By Paolo Savona, George Sutija
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Extra resources for Eurodollars and International Banking
Example text
One reaction of the large American banks to the credit crunch of 1966 was to open up branches in London, sell COs there and then make the funds available to the head office. This, of course, pushed up the Eurodollar rate and created additional difficulties for the pound, as noted above. The 1966 episode was just a rehearsal for the events of 1969. Market rates receded at the end of 1966, then rose in the second half of 1967. As they were hitting the ceiling, the Federal Reserve raised the ceiling.
19 Central bankers could and should have long ago put their respective commercial banks under more pressure to supply exhaustive standardised data on a regular basis, with separate information concerning their offshore branches, one by one, and communicate aggregate figures to the BIS. The information so supplied is more trustworthy if followed by frequent and thorough examination of the books, with hefty fines in cases of misrepresentation or dissimulation. Unless there exists adequate information, a not very sound borrower can easily conceal from each of his lenders that he also borrows substantially from others.
New and original? In economic theory or business practice, it is always difficult to establish novelty: several writers have brought attention to similar transactions that have been seen before, such as transactions in sterling deposits in non-sterling countries before the First World War. During the 1920s, there was a business in sterling and dollar deposits in Berlin and Vienna, and again in the 1950s, borrowings of Italian banks from French banks. Reference has even been made to the medieval practice of drawing bills payable at the quarterly fairs denominated in foreign currencies other than those of the country of payment.