{"id":367688,"date":"2011-04-04T05:00:00","date_gmt":"2011-04-04T05:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/04\/%e2%80%98libya-owned-bank-got-73-loans-from-fed-discount-window%e2%80%99\/"},"modified":"2011-04-04T05:00:00","modified_gmt":"2011-04-04T05:00:00","slug":"libya-owned-bank-got-73-loans-from-fed-discount-window","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/04\/libya-owned-bank-got-73-loans-from-fed-discount-window\/","title":{"rendered":"\u2018Libya-owned bank got 73 loans from Fed discount window\u2019"},"content":{"rendered":"
\n

New York: Arab Banking Corporation, the lender part- owned by the Central Bank of Libya, used a New York branch to get 73 loans from the United States. Federal Reserve in the 18 months after Lehman Brothers Holdings Incorporated collapsed, Bloomberg reported on Saturday. <\/p>\n

The bank, then 29 per cent-owned by the Libyan state, had aggregate borrowings in that period of $35bn \u2013 while the largest single loan amount outstanding was $1.2bn in July 2009, according to Fed data released on Saturday. In October 2008, when lending to financial institutions by the central bank\u2019s so- called discount window peaked at $111bn, Arab Banking took repeated loans totalling more than $2bn. <\/p>\n

Fed officials said all the discount window loans made during the worst financial crisis since the 1930s had been repaid with interest. <\/p>\n

The US government has frozen assets linked to the regime of Libyan ruler Muammar Qaddafi and engaged in air strikes against his military forces, which are battling a rebel uprising in the North African country. Arab Banking got an exemption that allows the firm to continue operating while barring it from engaging in any transactions with the Libyan government, according to the US Treasury Department. <\/p>\n

\u201cIt is incomprehensible to me that while creditworthy small businesses in Vermont and throughout the country could not receive affordable loans, the Federal Reserve was providing tens of billions of dollars in credit to a bank that is substantially owned by the Central Bank of Libya,\u201d Senator Bernard Sanders of Vermont, an independent who caucuses with Democrats, wrote in a letter to Fed and US officials. <\/p>\n

The letter was addressed to Fed Chairman Ben S. Bernanke, Treasury Secretary Timothy F. Geithner and John Walsh, acting comptroller of the currency. The figure refers to the aggregate amount of loans the bank received under US lending programmes. <\/p>\n

Arab Banking, known as ABC, owed about $4bn to the Fed under other bailout programmes in the fall of 2009, data released in December show. <\/p>\n

\u201cABC has a robust balance sheet, is amply capitalised and currently maintains a comfortable liquidity position,\u201d the company said in an e-mailed statement. \u201cABC currently has no outstanding loans under any Federal Reserve, or other, emergency lending program.\u201d <\/p>\n

Jack Gutt, a spokesman for the Federal Reserve Bank of New York, declined to comment. Arab Banking said on December 2 that Libya\u2019s stake in the Manama, Bahrain-based lender had increased to 59 per cent. <\/p>\n

\u201cThere was an uneasy detente between the United States and Libya\u201d when the loans were made, senior economic adviser to Merk Investments LLC and a former president of the Federal Reserve Bank of St. Louis,\u201d Williams Poole, said.<\/p>\n<\/div>\n<\/p>\n

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