We also worked with the banking industry in the immediate aftermath of Katrina on many issues affecting individual institutions. To help ease the check-clearing burden, starting the week of September 5, we began giving credit for checks deposited by banks in the New Orleans Branch territory as if the checks were still being processed normally in New Orleans.
This tendency may explain why they found most boom-bust cycles in property in small countries, in which a significant portion of the real estate value (or the data collection) is associated with one or two major cities. 4  BIS Review 59/2002  this year.