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But many of them, including the use of debt reserve funds and the sale of city property, are expected to surface in several weeks, when Mr. Bloomberg issues his first budget plan for the 2003 fiscal year, which starts this July.
Evidence: Providian announced in its fourth-quarter press release that the bad debt reserve, now 9% of loans, must go up.
Municipal authorities have been using debt reserve accounts to such an extent that it requires us to redefine what constitutes a default.
"The debt reserve costs us $90,000 per year," Lium told the City Council on Tuesday.
The current debt for the 12-year-old bonds remains at $3 million and, according to the original arrangement, the city must maintain a certain amount in debt reserve while the bonds are active.
"We can get rid of the indenture that does that and just rewrite the rules". Unlike their predecessors, the new bonds will not require a certain debt reserve, allowing greater flexibility as the city structures and pays off the debt.
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The Packwood proposal would abolish the deduction for bad debt reserves for all banks.
By mid-summer 1998, Russia was having trouble selling domestic debt; reserves were falling and overnight interest rates were soaring.
[A4.] G.M. Unit Raises Bad Debt Reserves The General Motors Acceptance Corporation increased the money it set aside for bad debt by 42percentt last year after rebates on new models cut the value of used cars and caused higher loan losses.
But that means adding to bad debt reserves or posting a special loss, hurting earnings.
That would require a boost in ICBC's bad debt reserves to 423 billion yuan ($64.1 billion), 2.5 times the reported figure.
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