Examination of Financial Statements of the Export-Import Bank of the United States, Fiscal Year 1973: Report to the CongressU.S. General Accounting Office, 1973 - 7 pages |
Common terms and phrases
$20 billion accompanying financial statements authority to lend bank's billion limitation Capital stock held changes in financial charged Eximbank Chile claims COMPARATIVE STATEMENT COMPTROLLER contingent liabilities contingent repurchase commitments contractual liability Corporation Control Act Debentures defaults Delinquent installments DELINQUENT LOANS disbursed establishment of fractional Exim Eximbank funded Eximbank's total assets EXPENSE AND RETAINED Export Export-Import Bank Act financial expense financial position Fiscal funded its operations Funds Provided Government Corporation Control guarantee and insurance held by U.S. income from operations Interest and Fees Investment in Eximbank June 30 less than 25 liability on outstanding Loan maturities sold Maturities Amount maturities sold subject million at June net income Number outstanding balances outstanding guarantees OUTSTANDING LOANS RECEIVABLE payable to U.S. Portfolio Participation Certificates principal Receivable on Loans reserve of $1.5 Retained Income Reserve Section 2(c STATEMENT OF CHANGES subject to contingent Trea U.S. Government U.S. Treasury undisbursed Warren W Weighted Average term
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Page 4 - STATEMENTS— (Continued) foregoing delinquent loans. Because of the unpredictable nature of future economic and political conditions throughout the world, the risk of loss on Eximbank's loans, guarantees, and insurance is not susceptible to accurate measurement. The management of Eximbank believes therefore that its accumulated net earnings should be retained as a reserve for contingencies and defaults. The...
Page 3 - s accounting records are maintained on an accrual basis with the exception of write-offs of loans and payment of claims on guarantees and insurance policies. Loans are written off and charged to income when Eximbank determines that the outstanding principal balance is uncollectable. Interest on delinquent loans receivable is accrued until such time as Eximbank determines on...
Page 5 - ... 1970, to the board of directors, Export-Import Bank. Let me read one paragraph : The interest and other financial expenses reported by the Bank include interest charges on a significant part of the borrowing from the US Treasury at rates lower than those prevailing at the time the funds were borrowed. The Bank's interest and other financial expenses would have been increased by about $16.8 and $6.9 million in fiscal years 1970 and 1969 respectively, and the net income from operations from the...
Page 5 - June 30, 1973) from the US Treasury at rates lower than the rate prevailing at the time the funds were borrowed.