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when deposits and other cash flows are inadequate—usually brings in both

new deposits and the demand for other financial services as well. And the
benefits may reach far beyond the borrowing customer alone. For example,
a loan made to business firm often brings in personal accounts from the
firm's owner and employees.
The financial community learned long ago the importance of customer
relationship doctrine. This doctrine proclaims that the first priority of
lending institution is to make loans to all those customers from whom the
lender expects to receive positive net earnings. Thus lending decision
precede funding decisions; all loan and investments whose return exceeds their costs
and whose quality meets the lending institution's credit standard should be made.
If enough deposits are not immediately available to cover these loans and
investments, the management should seek out the lowest cost source of
borrowed funds available to meets its customers' credit needs.
During the 1960s and 1970s, the customer relationship doctrine
spawned the liquidity management strategy known as liability
management, introduced in Chapters 7 and 11. Liability management
consists of buying funds, mainly from other financial institutions, in order to
good-quality credit requests and satisfy any legal reserve requirements on
deposits and other borrowings that law or regulation may require. As we saw
in chapter 11, a lending institution may acquire funds by borrowing short
term in domestic Federal funds market, borrowing abroad through the
Eurocurrency market, selling money market or jumbo ($100,000+)
negotiable CDs to customers, securing the loan from the central bank or
other government agency, negotiating security repurchase agreements with
individuals and institutions having temporary surpluses of funds, issuing
commercial paper through a subsidiary part of the same holding company, or
even selling debentures (long-term debt) to raise capital for the long haul.
Table 13-1 illustrates the basic idea behind liability management. In this
instance, one of a lender's business customers has requested a new loan
amounting to $100 million. however, the deposit division reports that only
$50 million in new deposit are expected today. If management wishes to
fully meet the loan request of $100 million, it must find another $50 million
from nondeposit sources. some quick work by lender's money market
division, which called correspondent banks inside the United states and in
London and negotiated with non bank institutions with temporary cash
surpluses, resulted in

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