Municipal Credit

Municipal Credit


credit extended for the needs of the municipal economy and housing construction. In the capitalist countries, municipal credit is one of the varieties of bank credit. Municipal credit funds are usually mobilized by the issuing of municipal loan obligations by the local authorities or credit institutions. Since the municipal credit is often secured by the pledge of municipal structures and land, it is actually close to mortgage credit.

Municipal credit has been greatly developed because of the rapid growth of the cities in the 19th century and particularly in the 20th. In the age of imperialism, the independent role of municipal loans has declined, since they are issued only with permission from the central government. In various countries, municipal credits are issued by municipal banks, municipal mortgage banks, municipal savings banks, deposit banks of the ministry of finance, life insurance companies, commercial banks, and credit construction associations. Municipal credit is used by the local authorities and by factory and large property owners, the latter receiving credit against the collateral of land, housing, and industrial buildings.

After World War II, long-term consumer credit was widely used for the purchase of small houses and cottages. Municipal credit is used by the financial oligarchy of the capitalist states for obtaining monopolistic profits, primarily from profiteering in municipal land.

In prerevolutionary Russia, municipal credit was not widely developed. Together with the entire mortgage credit system, it was eliminated by Soviet power along with the abolition of private ownership of land. The crediting of the housing and municipal systems was entrusted to the municipal banks set up for that purpose; their functions were turned over in 1959 to the Gos-bank (State Bank) of the USSR and the Stroibank (Construction Investment Bank) of the USSR.


References in periodicals archive ?
About Palmer Square Capital Management Palmer Square Capital Management provides investment advisory services and manages portfolios of corporate and structured credit, high yield municipal credit and various hedge fund strategies for a diverse set of clients across institutional investors, registered investment advisory firms, broker-dealers and high-net-worth individuals.
1 billion Municipal Credit Union in New York, as vice chair; Tonita Webb as secretary and Adrian S.
The Municipal Infrastructure Development Fund is the first investment fund with 100 million euros, set up by the European Bank for Reconstruction and Development and KfW with support from the governments of Germany, Switzerland and Austria with the aim of stimulating municipal credit market growth and accomplishing long-term sustainability of municipal services in Western Balkan countries.
With 13 years of experience, Hammer first joined PIMCO in 2012 as a senior vice president and left in 2014 to join Morgan Stanley (NYSE: MS), where he was managing director, head of Municipal Trading and Research, responsible for institutional and retail municipal trading, risk management and municipal credit research.
According to Paul Mansour, Conning managing director and head of municipal credit research, Detroit's problems were unique to some extent, and are unlikely to curb insurer appetites for muni bond investments.
Without a municipal credit rating, the utility lost its qualification for unsecured credit in the wholesale power markets.
Diana, Municipal Credit Union are Honorary Chairman and Chairman Emeritus, respectively.
Financing of investments for the implementation of the local government municipal credit agreement eger mjv 2014th year development goals
A credit default swap index based on municipal debt showed a modest deterioration in perceptions of municipal credit quality in the second quarter, widening from 150 basis points at the end of March to 176 basis points at the end of the June, according to data provider Markit.
27, 1996, Fujian Haixia Bank was transformed from the merger of 14 municipal credit cooperatives in Fuzhou City.
NLC has played a lead role in the effort to meet the insurance needs of municipal bond issuers since it convened a Blue Ribbon Commission on Municipal Credit Enhancement that issued a report in 2009 urging NLC to investigate the feasibility of creating a mutual bond insurance company.
The Cyclone's Coney Island stadium will now be known as MCU Park, after the stadium's new sponsor, the Municipal Credit Union, which holds the assets of approximately 300,000 city workers.

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