The ensuing disintermediation subsequently proved an important impediment to the economy’s recovery. However, the extent of the problem was not fully appreciated at the time by policymakers. Despite steps toward an expansionary policy, the monetary easing of the early 1990s was insufficient to mitigate the underlying weakness during the expansion from 1994 to 1996.
The data assembled in this exercise has been published to enable independent analysts to see the basis on which we have determined loan loss projections, and as part of a continuing effort to create more transparency around these matters.