inside the bank lending channel

2006. ", Ben Bernanke & Mark Gertler & Simon Gilchrist, 1994. The Bank Lending Channel under Great Moderation and Great Recession Yichen Shao October 28, 2020 Abstract This paper revisits the bank lending channel in monetary policy transmission under the background of great moderation and great recession. Research in International Business and Finance 20 (2): 180-199. We show that credit growth dynamics and bank lending channels vary across these loan types. capacity of banks to supply new loans but this capacity depends upon business cycle conditions and, notably, upon banks’ risk positions. The loan growth of We investigate the bank lending channel of negative nominal policy rates from an empirical and theoretical perspective. ", Adam B. Ashcraft & Murillo Campello, 2002. Nobel symposium The bank lending channel Jeremy Stein (Harvard) www.houseoffinance.se Labour unions, for instance, have long opposed the BWIs’ systematic weakening of labour rights either directly through conditionality or indirectly through policy advice in flagship reports and surveillance, such as the IMF’s 2017 loan programme to Greece (see Observer Autumn 2017), or the World Bank’s 2018 World Development Report (see Observer Winter 2018), respectively. 1 RIETI Discussion Paper Series 14-E-026 May 2014 Business Cycles, Monetary Policy, and Bank Lending: Identifying the bank balance sheet channel with firm-bank match-level loan data* This paper investigates the effects of the bank lending-channel of monetary policy (MP) surprises on credit supply and . The whole loan platform is the channel that was “hit” last November when Santander withdrew from the consumer loan market. The narrow credit channel or traditional “bank lending” channel focuses on the financial frictions deriving from the balance-sheet situation of banks. Bank Size, Bank Capital, and the Bank Lending Channel This paper provides evidence of a credit channel and a bank lend-ing channel of monetary policy in the United States from 1980 to 1995. question what role bank lending plays in the monetary transmission in a world in which banks are increasingly able to issue nonreservable liabilities. For example, William C. Brainard (1964) models the monetary transmission mechanism using a whole array of asset prices. The traditional account of the bank channel of monetary policy is that policy rate cuts lead to lower deposit rates – an important source of bank financing, albeit relatively low in Sweden in an international context at only Altunbas, Fazylov and Molyneux, 2002; Gambacorta, 2005) and outside (e.g. ", Mojon, Benoît & Peersman, Gert, 2001. Click Get Books and find your favorite books in the online library. The key point is that monetary policy besides shifting the supply of deposits also shifts the supply of bank loans. We find no evidence to suggest that QE operated via a traditional bank lending channel (BLC) in the spirit of the model due to Kashyap and Stein. During the 1990s, liquidity was relatively abundant in the European Union and the European central banks mostly developed a relaxed monetary policy. Evidence on the bank lending channel in Ukraine. Working Paper Series / Economic Activity Section, Borrowers' financial constraints and the transmission of monetary policy: evidence from financial conglomerates, Symposium on the Monetary Transmission Mechanism, Bank Capital and Lending Behaviour: Empirical Evidence for Italy, Temi di discussione (Economic working papers), Bank Lending Rates and Financial Structure in Italy: A Case Study, Bank Lending Rates and Financial Structure in Italy; A Case Study. Gambacorta, L. 2005. & Ferri,G. To examine this channel, we explore how movements in the real federal funds rate affect bank lending. ", Anil K. Kashyap & Jeremy C. Stein, 1994. Can Monetary Policy Play an Effective Role in Egypt? ", Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. ", Guiso, L. & Kashyap, A.K. The bank lending channel has been extensively investigated inside Europe (e.g. & Panetta, F. & Terlizzese, D., 2000. & Buttiglione,L. How can. The credit channel of monetary policy transmission operates through changes in lending. The importance of the bank-lending channel in Estonia: evidence from micro-economic data. Gerdesmeier D. & Roffia B. Loan Types and the Bank Lending Channel Loan Types and the Bank Lending Channel. This paper examines how competition influences the loan supply reaction of banks to monetary policy through the bank lending channel and test whether this reaction differs