Word: functional
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...interest income is a function of the interest spread--the difference between the rates charged to borrowers and the rate paid to depositors. Given that Canadian banks are reasonably profitable, ranking just behind the U.S., you'd think that this means that the spread is much higher in Canada. It's not. Historically it has been consistently lower, and over the last five years, it has been fully one-third lower than...
Furthermore, many "invisible" elements of the banking system function much more efficiently in Canada than in the U.S. The payments systems, that labyrinthine set of collection depots, clearing houses and funds transfer networks that enable such mundane financial instruments as personal checks and automatic payroll deposit tend to run much more smoothly. For example, a check written by a New Yorker for a purchase in a store in Los Angeles store with its accounts in a Californian bank can take up to four days to clear. In contrast, a check written in Vancouver on a bank account in Halifax...
...these practical implications obscure the most important function of the ever-present garment. The Radcliffe T-shirt provides the most useful analogy for a Harvard education: someone throws it at you when you aren't prepared for it, it's one size fits all and you do with it what you will...
Recess, besides being a well-needed break during the school day, gives children the rare chance to interact with each other. Because many kids nowadays go home and simply watch television or play video games instead of playing outside, recess serves an even more important function. According to Juanita Gibson, a teacher at Cleveland Avenue, when children are used to playing together, they figure out a way to handle differences. But now, when kids get into a fight, instead of resolving it on their own, they are liable to seek adult intervention...
...seniors have a function? As it turns out, even in the era before ID was needed to buy alcohol, they did. Around 1818, a society including a score of upperclassmen devoted to pranks and trouble-making was organized. Medical Faculty ("Med. Fac." for short) was a secretive society with whose membership was restricted to members of prominent east coast families...