Continental Illinois reviewed its problem loans.
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The big Chicago bank is trying to determine if the Federal Deposit Insurance Corp. is losing money on $3 billion in loans transferred to the agency last year as part of the massive bail-out plan for the bank. The question is of concern to shareholders of the bank’s parent, Continental Illinois Corp., because if the loans show losses exceeding $800 million as of September, 1989, the FDIC would be able to exercise an option to substantially increase its holdings in Continental Illinois shares at a nominal price. The examination of the loans is expected to take about two weeks.
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