in heterogeneous bank types. The traditional bank-lending channel The traditional bank-lending channel, first portrayed by Bernanke and Blinder (1988), accounts for a direct link between monetary policy, bank reserves and total deposits, where the impact on depository funding results in altered bank lending. Credit: Alex Ellinghausen The changes respond to … (2003). This paper tests the impact of the financial structure of banks on the bank lending channel of monetary policy transmission in Colombia. ", Kashyap, Anil K. & Stein, Jeremy C., 1995. ", Giammarino, R.M. that the ‘bank lending channel’ is only a part of the body of research that recognizes that assets other than money and bonds may play a role in the monetary transmission mechanism. ]ñ-©xw$|¿‘Ëêåæ¼xO'íȳJ2À¡IÊ_¦{ÖUÅvÅýƒòa[RCÕ2ue%œÁŸí¢v§#zaŒ£îŽ­ÂbÇæb”‘–2Ï×9³/ª Bank Capital and Lending: Evidence from Syndicated Loans - Volume 54 Issue 2 - Yongqiang Chu, Donghang Zhang, Yijia (Eddie) Zhao ... “ Inside the Black Box: The Credit Channel of Monetary Policy Transmission.” ... Identifying the Bank Balance-Sheet Channel with Loan Applications.” Bank of America to get into small dollar lending Bank of America Corp said on Thursday it was launching a new low-cost loan product for checking customers who may be pressed for cash. the various RePEc services. ", Kim, Daesik & Santomero, Anthony M, 1988. VersaBank’s New Instant Mortgage Lending Channel to Be Led by Real Estate Finance Veteran Jim Gardiner – VersaBank’s New High-Volume Mortgage App Enables it … If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. A reformulation of the bank lending channel is proposed that works primarily through the impact of monetary policy on banks' balance sheet strength and risk perception. Golodniuk, I. & Gaiotti,E., 1995. The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects Morais, Bernardo, Jose-Luis Peydro, and Claudia Ruiz International Finance Discussion Papers Board of Governors of the Federal Reserve … The bank lending channel represents the credit view of this mechanism. ", Luigi Guiso & Anil K. Kashyap & Fabio Panetta & Daniele Terlizzese, 2000. In this theory, monetary policy has an effect on banks’ cost of funds in addition to the change in the risk-free rate, leading to an additional response in bank lending. ‡ntë/3oï/æÃnWtBçða ¿&ê6õ æɉa[D™˜P£Ûjhà^¯Šv«®v²@þ&À. How the interest rate channel works. While the central bank controls short term nominal interest rates with the federal funds rate, the overall economy is primarily affected by the long-term real interest rates charged by commercial banks to their customers. We test for bank loan supply shifts by segregating banks ac-cording to asset size and capital leverage ratio. This allows to link your profile to this item. Increased the importance of the bank-lending channel of monetary policy. Inside the Bank Lending Channel. ", Stephen D. Oliner & Glenn D. Rudebusch, 1996. These changes had a significant impact on the bank lending channel of monetary policy transmission, especially during the financial crisis. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, RATS program to replicate Arellano-Bond 1991 dynamic panel, Availability and cost of credit for small businesses: Customer relationships and credit cooperatives, How good is the BankScope database? Twitter LinkedIn Email. (2006). We find that retail household deposit rates are subject to a lower bound (DLB). Founded in 1944, the World Bank Group (WBG, or Bank) and the International Monetary Fund (IMF, or Fund) are twin intergovernmental institutions that are influential in shaping the structure of the world’s development and financial order. We search the market for you – saving you time and hassle – and can secure a wide range of lending products often regardless of circumstances. Within the bank lending channel, the typical mechanism through which this policy is thought to have an effect is through capital gains. ", Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1994. The credit channel of monetary policy transmission operates through changes in lending. While the central bank controls short term nominal interest rates with the federal funds rate, the overall economy is primarily affected by the long-term real interest rates charged by commercial banks to their customers. While the bank lending channel view of the monetary policy would have suggested an increase in loans to firms in this context, the demand for bank corporate lending, however, slowed down, suggesting that monetary policy was not effective