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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 This material may not be published, broadcast, rewritten or redistributed.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 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 0 35 2,573
BUILDING PERMITS 0 154 23,678
BANKRUPTCIES 79 149 9,682
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 0 24 3,087

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