Cl4—Uncaster Farming, Saturday, April 5,1980
Farm Credit loans up 31.6%
WASHINGTON, D.C. -
The Farm Credit System
loaned a record $59.1 billion
during the year ended
December 31, 1979, an in
crease of 31.6 percent over
1978, according to a report
by the Farm Credit Ad
ministration, Federal
supervisory agency for the
System’s borrower-owned
banks and associations.
The increase was twice
that posted between 1977 and
1978. Loans outstanding at
the end of 1979 stood at $5B 5
billion, an increase of 23.5
percent from a year earlier.
FCA Governor Donald E
Wilkinson said there were
several factors contributing
to the bigger-than-average
increase m loan volume
“When farmers have a
good year, they traditionally
use net income to leverage
more debt,” he said. “This
provides the opportunity for
expansion and for the pur
chase of capital items. The
strong loan demand overall,
proves that 1979 was no
exception, as net farm in
come was the second highest
ever.”
Wilkinson pointed out that
many country banks had
liquidity problems during
1979, and high loan-to
deposit ratios in these banks
caused some of their custo
mers to seek Farm Credit
System financing.
Another reason, he said,
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was that in times of rapidly
rising interest rates, Farm
Credit System rates lag
because of the way loan
funds are obtained - through
the sale of securities in the
nation’s capital markets.
“The Farm Credit Banks
recently paid more than 15
percent for money,”
Wilkinson said “But they
still have bonds outstanding
that cost considerably less
and their interest rates are
based on the weighed
average of all outstanding
bonds.”
“The law requires the
Farm Credit System to serve
all agricultural producers
who have a basis for credit,”
Wilkinson said. “When other
lenders can’t fill loan
demands for whatever
reasons, the System takes up
the slack and does so at no
cost to the taxpayers.”
During 1979, the Federal
Land Banks made 92,000
loans totaling $9.1 billion.
The year before, they made
73.000 loans for a total of $6.4
billion. The increases were
26 percent in number and 42
percent in amount. At the
end of 1979. the banks had
549.000 loans outstanding for
$31.3 billion, compared to
508.000 loans totaling $25.6
billion a year earlier. The
number of loans outstanding
was up 8 percent, while the
amount increased 22 per
cent.
READ
LANCASTER
FARMING
FOR COMPLETE
AND
UP-TO-DATE
MARKET
REPORTS
Production Credit
Associations served 434,000
borrowers during 1979,
extending $29.4 billion in
credit. In 1978, 421,000
borrowers received a total of
$23.4 billion. The number of
borrowers served increased
only 3 percent, but the credit
extended rose by 26 percent
At the end of 1979, PCAs had
$18.4 billion in loans out
standing to a total of 365,000
borrowers. A year earlier,
351,000 borrowers had a total
of $15.1 billion in oustandmg
loans. The amount out
standing increased 22 per
cent, and the number of
borrowers with outstanding
loans rose 4 percent.
The Federal Intermediate
Credit Banks discounted $1.6
billion in notes for other
financing institutions in 1979,
an mcrease of 33 percent
over the $1.2 billion
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discounted in 1978. At the end
of the year, they had $666
million in discounts out
standing, 30 percent more
than the $5ll million of a
year earlier.
Loan volume of the Banks
of Cooperatives totaled $19.0
billion in 1979, 36 percent
more than the $l4 billion of
the previous year. Loans
outstanding rose 33 percent,
from $6.1 billion in 1978 to
$B.l billion in 1979. The
number of cooperatives
served remained about the
same, with 3,200 obtaining
advances and 3,400 with
loans outstanding.
The net worth of the Farm
Credit System increased $1.2
billion during the year and
stood at $7.3 billion on
December 31. Of this
amount, $4.3 billion
represented investments by
borrowers.
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Chester Spring
Homemaker’s Day
April 15
WEST CHESTER - The
Chester County Extension
Service has planned the
semi-annual Spring
Homemaker’s Day for
Tuesday, April 15 from 10.00
a m until 2.00 p m
The day’s events are part
of the informal education
program of the extension
service and all interested
person? are invited to at
tend.
The program will be held
at Freedoms Foundation,
Valley Forge. The Foun
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mile west of Valley Forge
National Historical Park on
Route 23
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“Antiques: A Legacy of
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preciations of collecting and
Tour and Film of Freedoms
Foundation.
A luncheon will be served
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penses. Deadline for
registration is Monday,
April 7. For information call
the extension
215/696-3500.
#