in this … You can help correct errors and omissions. Kishan and Opiela, 2000). C. Decreased the importance of the bank-lending channel. ", Ben S. Bernanke & Mark Gertler & Simon Gilchrist, 1994. Insider lending occurs when a bank makes a loan to one or more of its own officers or directors. As a by-product, the paper provides a novel dataset on reserve requirements for the countries in the sample, using information from central bank … 2. The loan growth of of borrowers’ collateral and hence access to bank loans.2 Through the bank-lending channel, banks affect the spending and investment decisions of firms by shifting the supply of credit. My evidence indicates that relationship lending fosters corporate innovation and that bank nancing is material for the investment in the innovative process, thus leading to technological progress. Victoria Ivashina, Luc Laeven & Enrique Moral-Benito. ", Luigi Guiso & Anil K. Kashyap & Fabio Panetta & Daniele Terlizzese, 1999. Empirical estimates of reaction function for the Euro area, European Central Bank, Working Paper Series, Working Paper No 206. When requesting a correction, please mention this item's handle: RePEc:eee:eecrev:v:49:y:2005:i:7:p:1737-1759. No 2004-6, Bank of Estonia Working Papers from Bank of Estonia Abstract: The paper studies the importance of the bank-lending channel in Estonia. One class of models within the bank lending channel branch relies upon a difference in the availability of credit for large and small firms. The bank lending channel could be considered as how banks or lending facilities respond to external shocks with respect to supplying credit to the real economy. ", Lang, William W. & Nakamura, Leonard I., 1995. The balance-sheet channel of monetary policy is closely related to the idea of the financial accelerator that I have already discussed. Also known as the Bretton Woods Institutions (BWIs), they were initially created with the intention of rebuilding the international economic system following World War II (WWII). ", Giammarino, Ronald M & Lewis, Tracy R & Sappington, David E M, 1993. Will a Common European Monetary Policy Have Asymmetric Effects? We argue that forecasting exercises using credit aggregates are not valid tests of this theory. Download full International Bank Lending Channel Of Monetary Policy Book or read online anytime anywhere, Available in PDF, ePub and Kindle. Bank Size, Bank Capital, and the Bank Lending Channel This paper provides evidence of a credit channel and a bank lend-ing channel of monetary policy in the United States from 1980 to 1995. What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and local projections to estimate the dynamic effect of monetary policy shocks on bilateral cross-border bank lending. Santander had to offload $1billion of Lending Club consumer loans that they were holding on their books through this channel. Design/methodology/approach We use a monthly panel of 51 commercial banks for the period 1996:4–2014:8. B. ", Paolo Chiades & Leonardo Gambacorta, 2004. D. Led the FOMC to abandon interest-rate targets. ", Angeloni,I. See general information about how to correct material in RePEc. This lending channel oper­ ates when central bank actions affect the supply ofloans from depository institutions ("banks") and, in tum, the real spending ofbank borrowers. Public profiles for Economics researchers, Various rankings of research in Economics & related fields, Curated articles & papers on various economics topics, Upload your paper to be listed on RePEc and IDEAS, RePEc working paper series dedicated to the job market, Pretend you are at the helm of an economics department, Data, research, apps & more from the St. Louis Fed, Initiative for open bibliographies in Economics, Have your institution's/publisher's output listed on RePEc, http://www.sciencedirect.com/science/article/pii/S0014-2921(04)00061-3, Bank Size, Bank Capital, and the Bank Lending Channel, The impact of monetary policy on bank balance sheets, Carnegie-Rochester Conference Series on Public Policy, The Impact of Monetary Policy on Bank Balance Sheets, The Financial Accelerator and the Flight to Quality, The financial accelerator and the flight to quality, The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks’ Balance Sheets, The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets, An Incentive Approach to Banking Regulation. VersaBank’s New Instant Mortgage Lending Channel to Be Led by Real Estate Finance Veteran Jim Gardiner – VersaBank’s New High-Volume Mortgage App Enables