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Other asset management and liquidation instruments during the crisis included the Federal Asset Disposition Association, FSLIC, and the newly created s& asset liquidation agreements (ALAs), which were used to divest non-performing asset funds worth at least $1 billion, and regional AAS for smaller pools of less than $500 million. In total, the RTC liquidated 747 insolvent S&Ls during the crisis. In a general asset management contract, the asset manager has the right to make investment decisions without having to consult the client each time. As there were more S&L assets than the FDIC could manage on its own, the government created the Resolution Trust Corp. (RTC), whose purpose was to resolve all savings placed under conservation or forced administration between January 1, 1989 and August 8, 1992. The RTC was not able to resolve all the failed S&Ls and was required to assign the work to the private sector where feasible…