NCUA Ready To Prime The Pump
ALEXANDRIA, Va. - (09/14/05) -- NCUA said there has been littlesigns of liquidity needs in the immediate aftermath of HurricaneKatrina but the federal regulator is standing ready with extrafunding, if needed. Len Skiles, executive director of NCUA, said asof Tuesday the agency had provided only one guarantee of funds."There does not appear to be any cash problems. Mississippi andAlabama (credit unions) are really working quite well, under thecircumstances. We don't foresee any problems with them being ableto serve their members. New Orleans is another story," said Skiles.NCUA has mobilized all of the means of adding liquidity to thesystem. "We anticipate providing some guarantees for thecorporates' lines of credit and stand ready with 208 assistance(emergency loans through the National CU Share Insurance Fund),"Skiles told The Credit Union Journal. Emergency loans will also beavailable through the Central Liquidity Facility. "We will use allof those tools available to us."