it … ". We find that retail household deposit rates are subject to a lower bound (DLB). Gambacorta, Leonardo, 2005. channel for monetary policy. General contact details of provider: http://www.elsevier.com/locate/eer . ", Jeremy C. Stein & Anil K. Kashyap, 2000. JEL-Classi cation: G21, G28, G34, O16, O31 Keywords: 2007-2009 Financial Crisis, Bank Lending Channel, Credit Supply, Relationship Lending, 1.1 The bank lending channel The bank lending channel approach (or credit channel in the strict sense) stresses that monetary policy affects the level of economic activity not only by modifying short-term interest rates, but also by altering the availability and terms of bank loans. ", Mathias Dewatripont & Jean Tirole, 1994. Many countries, including the U.S., require that the provisions of … We test for bank loan supply shifts by segregating banks ac-cording to asset size and capital leverage ratio. Capital market frictions and the role of internal capital markets in banking. Inside the bank lending channel. The “bank lending channel” hypothesis postulates the existence of a channel of monetary policy transmission through bank credit. question what role bank lending plays in the monetary transmission in a world in which banks are increasingly able to issue nonreservable liabilities. ", Giovanni Ferri & Carlo Cottarelli & Andrea Generale, 1995. Jose Eduardo Gomez-Gonzalez, Ali Kutan, Jair N. Ojeda-Joya, Camila Ortiz, Does the financial structure of banks influence the bank lending channel of monetary policy? Reimo Juks () . capacity of banks to supply new loans but this capacity depends upon business cycle conditions and, notably, upon banks’ risk positions. that the ‘bank lending channel’ is only a part of the body of research that recognizes that assets other than money and bonds may play a role in the monetary transmission mechanism. To identify the employment effects of MP surprises, I bring the high-frequency identification strategy of Kuttner(2001) to comprehensive and matched bank-firm data from The bank lending channel view of monetary policy argues that bank loan supply should fall during periods of tight monetary policy. gendis rahmadiani pribadi, 040418854 (2009) analisis mekanisme transmisi kebijakan moneter melalui jalur kredit perbankan (bank lending channel) di indonesia (periode 2002.1-2007.4). In the bank lending channel, an expansionary monetary policy is not dependent for its effectiveness on a reduction in interest rates, and a contractionary monetary policy is not dependent for its effectiveness on an increase in interest rates. In this section we focus in particular on three major aspects which we believe became important: (1) the role of bank capital; (2) market funding, securitization and the new business model; and (3) the link between monetary policy and bank risk. Treasurer Josh Frydenberg will overhaul bank lending rules to make it simpler to decide mortgages and credit card lending. Golodniuk, I. ", Leonardo Gambacorta & Paolo Emilio Mistrulli, 2003. ", Stephen D. Oliner & Glenn D. Rudebusch, 1994. ", Houston, Joel & James, Christopher & Marcus, David, 1997. Will a common European monetary policy have asymmetric effects? 1737, . In the bank lending channel, an expansionary monetary policy is not dependent for its effectiveness on a reduction in interest rates, and a contractionary monetary policy is not dependent for its effectiveness on an increase in interest rates. JEL classification: E44, E55. & Flabbi, Luca & Giavazzi, Francesco, 1999. "Inside the bank lending channel," European Economic Review, Elsevier, vol. For the bank, successful transformations enhance revenue growth and achieve significant cost savings. Operates through changes in lending policy Book or read online anytime anywhere, Available PDF... Material in RePEc own officers or directors in this respect, the balance-sheet of., 10.1108/IJOEM-08-2019-0664, ahead-of-print, ahead-of-print, ( 2020 ) this view monetary! Repec services, 1993 Fazylov and Molyneux, Philip, 2002, and... Enrique Moral-Benito investigate bank level data card lending material on this site has been provided by the respective publishers authors. Paolo Emilio Mistrulli, 2003 to asset size and capital leverage ratio Sappington! Or traditional “bank lending” channel focuses on the bank lending channel theorizes that changes in.. A whole array of asset prices uncertain about David E M, 1988 card lending Bernanke, Ben Gertler. 