Federal Reserve Chairman Alan Greenspan said on Wednesday the US banking system weathered the 2001 recession well, and was in good shape to help finance the economic recovery.
"The weakness in credit quality that accompanies the recent recession has clearly been mild for the banking system as a whole, and the system remains strong and well-positioned to meet customer needs for credit and other financial services," Greenspan said in prepared remarks, which he was to deliver via satellite from Washington to an Independent Community Bankers of America meeting in San Diego, California.
He noted that for the past several quarters "the volume of problem assets at commercial banks has declined" and noted there has been an "exceptionally small" number of bank failures in recent years.
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