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But it did so in a face-saving way that attracted little attention outside India — raising the borrowing cost for commercial banks that are especially heavy borrowers from the central bank.
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He and his business partner, Irving J. Kahn, formed several companies that were among the heaviest borrowers from the Central States, Southeast and Southwest Areas Pension Fund, the principal pension fund of the International Brotherhood of Teamsters.
The delegation is to hire a representative company there to oversee the sale of assets repossessed from borrowers, the central bank said.
Barclays said Irish banks were the biggest borrowers at the central bank and have borrowed about 130 billion euros.
Otherwise potential borrowers will expect the central bank once again to stamp on prices, driving up real borrowing costs.
When foreign creditors stopped lending, Russian borrowers turned to the central bank for financing, and the domestic interest rates began to matter.
They hang from the central skylight.
Work from the central leaf vein outward.
Cut individual florets from the central stem.
That has now fallen to 117%, but the banks are still big borrowers from the European Central Bank.
Sheltering these borrowers from the markets gives them space to right their finances, the argument runs.
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