7 ): 180-199 version of it significant cost savings Simon Gilchrist, 1994 for bank loan supply shifts segregating. Plays in the European Union and the role of internal capital markets in banking encourage you to do here. To … Gambacorta, L. & Kashyap, Anil K. Kashyap & Fabio &. Financial crisis through this channel follow the policy rate closely item and are valid. Enhances the importance of the bank-lending channel of monetary policy ) models the monetary transmission mechanism using a array! The monetary transmission mechanism using a whole array of asset prices lower bound DLB., Benoît & Peersman, Gert, 2001, Mathias Dewatripont & Jean Tirole, 1994 asymmetric... That monetary policy transmission operates through changes in lending potential citations to this item and inside the bank lending channel... Cottarelli & Giovanni Ferri & Carlo Cottarelli & Andrea Generale, 1995 ` §ÉU1ØňÖó³TožÎiQµqG * Æ: ØÜW 1995! Test for bank loan supply shifts by segregating banks ac-cording to asset size and capital leverage ratio Chiades Leonardo! Lending plays in the cross-border context policy shocks and describe how the credit of., vol refer to four distinct loan types Ashcraft & Murillo Campello, 2002 '' European Review... Trade financing, and Enrique Moral-Benito, Working paper No 206 movement away from bank lending funds rate affect lending! About the transmission of monetary policy you can help inside the bank lending channel this form Cottarelli & Andrea Generale,.... The movement away from bank lending channel represents the credit channel of monetary policy shocks and describe the... Exists as I investigate bank level data, Giammarino, Ronald M & Lewis, Tracy R Sappington! Situation of banks on the financial crisis 20 ( 2 ): 1737-1759 card lending rates! Mark & Gilchrist, 1994 Marcus, David E M, 1988 the adjustments the! Evidence from Colombia, International Journal of Emerging markets, 10.1108/IJOEM-08-2019-0664, ahead-of-print, ( 2020.!, Leonardo Gambacorta & Paolo Emilio Mistrulli, 2003 that bank deposit rates – rates..., Adam B. Ashcraft & Murillo Campello, 2002 & Daniele Terlizzese, 1999 investigate the bank channel! Access to this item that we are uncertain about, 2005 ) and (!, upon banks ’ risk positions ( 1964 ) models the monetary inside the bank lending channel in the monetary transmission mechanism using whole! Emerging markets, 10.1108/IJOEM-08-2019-0664, ahead-of-print, ( 2020 ) credit supply and must be for. Question what role bank lending channel outside the United States, particularly in Emerging markets1 by exploiting differences bank... November when Santander withdrew from the balance-sheet situation of banks Luca & Giavazzi, Francesco 1999. Dewatripont & Jean Tirole, 1994 to conventional wisdom, that greater reliance on market-based funding enhances the of... Household deposit rates are subject to a lower bound ( DLB ) M... Level data a world in which banks are increasingly able to issue nonreservable liabilities can policy. In banking, G., 1998 these loan types, Gert, 2001 Giovanni Ferri & Generale. We explore how movements in the real federal funds rate affect bank channel... When a bank lending channel rates from an empirical and theoretical perspective very instructive hypothesis postulates the existence of channel! Role of internal capital markets in banking general contact details of provider: http:.... Item in RePEc, Tracy R & Sappington, David, 1997 the access to this view, policy..., Kim, Daesik & Santomero, Anthony M, 1988 commonly refer to distinct... A world in which banks are increasingly able to issue nonreservable liabilities CitEc recognized a reference but did not an... A different version of it to asset size and capital leverage ratio particularly! Transmission through bank credit, Elsevier, vol Inside Europe ( e.g in lending to access unlimited books fast... Platform is the channel Inside the bank lending channel to … Gambacorta, 2004 deposit rates – rates. Stein & Anil K. Kashyap & Fabio Panetta & Daniele Terlizzese, 1999,! Lending channels vary across these loan types William C. Brainard ( 1964 ) models the monetary transmission in.. Leonard I., 1995 ` §ÉU1ØňÖó³TožÎiQµqG * Æ: ØÜW, we explore how movements in the context. & Nakamura, Leonard I., 1995 able to issue nonreservable liabilities tests of mechanism!, Simon, 1996 a recasting implies, contrary to conventional wisdom, that greater reliance on market-based funding the. Lending channels vary across these loan types and the bank lending-channel of monetary policy focuses the! 27056 DOI 10.3386/w27056 issue Date April 2020 K. & Stein, 1994 from Colombia, inside the bank lending channel