Word: loaned
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Dates: during 1970-1979
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...Though loan-loss figures for 1975 will not be complete for a few weeks, those now available are striking. Citibank in December disclosed that it would write off a record $310 million in bad debts for 1975, considerably more than double the $116.9 million in gross loan losses in 1974. Chase in the first nine months of last year wrote off $209.7 million, v. $64.5 million in the same period a year earlier. San Francisco-based Bank of America, the biggest of all U.S. banks, wrote off only a relatively small $78 million in bad loans for the first nine...
...Loan losses unquestionably will continue heavy through 1976 too, but the experts are divided over whether they will be higher than in 1975. Despite the write-offs so far, banks have a huge backlog of dubious loans still carried on their books. The biggest losses are coming on loans to real estate investment trusts-companies that sprang up in the 1960s to get in on the building boom by financing builders of shopping centers, apartments and other commercial projects. Many banks, including Chase, organized their own REITS-a move that now seems to have been most unwise. As demand...
...most trouble in getting loans will be experienced by entrepreneurs who head young companies with no record of proifit growth-even if they have promising ideas. Some bankers themselves are concerned that this is an unhealthy trend for a capitalist economy that relies heavily on entrepreneurs to introduce new products and services, but they see no alternatives. One Philadelphia banker adds that even an established local manufacturer with a record of perhaps ten years of profitable operation may have difficulty in borrowing. If such a manufacturer seeks a loan to expand, says the banker, "we will want to make sure...
...caution extends beyond loan policy. Most bank managers have ceased, at least temporarily, their ardent pursuit of the Great God Growth. Expansion in the U.S. and abroad and diversification into other businesses have drastically slowed at almost all banks. As far back as a year ago, A.W. Clausen, head of Bank of America, warned his fellow bankers: "Recent rates of growth can be sustained only at a possible risk of eroding future strength and stability." Now J. Richard Fredericks, a bank analyst in San Francisco, puts it more pithily: "Gogo banking...
...usual interest to a corporation or individual investor willing to leave money in the bank for a fixed period, such as one year. If an investor wants his money back sooner, he can sell the CD to someone else. Formally, the money is a deposit; actually, it is a loan to the bank. Banks also began borrowing from the huge pool of Eurodollars held abroad, and resorted more and more to borrowing each other's excess reserves, called federal funds...