Tags: US | Bank | Lending

Nine Rescued Banks Report Declines in New Lending

Tuesday, 16 Mar 2010 02:11 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Treasury Department said that new lending plummeted in January at the nine largest banks that have yet to repay their taxpayer bailouts.

Treasury's monthly survey of bank lending shows overall new loan origination dropped 35 percent from December's level. Treasury says the drop "may be partially explained by large increases" in late 2009.

The survey also shows that average loan balances at the nine banks were 2 percent higher than in December — bringing them to their highest level since September.

The nine banks are: Citigroup Inc., Comerica Inc., Fifth Third Bancorp, Hartford Financial Services Group Inc., KeyCorp, Marshall & Ilsley Corp., PNC Financial Services Group Inc., Regions Financial Corp. and Suntrust Banks Inc.

Increasing lending to consumers and small businesses was one of Congress' stated goals when it passed the $700 billion financial bailout in October 2008.

Treasury said this is the last time it will publish a summary analysis of the bank survey because "aggregate month to month changes are no longer meaningful."

The nine banks surveyed in January held 17 percent of industry assets at the end of 2009. When the survey was first conducted in November 2008, it included the 22 largest banks holding bailout money. Those banks held 61 percent of industry assets.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

GOP Faces Tough Election Battles

Friday, 25 Jul 2014 09:55 AM

As of late July, we see major conflicts that have flared up in Iraq, the Ukraine and in the ongoing escalating attack on . . .

Ga. Senate Runoff May End GOP Infighting

Thursday, 17 Jul 2014 09:45 AM

Most of the battles to determine Republican nominees in the GOP's quest to take control of the U.S. Senate this year hav . . .

Property Rights Issue May Decide Fla. Gov Race

Thursday, 10 Jul 2014 15:57 PM

Not long ago, Republican Florida Gov. Rick Scott had been written off as politically dead. Just several months back, the . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved