The FDIC has identified irregularities involving expenses associated with the Resolution Trust Corporation's auction program.

In response, the FDIC temporarily suspended the auction program on Wednesday, April 10, 1996, and referred its findings to the Office of the Inspector General on Thursday, April 11. The FDIC is also conducting a formal review of all auction-related procedures and internal controls used by the RTC.

Appropriate steps will be taken after the Inspector General's investigation is concluded. Meanwhile, the FDIC will have no additional comment on the matter.

Congress created the Federal Deposit Insurance Corporation in 1933 to maintain public confidence in the nation's banking system. The FDIC insures deposits at the nation's 12,000 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.