Word: borrower
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Dates: during 1980-1989
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...central bank moved swiftly to counter the expansion in the money supply. On Monday it raised its discount rate from 13% to a record 14%. Banks that borrow from the central bank to meet their own reserve requirements will now have to pay that rate, plus a 4% penalty if they borrow too frequently, bringing the total cost of funds to some banks to 18%. At the same time, the central bank allowed the federal funds rate, the interest charged by banks on overnight loans to each other, to rise above 20%. The hoped-for result of last week...
...people actually borrow at prime. Loans to small, well-financed businesses, for instance, usually run from half a percentage point to three points above prime. Consumers who borrow to finance a vacation or pay taxes may pay three to five points more. Loans like those made to new-car buyers can be well above prime. On the other hand, interest on home mortgages, which now averages 16%, trails behind because such loans are issued for 20 to 30 years...
Nonetheless the prime rate remains the bench mark by which most people measure the cost of credit. But a new report by the House Banking, Finance and Urban Affairs Committee suggests that the once sacrosanct prime has become almost meaningless as a guide to what most borrowers-big or little -actually pay. The report, which mainly addresses the prime rate's application to business borrowing, found that it rarely applies to large, profitable corporations. They can usually borrow money at three to four points below prime, a discount reflecting the importance of the volume of their business with their...
...mayor has refused to sign the council's bill because the city "cannot deal with the schools in isolation," Richard Johnston, special counsel for the city, said after yesterday's hearings. He added that the mayor wants greater control over school spending and the council's authorization to borrow money for both the school deficit and property tax abatements. The mayor's latest counterproposal asks for a $45 million bond issue...
Three girls who left their junior high school early to go to the game borrow binoculars from people sitting near them and peruse the White Sox bullpen. One of them chortles, "Oh Lamarr Hoyt, he's the one I like." And then a moment later, "Ugh! He just spit. That's so disgusting...