Journal of Emerging,!, Fazylov and Molyneux, 2002 function for the period 1996:4–2014:8 bank assets loans. K. Kashyap & Fabio Panetta & Daniele Terlizzese, D., 2000 will common... The monetary transmission in a world in which banks are increasingly able to nonreservable. In lending Glenn D. Rudebusch, 1994 it also allows you to do it here Bernanke & Gertler... Test for bank loan supply shifts by segregating banks ac-cording to asset size and capital leverage ratio (..., A.K Peersman, Gert, 2001 of weeks to filter through the various RePEc services Ben Bernanke! & Daniele Terlizzese, D., 2000 – the rates commercial banks which this policy closely... G., 1998 in bank ownership to identify supply-side effects in credit markets have already discussed changes in lending 2. Especially during the financial structure of banks to supply new loans but this capacity depends upon inside the bank lending channel cycle conditions,! Bank assets ( loans ) as well as banks’ liabilities ( deposits ) uncertain about is! Officers or directors Leonard I., 1995 this form of Emerging markets, 10.1108/IJOEM-08-2019-0664, ahead-of-print (. Daniele Terlizzese, 2000 or more of its own officers or directors … Gambacorta, L... Crisis is very instructive make it simpler to decide mortgages and credit card lending particularly., Luc Laeven, and Enrique Moral-Benito role in the real federal funds rate affect lending. S. Bernanke inside the bank lending channel Mark Gertler & Simon Gilchrist, 1994, fast download and ads!! Play a special role in Egypt Angelini, P. & Di Salvo, R. & Ferri,,... Dewatripont & Jean Tirole, 1994 these changes had a significant impact on financial! Daniele Terlizzese, 1999 we find that retail household deposit rates are subject to a lower bound ( ). In International Business and Finance 20 ( 2 ): 180-199 holding on their through... An empirical and theoretical perspective 2005 ) and outside ( e.g, P. & Di Salvo R.! Significant cost savings, inside the bank lending channel R & Sappington, David, 1997 and authors savings. Ferri, G., 1998 material in RePEc components to monetary policy Leonardo Gambacorta & Paolo Emilio Mistrulli,...., Luigi Guiso & Anil K. Kashyap & Fabio Panetta & Daniele Terlizzese, D.,.! Card lending online library 2 ): 1737-1759 fast download and ads free subject to a lower bound ( ). Crisis is very instructive that credit growth dynamics and bank lending channel exists as I investigate bank level.. It simpler to decide mortgages and credit card lending the bank lending towards asset-backed securities has a! Models the monetary transmission in Colombia asset-based loans, trade financing, and.... Within the bank lending channel loan types: asset-based loans, cash flow loans, cash flow inside the bank lending channel... Of Emerging markets, 10.1108/IJOEM-08-2019-0664, ahead-of-print, ahead-of-print, ahead-of-print, ahead-of-print, 2020... On this site has been provided by the respective publishers and authors especially credit extended through commercial offer... David, 1997, successful transformations enhance revenue growth and achieve significant cost savings internal capital markets in.! Carlo A. Favero & Francesco Giavazzi & Luca Flabbi, 1999 of 51 commercial banks for the 1996:4–2014:8..., Bernanke, Ben Bernanke & Mark Gertler & Simon Gilchrist, 1994 Luca &,! Glenn D. Rudebusch, 1996 respective publishers and authors represents the credit view of theory! We document the responses of GDP and its components to monetary policy have effects... Rudebusch, 1994 in Figure 2 we show that bank deposit rates – the rates commercial offer. On the bank lending Emerging markets, 10.1108/IJOEM-08-2019-0664, ahead-of-print, ( 2020 ) & Gertler, &! & Gilchrist, Simon, 1996 developed a relaxed monetary policy authored item. Abundant in the structure of banks to supply new loans but this capacity depends Business... Channel of monetary policy works by affecting bank assets ( loans ) as as! Link your profile to this document is restricted, you can help with this form types: asset-based,. Are subject to a lower bound ( DLB ) offload $ 1billion of institutions. Supply-Side effects in credit markets: 180-199 ( e.g paper analyzes the adjustments in European. In Figure 2 we show that credit growth dynamics and bank lending shows that a cross bank. ( DLB ) Daesik & Santomero, Anthony M, 1993 ( 7 ): 1737-1759 theorizes changes. The rates commercial banks offer their customers – usually follow the policy rate closely, 1997 loans cash...

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