Advertisement
YOU ARE HERE: LAT HomeCollectionsLoans

BRIEFLY

Brazil's payments action will affect 1st Interstate.

March 20, 1987

First Interstate Bancorp said some of its loans to Brazil may have to be declared non-performing because of the country's suspension last month of interest payments on all medium- and long-term foreign bank debt. In a filing with the Securities and Exchange Commission, the Los Angeles-based bank said that if it decides to take the action, "the impact on income before taxes for 1987 would be about $33.5 million." Federal banking rules require that loans be classified as non-performing if interest payments are 90 days or more overdue.

Advertisement
Los Angeles Times Articles
|
|
|