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Treasury Department Monthly Lending and Intermediation Snapshot, February 2009

Published February 17, 2009

This is the first report of the Treasury Department's scheduled monthly reports "to help taxpayers easily assess the lending and other activities of banks receiving government investments". The report covers October-December 2008. Also available are detailed reports on individual banks.

The press release states,

" The U.S. Department of the Treasury released today its first monthly bank lending survey designed to provide new, more frequent and more accessible information on banks' lending activities to help taxpayers easily assess the lending and other activities of banks receiving government investments. †Despite the negative effects of the economic downturn and unprecedented financial markets crisis, the first survey of the top 20 recipients of government investment through the Capital Purchase Program (CPP) found that banks continued to originate, refinance and renew loans from the beginning of the program in October through December 2008.

In the face of severe economic deterioration during this period--unemployment rose from 6.5 to 7.2 percent and more than 1.5 million jobs were lost as real GDP decreased by 3.8 percent--lending† levels largely held steady and would have likely been lower absent capital provided to banks through CPP.† The CPP directly infuses capital into viable banks, stabilizing the financial system and enabling banks to continue to play their vital roles as providers of credit to businesses and consumers. Some 400 banks in 47 states have participated since the program began.

As part of its commitment to greater transparency, Treasury will release a monthly survey summarizing the lending and other activities of the top 20 CPP recipients and post the findings on its web site. Today's survey tracks lending activity through the first three months of the CPP program, and subsequent reports will reflect data from the previous month."

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