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Horn","","Statement by Karen N. Horn on the Federal Reserve Bank of Cleveland’s actions in response to severe problems experienced by thrifts insured by the Ohio Deposit Guarantee Fund (ODGF). The statement explains the Bank’s early involvement to provide liquidity assistance at the discount window, coordinate information-sharing with the State of Ohio, ODGF, and the Federal Home Loan Bank of Cincinnati, and manage currency shipments and collateral evaluation as depositor withdrawals escalated at Home State Savings Bank.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/federal-reserves-response-to-the-problems-experienced-by-odgf-thrifts-statement-by-karen-n-horn/321493/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/federal-reserves-response-to-the-problems-experienced-by-odgf-thrifts-statement-by-karen-n-horn/321493.png","ImageObject",300,407,{"name":92,"@type":93},"Levi","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",12,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What prompted the Federal Reserve Bank of Cleveland to become involved with Home State Savings Bank?","Question",{"text":113,"@type":114},"The Bank first became aware of possible financial difficulties on March 4, 1985 after an official of Home State requested guidance on borrowing procedures at the discount window.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How did the Federal Reserve respond to the depositor withdrawals at Home State?",{"text":118,"@type":114},"Federal Reserve examiners entered Home State to evaluate collateral, and credit was extended once collateral was judged acceptable, with arrangements put in place to extend further credit.",{"name":120,"@type":111,"acceptedAnswer":121},"Why did the Federal Reserve develop a plan to monitor other ODGF-insured institutions?",{"text":122,"@type":114},"The statement explains that public reaction to Home State’s problems raised concern about potential deposit withdrawals at other ODGF-insured institutions, leading to a monitoring and operational readiness plan.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},321493,1790102479,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},7971461740909,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","ECONOMICCOMMENTARY  \nI am pleased to appear before theCommerce,Consumer,and MonetaryAffairs Subcommittee to discuss theFederal Reserve's response to the recentproblems experienced by thrifts insuredby the Ohio Deposit Guarantee Fund.This morning I will be reviewing for youthe response of the Federal ReserveBank of Cleveland.  \nI would like to begin by stating thatthe role of the Federal Reserve Bankof Cleveland throughout this periodhas been to assist the State of Ohio andother federal regulators in fashioninga solution.Our initial involvement wasto insure that we could act quickly toprovide liquidity assistance at thediscount window and to make currencyshipments-first to Home State andsubsequently to other institutionsinsured by the Ohio Deposit GuaranteeFund(ODGF).We have acted at therequest of the State of Ohio,andthroughout this period the Federal ReserveBank of Cleveland and the FederalHome Loan Bank(FHLB)of Cincinnatihave shared information and staff in acooperative effort to deal with theproblems and to fashion solutions.I would also like to recognize thesubstantial and supportive role of thecorrespondent banks in Cincinnati.I believe the Federal Reserve has beenhelpful,and we will continue to assistthe State of Ohio and other federalregulators until the problem is solved.  \n                                          \nThe Federal Reserve Bankof Clevelandfirst became aware of possible financialdifficulties at Home State SavingsBank of Cincinnati,Ohio on March 4,1985,when an official of Home Statetelephoned the Federal Reserve Bankof Cleveland to inquire about theprocedures Home State should follow ifit needed to borrow at the discountwindow.The Federal Reserve Bank ofCleveland did not have any financialinformation on Home State.It is astate-chartered savings and loanassociation,regulated and examinedby the Ohio Division of Savings and LoanAssociations,and prior to this timeit had never borrowed at the discountwindow.We did know that Home State'sdeposits were insured by the ODGF,but we did not have access to anyfinancial reports on Home State.OnMarch 5,the press reported that HomeState might suffer a large loss inconnection with the failure of E.S.M.Government Securities,Inc.(E.S.M.),aFlorida-based broker-dealer ingovernment securities.The FederalReserve began an effort to gatherinformation on Home State's situation.Discussions with the FHLBof Cincinnaticonfirmed that Home State was not amember of the FHLB and that the FHLBalso had little financial information onHome State.  \n April 1,1985  \nSPARKLL脱  1097PARK  \n# Federal Reserve'sResponse to the\n\nProblems Experiencedby ODGF Thrifts.  \nStatement by Karen N.Horn  \nReports from Cincinnati on Wednesday,March 6,indicated a large volume ofdepositor withdrawals at Home State.On that same day,Federal Reserveexaminers entered Home State to examineavailable collateral in the event thatit became necessary for Home State toborrow at the discount window.Depositorwithdrawals on Wednesday andThursday were funded with Home State'sown liquidity and lending by the ODGF.  \nWe have acted at the request ofthe State of Ohio,and throughoutthis period the Federal ReserveBank of Cleveland and the FederalHome Loan Bank(FHLB)ofCincinnati have shared informationand staff in a cooperative effortto deal with the problems and tofashion solutions.  \nThe withdrawals on March 6 totaled$55 million.On March 7,a meeting washeld at the Cincinnati Branch of theFederal Reserve Bank of Clevelandwith representatives from the State ofOhio,ODGF,and Home State to discussliquidity assistance for Home Statefrom the Federal Reserve Bank ofCleveland.Based on collateral judged tobe acceptable by the Federal ReserveBank,credit was extended on Friday,March 8,and arrangements were putin place to extend further credit.  \nDepositor withdrawals had continuedon March 7 and 8,reaching approximately$100 million for those two days.On Saturday,March 9,Home Statedid not open for business.GovernorCeleste appointed a conservator forHo","cbCaihKbbfSDjbFs","https://ap.wps.com/l/cbCaihKbbfSDjbFs","pdf",1517659,"English","# Federal Reserve’s Role and Initial Actions\n## Objectives: Liquidity Assistance and Coordination\n# Timeline of Home State’s Difficulties\n## March 4-10, 1985 Developments\n# Managing Systemic Concerns for ODGF Institutions\n## Monitoring Plan and Discount Window Readiness","[{\"question\":\"What prompted the Federal Reserve Bank of Cleveland to become involved with Home State Savings Bank?\",\"answer\":\"The Bank first became aware of possible financial difficulties on March 4, 1985 after an official of Home State requested guidance on borrowing procedures at the discount window.\"},{\"question\":\"How did the Federal Reserve respond to the depositor withdrawals at Home State?\",\"answer\":\"Federal Reserve examiners entered Home State to evaluate collateral, and credit was extended once collateral was judged acceptable, with arrangements put in place to extend further credit.\"},{\"question\":\"Why did the Federal Reserve develop a plan to monitor other ODGF-insured institutions?\",\"answer\":\"The statement explains that public reaction to Home State’s problems raised concern about potential deposit withdrawals at other ODGF-insured institutions, leading to a monitoring and operational readiness plan.\"}]","Federal Reserve's Response to the Problems Experienced by ODGF Thrifts - Statement by Karen N. Horn | PDF",1789959464,13]