Financial Audit: Federal Deposit Insurance Corporation's 1998 and 1997 Financial StatementsPresents opinions on the financial statements of the Bank Insurance Fund, the Savings Assoc. Insurance Fund, and the FSLIC Resolution Fund for the years ended Dec. 31, 1998 and 1997. These financial statements are the responsibility of the FDIC, the administrator of the 3 funds. This report also presents (1) an opinion on FDIC management's assertions regarding the effectiveness of its internal control as of Dec. 31, 1998, and (2) its evaluation of FDIC's compliance with laws and regulations during 1998. In addition, it discusses FDIC's progress in correcting an internal control weakness detected during its 1997 audits. |
Common terms and phrases
accepted accounting principles Accounting Accumulated Deficit acquired from assisted allowance for loss assessment rates assets acquired assets and liabilities assistance agreements assisted banks assisted thrifts available-for-sale bank resolutions banks and terminated BIF's California Federal Bank Cash and Cash Cash Equivalents Cash Flows Cash Provided compliance focuses Comprehensive Income December 31 Dollars Deposit Insurance Corporation discount Dollars in Thousands employees Ended December 31 escrow estimated liabilities exit fees FDIC FDIC's Federal Deposit Insurance FICO financial institutions Financial Position financial statements FIRREA FRF-FSLIC FRF's FSLIC Resolution Fund Fund Balance Goodwill Litigation held-to-maturity Holding Gains internal control Investment in U.S. liquidation million Off-Balance-Sheet phase of compliance Postretirement Benefits receivables from thrift receivership assets Resolution Equity Resolution Trust Corporation risk RTC Completion Act SAIF SAIF's Savings Association Insurance Savings Plan securitization residual certificates SFAS Statements of Financial terminated receiverships Thousands 1998 thrift resolutions Thrift Savings Plan thrifts and terminated Total U.S. Treasury obligations
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Page 10 - The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation...
Page 9 - Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system.
Page 7 - ... authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles.
Page 7 - In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the...
Page 57 - Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization...
Page 9 - FMFIA, such as those controls relevant to preparing statistical reports and ensuring efficient operations. We limited our internal control testing to those controls necessary to achieve the objectives outlined in our opinion on management's assertion about the effectiveness of internal controls.
Page 63 - FIRREA created the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund ( SA II").
Page 62 - Net cash used by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of...
Page 34 - FDIC employees (all permanent and temporary employees with appointments exceeding one year) are covered by either the Civil Service Retirement System (CSRS) or the Federal Employee Retirement System (FERS). The CSRS is a defined benefit plan, which is offset with the Social Security System in certain cases.
Page 75 - CSRS is a defined benefit plan, which is offset with the Social Security System in certain cases. Plan benefits are determined on the basis of years of creditable service and compensation levels. The CSRS-covered employees also can contribute to the tax -deferred Federal Thrift Savings Plan (TSP).