Synopsis
Executive Summary.- 1. Introduction and Overview.- Background.- Causes of the Insolvency Crisis.- Key Issues and the Structure of this Report.- 2. The Timeliness of Regulatory Action.- The Sources of Growth in the Net Deficit.- Methods to Control the Present Value of FSLIC Liabilities.- An Analysis of Regulatory Oversight of Insolvent Thrifts.- 3. Resolution of Insolvent Thrifts: Fundamental Issues.- Desirable Characteristics of a Resolution Process.- Resolution Under Resource Constraints.- 4. FSLIC's Acquisition Process.- The Marketing and Negotiation Process.- The Terms of Assistance Agreements.- Analysis of the Contractual Terms of the Assistance Agreements.- Approaches for Ownership and Management of Assets.- Assistance Packages: "Clean Assistance Agreements".- 5. Analysis of FSLIC's Methodology for Evaluating Bids.- A. The Structure of FSLIC's Evaluation Methodology.- B. Adjustments to Improve Cost Evaluation.- C. Issues in Discounting Risky Cash Flows.- D. Summary of the Adjustment Effects.- E. The Potential Magnitude of Adjustments to the FSLIC Methodology: An Examination of the Impact on 84 Acquisitions During 1988.- F. The Potential Magnitude of Adjustments to the FSLIC Methodology: An Examination of the American Federal Savings Acquisition.- G. Summary and Conclusions.- 6. Empirical Evidence on FSLIC's Cost of Solution.- The Questions.- Data, Methods, and Results.- Conclusions and Directions for Further Research.- 7. Conclusions.- The Fundamental Problem.- FSLIC Estimates of the Cost of Solution Through Assisted Acquisition.- Empirical Analysis of the Cost of Assisted Acquisitions in 1988.- A Key Recommendation: The "Clean Assistance Package".- About the Task Force Members.
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