The General Accounting Office looked over the Federal Deposit Insurance Corp.'s books and gave the agency fairly good marks.

However, in its review of the FDIC's 1995 and 1994 financial statements, GAO found some weaknesses in the way the agency estimates the value of assets in failed institutions. The agency also isn't strictly enforcing its procedures for reporting employee hours and attendance, the GAO said.

In a report issued July 15, the GAO said FDIC overstated the balance of the Bank Insurance Fund by $266 million and understated the FSLIC Resolution Fund's accumulated deficit by $183 million. Those errors, the GAO concluded, did not substantially change the agency's 1995 financial statements.

In its response to the watchdog agency, the FDIC disputed the findings, stating that its own estimates of asset values were as reasonable as the GAO's.

In other findings, the GAO said 150 thrifts holding $165 billion in assets either have the means to shift deposits out of the Savings Association Insurance Fund or are looking for a way to avoid the higher premiums that the fund charges.

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