Word: fslic
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...next May. The thinking behind the mergers is that the firms will save money by combining and streamlining operations and thus stand a better chance of survival. But the rescue plans will put a severe strain on the already cash-starved Federal Savings and Loan Insurance Corporation (FSLIC), the industry insurance fund that provides the money for the bailouts...
...assets that the thrift operators gambled away on risky loans are mostly long gone, leaving the FSLIC to pick up the tab. The Government is suing the managers of both thrifts for more than $100 million, charging them with fraud and negligence. But most of the $1.35 billion payout will come from the FSLIC's reserve fund, which is largely composed of premiums collected from...
Federal regulators said last week that liquidations will remain a last resort in resolving the industry's widespread insolvencies. Of 3,100 federally insured thrifts, some 200 are considered hopelessly insolvent. The FSLIC's liability for these S and Ls now significantly exceeds its assets on hand, so that the fund posted a deficit of $13.7 billion at the end of 1987, contrasted with $6.3 billion the previous year. But the FSLIC aims to narrow that gap over the next few years, relying on income from premiums and other sources. The FSLIC estimates that it will have $20 billion available...
...FSLIC's total reserve has gone into deficit because its liabilities for insolvent institutions now exceed its assets on hand...
DESCRIPTION: Federal Savings and Loan Insurance Corporation's total reserve, 1982-1987; Color illustration: FSLIC building floating in life preserver...