tailieunhanh - Savings Association Insurance Fund’s Financial Statements Statements of Financial Position_part4

Tham khảo tài liệu 'savings association insurance fund’s financial statements statements of financial position_part4', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | FSLIC Resolution Fund s Financial Statements Notes to the Financial Statements Notes to the Financial Statements FSLIC Resolution Fund December 31 2002 and 2001 1. Legislative History and Operations of the FSLIC Resolution Fund Legislative History The . Congress created the Federal Savings and Loan Insurance Corporation FSLIC through the enactment of the National Housing Act of 1934. The Financial Institutions Reform Recovery and Enforcement Act of 1989 FIRREA abolished the insolvent FSLIC created the FSLIC Resolution Fund FRF and transferred the assets and liabilities of the FSLIC to the FRF-except those assets and liabilities transferred to the Resolution Trust Corporation RTC -effective on August 9 1989. The FRF is responsible for winding up the affairs of the former FSLIC. The FIRREA was enacted to reform recapitalize and consolidate the federal deposit insurance system. In addition to the FRF FIRREA created the Bank Insurance Fund BIF and the Savings Association Insurance Fund SAIF . It also designated the Federal Deposit Insurance Corporation FDIC as the administrator of these funds. All three funds are maintained separately to carry out their respective mandates. The FIRREA also created the RTC to manage and resolve all thrifts previously insured by the FSLIC for which a conservator or receiver was appointed during the period January 1 1989 through August 8 1992. The FIRREA established the Resolution Funding Corporation REFCORP to provide part of the initial funds used by the RTC for thrift resolutions. Additionally funds were appropriated for RTC resolutions pursuant to FIRREA the RTC Funding Act of 1991 the RTC Refinancing Restructuring and Improvement Act of 1991 and the RTC Completion Act of 1993. The RTC s resolution responsibility was extended through subsequent legislation from the original termination date of August 8 1992. Resolution responsibility transferred from the RTC to the SAIF on July 1 1995. The RTC Completion Act of 1993 RTC Completion