
Representations and Warranties