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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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Tuesday's News Recap: Geithner Says U.S. Will Protect Banks, IBD TIPP Rebounds

(CEP News) • Bernanke Calls for Regulatory Reforms • U.S. Wholesale Inventories Fall 0.7% • U.S. Economic Optimism ReboundsU.S. Treasury Secretary Says Banks will be Capitalized and Protected U.S. Treasury Secretary Timothy Geithner pledged to protect the United States' top 20 banks on Tuesday, and said some banks are going to need significant capital. Speaking in a PBS interview with Charlie Rose to be aired Tuesday night, he said the government cannot just let the crisis burn itself out, and that it is

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UK Government Must Prop up Banks to Boost Market Confidence, Says BOE's King

Frankfurt - The UK government must work to boost market confidence by propping up UK banks in order to counter the extreme lack of confidence in the banking sector, Bank of England Governor Mervyn King said on Thursday.It's important that the government underpins the balance sheets of major banks, King told lawmakers in London in his testimony on the current banking crisis.However, King acknowledged that studying the banks' balance sheets could take many months and that it is

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ECB's Ordonez Says Euro Providing "Immense Benefits" to Euro Zone Members

Frankfurt - The euro is providing immense benefits to the members of the monetary union, shielding them from the effects of the current financial crisis, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said on Friday.Speaking at a conference in Madrid, Spain, the central banker warned that nationally-focused crisis solutions are doomed to fail and called for a higher level of European integration as a way to help boost economies out of their current slump.Responses based

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Rosengren Calls for Speedy Removal of Bad Assets From Banks' Balance Sheets

Troubled assets need to be removed from the balance sheets of banks as quickly as possible, according to Boston Fed President Eric Rosengren, speaking at the Institute of International Bankers' Annual Conference in Washington, D.C. on Monday.Comparing the current financial woes to the Japanese experience of the 1990s, the central banker said that failure to quickly restore banks' financial health had serious consequences for the Japanese economy.By way of prevention, he called for stronger capitalization requirements for

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Banks Need to Increase Their Capital Ratios, Says ECB's Bini Smaghi

Frankfurt - Banks need to increase their capital ratios to better weather the ongoing financial crisis and restore confidence, European Central Bank Executive member Lorenzo Bini Smaghi said.The crisis keeps weighing on the banking system, increasing their bad loans and diminishing the confidence in the system, Bini Smaghi said at a conference in Cortina D'Ampezzo, Italy on Saturday. The central banker also noted that the Italian government had allowed banks to raise funds by selling bonds to the

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Forex - Central banks unite to ease liquidity freeze as the dollar tumbles, WallStreet saga continues.

The equity markets continue to squirm as uncertainty in the future of AIG and Wall Street’s financial giants continues to plague global sentiment in the sector.A selection of central banks (BoJ, ECB, BoE, BoC and the SNB) around the world have agreed to pool an $180Bn infusion into markets to provide much needed liquidity. The fed has author

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Fed's Fisher Optimistic Policies Will Pave the Way for Recovery

Although economic data in the United States are grim, the Federal Reserve's current monetary policies should help bring about a return to growth, Dallas Fed President Richard Fisher said on Wednesday.Speaking at an event in Tokyo, the central banker said the unemployment rate in the United States may reach 10% by the end of 2009 and that businesses are on the defensive as conditions continue to deteriorate. Nevertheless, Fisher said he remains confident that the innovative policies

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Financial Crisis Creating "Gaping Hole" in Economy, Says ECB's González-Páramo

Frankfurt - While inflation expectations are anchored, the current financial crisis is creating a gaping hole in the real economy, European Central Bank member José Manuel González-Páramo said.This is true not only for the euro area but for large economies at large, González-Páramo said at a conference in Madrid, Spain on Friday.The central banker also noted that some countries within the euro zone were in a weakened financial position due to the crisis. However, he stressed that preserving

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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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