including properties in sales initiatives such as auctions and sealed bids. F. Subsidiary Information Management Network (SIMAN) The Subsidiary Information Management Network (SIMAN) is currently in the development stage. The system will be used to manage financial, operational, and administrative information about businesses owned by failed thrifts. It will also assist in the marketing of subsidiaries. Implementation of this system is expected in the Fall of this year. RTC senior management have re-assessed all RTC information systems requirements. Two major systems, the Furniture, Fixtures, and Equipment (FF&E), and Loans and Other Assets Inventory System (LOAIS), were cancelled in April 1992. FF&E was a nationwide inventory control and bar code system. Local efforts to dispose of these assets were so successful that property was sold before it could be entered into the system and utilized nationally. The costs of maintaining the system exceeded its benefit, and the system was cancelled in April 1992. LOAIS was also cancelled because other methods of selling assets were very successful. In particular, the expansion of the securitization program noted earlier significantly reduced the need for a LOAIS-like system on a national scale. In addition, with the recent reorganization, more marketing and sales activities are to be conducted at the field office level, again reducing the need for a national system. The potential benefit of LOAIS as a national system no longer justified the costs in terms of funds, human resources, and time to achieve its full implementation. This concludes my prepared statement. I should be happy to answer any questions. CHART 2 RTC Resolutions Estimated Resolution Cost & Authorized Loss Funds Congress passed the RTC Refinancing, Restructuring, and Improvement Act of 1991 which provided $25 billion in loss funds through Treasury appropriations. A stipulation required that the entire amount be exhausted by April 1992. On April 30, 1992, the RTC returned 18.3 billion to the Treasury in accordance with the Act. Investors FSB, Richmond VA was resolved on July 10, 1992 with an estimated resolution cost of $487 million. |