Word: interbank
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According to Bloomberg, Harvard is negotiating terms on a $1.75 billion line of credit and is willing to pay back any loans at 1.25 percentage points above the London Interbank Offered Rate, a common reference point for setting floating interest rates. The University's current $2 billion line of credit, set to expire next month, allows it to borrow $250 million more at an interest rate 0.25 percentage points higher than...
Treasury Secretary Timothy Geithner got at this in congressional testimony on April 20. "Indicators on interbank lending, corporate issuance and credit spreads generally suggest improvements in confidence in the stability of the system and some thawing in credit markets," he said...
...Interbank lending - another gauge of credit conditions - is often captured by the TED spread, which measures the premium banks pay over government bonds when they borrow money from one another. The difference is now just about 1 percentage point - what it was before Lehman Brothers filed for bankruptcy protection last September...
...process. The risk of borrowing from a firm owned by the government should be extremely low. Borrowing from a U.S. regional bank is, on paper, more risky. All inter-bank borrowing would almost certainly move toward taking money from the firms backed by the government balance sheet. Interbank lending among private banks could disappear...
Will the ECB begin to act more like the U.S. Federal Reserve and cut fast and deep? While it has flooded European markets with cash in recent months in an effort to revive the interbank lending market, it has not engaged in the purchase of assets from banks like the Fed. Trichet said the ECB has the power to do so, but is not showing his hand...