government-sponsored corporation established by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to transfer assets of insolvent savings and loan associations to financially sound institutions. The RTC, managed by a five-member Oversight Board, had responsibility for managing the assets and liabilities of savings institutions that become insolvent between 1989 and August 1992.
The agency's authorization as a receiver of insolvent savings associations expired December 31, 1995, when its liabilities transferred to the Federal Deposit Insurance Corporation.
U.S. government agency created by the 1989 bailout bill to merge or close savings and loan institutions becoming insolvent between 1989 and August 1992. The RTC was terminated in 1996 and its responsibilities were shifted to the Savings Association Insurance Fund (SAIF), a unit of the Federal Deposit Insurance Corporation. The Resolution Trust Corporation Oversight Board, an arm of the executive branch, was charged with overseeing broad policy and the dispensing of funds to sick thrifts by RTC.
a federal agency (now dissolved) created by FIRREA to manage and resolve insolvent savings and loan associations placed into its conservatorship or receivership. The agency is supervised by the Federal Deposit Insurance Corporation.
Example: The RTC was charged with liquidating the assets left over from the "S&L crisis," the problem that prompted passage of FIRREA. The agency was funded through special appropriations and proceeds from the sale of seized assets. The agency was dissolved when most assets had been sold.
