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On May 16, 2016, the Federal Reserve Bank of New York published a post on its Liberty Street Economics blog assessing the impact of interagency guidance intended to curtail leveraged lending...
within Law Department Performance and Insolvency/Bankruptcy/Re-Structuring topic(s)
with readers working within the Retail & Leisure industries
On May 16, 2016, the Federal Reserve Bank of New York published
a post on its Liberty Street Economics blog assessing the impact of
interagency guidance intended to curtail leveraged lending issued
by the Office of the Comptroller of the Currency, Federal Reserve
Board and the FDIC in March of 2013. The post shows that banks, in
particular the largest institutions, cut leveraged lending while
nonbanks increased such lending after the guidance. During the same
period of time, nonbanks increased their borrowing from banks,
possibly to finance their growing leveraged lending activity. The
post notes that this evidence highlights an important challenge of
macroprudential policies. Since those policies reach beyond
individual banks and target risk in the entire banking system, they
are more likely to trigger significant responses that may have
unintended consequences.
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