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- W288729023 abstract "One of the trickiest things about evaluating the TARP capital investment program has been sorting out the politics from the economics. No better case in point exists than the issue of making loans with the proceeds of Treasury's TARP investments. Playing to Main Street, members of Congress in hearings and elsewhere have chastised Treasury officials and the banking industry for not making loans, or enough loans, with TARP funds. This was going on even when only a handful of institutions had received any TARP funds at all Get with the On one hand, Treasury has stressed the importance of the investments from the viewpoint of getting lending going, to help stimulate the economy. We have seen that capital purchases are clearly powerful in terms of impact per dollar of investment, which is a major advantage under the current testified Treasury Secretary Henry Paulson in mid-November. More capital enables banks to take losses as they write down or sell troubled assets. And stronger capitalization is also essential to increasing lending which, although difficult to achieve during times like this, is essential to economic recovery. Indeed, at an industry conference, Neel Kashkari, Interim Assistant Secretary of the Treasury for Financial Stability, refuted those who claimed that banks receiving TARP money wouldn't put it to use. A bank's return on capital will decrease if it simply hoards the capital, said Kashkari. He said he expected shareholders, over time, to insist on the deployment of capital. Lending amidst mixed signals And there is plenty of evidence that lending has been going on, on Main Street and elsewhere. Banks are lending, ABA President and CEO Edward L. Yingling testified in mid-November. In fact, many banks have said they are seeing borrowers that used to rely on nonbank financing or Wall Street coming to their doors. This would be expected with the severe problems in credit markets, including securitization. Thus, many of the stories about the lack of credit are due to the weakness of nonbank tenders. Yingling added this caveat: Naturally, banks are following prudent underwriting standards to avoid tosses in the future. But even with more careful underwriting, only 6% of small businesses ... reported problems in obtaining the financing they desired. Borrowers are also being more careful, and the overall demand for loans is declining, although this varies by market. (That 6% figure comes from an October National Federation of Independent Business survey.) What has concerned ABA are reports from banks that examiners have said that their capital ratios should be increased above current regulatory requirements. While that may be appropriate in individual circumstances, a general move in that direction will negate the [TARP] CPP program, Yingling testified. …" @default.
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- W288729023 date "2008-12-01" @default.
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- W288729023 title "TARP-Driven Lending: Rhetoric vs. Reality" @default.
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