Shared National Credit Program
September 11, 2003
Circular No. 11542

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a joint press release, the Federal Reserve Board, Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision report a stabilization in the quality of large syndicated bank loans. Adversely rated loans remain at an elevated and will require continued vigilance.

Questions on this matter may be directed, at this Bank, to Laurence C. Bonnemere, Assistant Vice President.