Over 80 % of the total amounts outstanding of Ε 200 billion of German companies’ debt securities are issued via their foreign financial subsidiaries. These financial resources are then channelled back to the parent company as loans.
* * * Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report. Before I begin, let me briefly address Russia’s attack on Ukraine. The conflict is causing tremendous hardship for the Ukrainian people. The implications for the U.S. economy are highly uncertain, and we will be monitoring the situation closely.