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This reduces  nike tn pas cher the need to maintain a stock of liquid assets which would act as a safety margin.  Ellis (1981) further developed this point by adding that, there is much variety in the reliance on inter-bank funds between different banks. The larger, better known banks, tend to have a smaller percentage of their foreign currency liabilities in the inter-bank market with American banks for example, over the period 1978-81, the percentage varied between 42% and 54%. This is in contrast with the consortium banks whose reliance on the inter-bank market over the same period was about 80%. Another feature is that, these better known banks were not borrowers. Ellis (1981) concludes that, ?the very http://www.lockeroot.fr  large inter-bank segment of the Euro-market performs a necessary and valuable role in linking non-bank depositors and lenders in different parts of the world? . The second innovation is that of syndication of loans. ?A syndicated credit is a loan in which a group of financial institutions makes funds available on common conditions to a borrower . It allows credits of larger sizes (over $1 billion in some cases), to be put together, a factor that was especially important in the financing of national balance of payments deficits.  In the lender?s point of view, it reduces the risks of international bank lending , through diversification of loans to political entities. It also provides more protection against selective defaults: unwillingness of a nation to repay its debts will be met with pressure from several countries, whose banks are involved. Negotiations were also feasible, because at the same time, there are few enough creditors involved. On the other hand, a possible danger of the process, which has become increasingly recognised, is that in the event of a default,