Report to Congress: Audit of the Export-Import Bank of the United States Fiscal Year 19701971 - 1971 pages |
Common terms and phrases
additional costs agreement amount audit basis beneficial interest borne by Eximbank borrowing or financing Budget Concepts budget surplus buyer certificates of beneficial cial commercial banks Commercial Financial Bank Commission on Budget concessionary interest rates concessionary rate concessionary-rate Congress cooperating financial institution coverage debt ceiling debt obligations direct loans effect on Eximbank's Exim Eximbank's activities Eximbank's borrowings Eximbank's financial Eximbank's operations export expansion facility export of U.S. Export-Import Bank Federal budget financial guarantee financial statements financing its operations fiscal year 1970 funds gram guarantee and insurance guarantee program guidelines incurred interest rates charged June 30 lend-lease lending liabilities long-term trade losses low-interest ment million national interest net income Number participation certificates payments percent President of Eximbank President's Commission private market provides recommendation result Retained Income Reserve sales of assets sales of certificates sales of participation short-term discount notes sold statutory debt limit sury tion Total Trea U.S. exports U.S. Treasury
Popular passages
Page 14 - Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States...
Page 40 - ... It is the policy of the Congress that the Bank in the exercise of its functions should supplement and encourage and not compete with private capital, and that loans, so far as possible consistently with carrying out the purposes of subsection (a), shall generally be for specific purposes, and, in the judgment of the Board of Directors, offer reasonable assurance of repayment.
Page 11 - In line with the Commission's conviction that a unified budget system is essential, and that a comprehensive definition of the budget is very important, the inclusion of net lending as well as other expenditures in the budget has particular significance. With both in the budget, there should be no pressure by special interests or program partisans to redesign other expenditure programs to give them the appearance of direct loans in order to get them out of the budget.
Page 45 - ... source and application of funds for the year then ended. This examination, pursuant to the Government Corporation Control Act (31 USC 841), was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The interest and other financial expense reported by the Bank include interest charges on a significant part of the borrowings from the US Treasury...
Page 46 - December 31, 1970 and the results of its operations and the source and application of its funds for the year then ended, in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Page 45 - The net income reported by the Bank is stated before any provision for losses that may be sustained on loans receivable and related accrued interest or on guarantees and insurance. All accumulated net income, after dividends, has been reserved as a provision for future contingencies, defaults, or claims. (See note 2 to financial statements.) The contingent liabilities reported by the Bank as loan maturities sold subject to contingent repurchase commitments include participations in specific loans,...
Page 6 - Act brings into being a general obligation of the United States backed by its full faith and credit...
Page 30 - Act of 1945, as amended, authorizes the Bank to guarantee, insure, coinsure, and reinsure US exporters and foreign exporters doing business in the United States against commercial-credit and political risks of loss arising in connection with US exports. Commercial-credit risks include the insolvency of a buyer and the protracted default of payment by a buyer. Political risks include the actions taken by a foreign government, such as currency convertibility restrictions, export and import...