By conducting balance sheet operations, the NBU effectively provided a "monetary stimulus" to the economy.
And one of the interesting things is that it really is, in effect, the biggest off-balance sheet operation going.
In the end, Enron failed to persuade investors and traders that its odd financing transactions, which included off-balance sheet operations that seem to have been created to keep losses and debts off the parent company's balance sheet, were not a threat to the company's financial viability.
These balance-sheet operations, on top of the rock-bottom interest rates, have had an extremely stimulative effect, amounting to the theoretical equivalent of a Fed benchmark interest rate of approximately negative 4 percent, according to Thomas Lam, an economist at the OSK-DMG Group in Singapore.
Non-bank entities and banks' off-balance-sheet operations catered to the surge in the demand for credit, as they faced less stringent limits on reserve requirements and enjoyed higher flexibility of pricing on both the funding and lending sides.
Vikram S. Pandit, Citigroup's chief executive, has been forging ahead with plans to streamline the bank's balance sheet and operations.
"Don't take this personally and take it constructively please," the analyst said, "But when I talk to investors about CommonWealth, the investment strategy, the balance sheet, the operations, there's just zero investor confidence out there.
He has refocused Mattel by strengthening its balance sheet, streamlining operations and controlling costs.
A decent balance sheet, profitable operations, low stock valuation levels and a decent dividend combine to make the stock look attractive.
Executive director Koushik Chatterjee said that, despite the impact of the UK on Tata's balance sheet, its British operation enjoyed a "significant benefit" during the quarter from the weakness of the pound.
"With a highly leveraged balance sheet and ongoing operation losses, we believe Qwest needs MCI's cash and network capabilities," S&P Equity Research said.
