Failed Thrift: Lengthy Government Control of Sunbelt Savings Bank
GGD-92-82
Published: Apr 28, 1992. Publicly Released: Apr 28, 1992.
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Highlights
Pursuant to a congressional request, GAO reviewed: (1) why a federal savings bank has remained under government control since August 1988; and (2) the costs and benefits of this control.
Recommendations
Recommendations for Executive Action
Agency Affected | Recommendation | Status Sort descending |
---|---|---|
Resolution Trust Corporation | 1. The Chief Executive Officer, RTC, should instruct his staff to compare the RTC total resolution cost estimate with the estimated cost of an earlier liquidation to calculate whether there was a financial cost of the delay in resolving Sunbelt and, if so, the extent of such cost. |
As of August 20, 1993, RTC has concluded that it cannot determine with any certainty the financial impact of the delay in resolving Sunbelt. Thus, it will not be implementing the recommendation.
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Topics
Bank failuresBank managementCost analysisCost effectiveness analysisInsured commercial banksProperty disposalSavings and loan associationsLitigationFederal deposit insuranceFailed thrifts