BANKING DEPARMENT PERMITS STATE-CHARTERED BANKS TO PROVIDE ENHANCED TEMPORARY FUNDING ARRANGEMENTS FOR EMERGENCIES

US Fed News Service, Including US State News | September 26, 2008 | Copyright

The New York State Banking Department issued the following news release:

The New York State Banking Department today announced that, in light of the current extraordinary conditions in the financial markets, including the difficulty of obtaining credit in normal amounts and on normal terms, the Banking Board has adopted a resolution under its "Wild Card Authority" to address current liquidity conditions. The Banking Board resolution authorizes New York State-chartered banks, with the approval of the Superintendent of Banks, to enter into loans in emergency situations and for limited periods ...

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