Word: mcgilzreay
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...counter the recession, the Federal Reserve has loosened its grip on the money supply, bringing interest rates down and expanding the economy's cash flow, said both Holmes and McGilzreay...
Other Cambridge banks are feeling the pinch as well. William F. McGilzreay, senior vice-president and treasurer of the East Cambridge Savings Bank, noted that while the national recession did not hit full-force until the end of 1990, New England has been in the economic duldrums for well over a year...
...McGilzreay said that the East Cambridge Savings Bank's specialty in home mortgages--a market that remains strong despite the recession--has protected it from some of the problems facing banks which specialize in retail and corporate lending...
...some of the stronger banks may actually profit from the disaster, McGilzreay said. Security concerns are forcing borrowed to choose stable, established banks over their weaker competitors, which usually compete by offering higher interest rates...
...public in general has been unnerved by the Bank of New England collapse," McGilzreay said, pointing out that 11 other Massachusetts banks also collapsed in the past year...
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