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VOL. 127 | NO. 153 | Tuesday, August 07, 2012

Survey: Tighter US Loan Standards for Europe Banks

AP

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WASHINGTON (AP) — A Federal Reserve survey finds that more than half of U.S. banks that lend to European banks continue to tighten their credit standards. That reflects the U.S. banks' concern over the deepening European debt crisis.

Of the 22 U.S. banks surveyed that make loans to European banks, one said it had tightened its standards "considerably" for such loans in the second quarter. Another 13 banks, or 59 percent, said they had pulled in the lending reins "somewhat" during the April-June period, according to the survey released Monday.

The debt crisis gripping the 17 countries that use the euro has pushed much of the region into a recession. Many European banks are heavily exposed to government debt, making them a greater risk.

U.S. banks generally eased standards for loans to businesses.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 311 15,028
MORTGAGES 83 338 19,668
FORECLOSURE NOTICES 15 58 3,853
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 65 247 14,281
BUSINESS LICENSES 16 120 5,111
UTILITY CONNECTIONS 70 316 21,749
MARRIAGE LICENSES 18 93 4,650

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