We also found that, even holding fixed the identity of the borrowing firm, a syndicate formed to make a dollar-denominated loan during this period was less likely to include euro-area banks, while the same was not true of syndicates making euro-denominated loans.
Fair competition and other issues The differences I have just discussed not only have safety and soundness consequences, they also have important competitive and structural consequences. The exception in current law creates an unlevel playing field among organizations that control a bank because it allows the corporate owners of ILCs to operate under a substantially different framework than the owners of other insured banks.