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European Banks Cut Dollar Exposure
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As U.S. money market funds have reduced lending to French banks, and lending maturities have shortened to seven days, French banks are facing a shortage of dollars. According to the Federal Reserve, foreign banks and their branches provide 25% of the commercial and industrial loans in the U.S. In its response to this BNP expects to reduce dollar denominated loans by $42 billion by the end of 2011 and another $40 billion in 2012, according to BNP officials. Societe Generale CEO, Frederic Oudea, says his bank will pull back on making loans to shipping, aircraft, real-estate and leveraged finance in the U.S. This will reduce credit growth in the U.S. economy.
The impact of reduced lending by U.S. money market funds to French banks on credit growth in the U.S. -2011-2012
09/22/2011
About 25% of industrial and commercial loans in the U.S. are made by foreign banks or branches of foreign banks, according to the Federal Reserve. The lack of funding for France's banks from U.S. money market funds is expected to lead to reduced availability of loans in the U.S.. French banks are pulling back on lending in the U.S.. BNP Paribas and Societe Generale face a sharp decline in dollar funding.
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