Posted on 08/18/2011 4:53:53 AM PDT by TigerLikesRooster
US Units of European Banks Under NY Fed Scrutiny: Report
Published: Thursday, 18 Aug 2011 | 2:25 AM ET
By: Reuters
The Federal Reserve Bank of New York is intensifying its scrutiny of the U.S. units of Europe's biggest banks amid concerns that Europe's debt crisis could spill into the U.S. banking system, the Wall Street Journal reported citing sources familiar with the matter.
The New York Fed is demanding more information from the banks about whether they have reliable access to the funds needed to operate on a day-to-day basis in the United States and, in some cases, pushing the banks to overhaul their U.S. structures, the report said.
New York Fed officials "are very concerned" about European banks facing funding difficulties in the United States, a senior executive at a major European bank who has participated in the talks told the Wall Street Journal.
The New York Fed did not immediately respond to phone calls seeking comment outside regular U.S. business hours.
(Excerpt) Read more at cnbc.com ...
P!
Damn straight. Only OUR banks are allowed to tank our economy.
And a damned fine job they’ve done of it!
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