Word: deposits
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Likewise, corporate treasurers once accused of being too timid to make major long-term spending decisions, such as approving a costly new plant, have become heroes. That factory might have made a healthy profit after a few years, but the jumbo bank certificate of deposit that he bought for $100,000 immediately earns nearly...
...securities or foreign currencies at some later date. The speculators are betting that interest rates will go higher rather than lower. If the cost of money goes up, they sell their futures contracts for a good earning. For instance, an investor who in June put up a $2,400 deposit on a $100,000 Treasury bond future due in December of this year could have liquidated his position last week and made an impressive profit of about...
...Banks will be permitted on Dec. 3 to create l.B.F.s that will be freed of the key regulations that govern U.S. institutions, namely minimum reserve requirements and limits on the level of interest that they can pay. The old system, for example, required banks to keep a portion of deposits, say 8%, in reserve with the Federal Reserve, regardless of whether the deposits came from domestic or foreign sources. On a foreign deposit of $1 million, $80,000 would have to be kept with the Fed, leaving the bank with only $920,000 to lend...
...banks will do I.B.F. business mainly with corporate or government clients; the minimum deposit or withdrawal will be $100,000. U.S. banks are expected to set up l.B.F.s soon in New York, Connecticut, Florida, Georgia and Maryland, where state legislatures have already passed laws exempting such financial operations from local and state income taxes...
Among the most ardent backers of the changes are the two New York monetary officials: Muriel Siebert, superintendent of banks of New York State, and Anthony Solomon, president of the New York Federal Reserve Bank. Said Solomon: "I would prefer to see foreign-based deposit and loan business serviced from U.S. shores...