Word: ls
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Dates: during 1980-1989
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...pans last month received a new and different kind of bonus: high interest rates. Banks and savings and loan associations across the U.S. unleashed massive advertising campaigns to induce customers to sign up early for the new All Savers Certificates. The A.s.C.s were devised to help ailing S and Ls attract business by offering higher interest rates than those given on passbook accounts and a partial tax exemption on yields. Banks and S and Ls have been promising depositors annual interest rates of 20%, 30% and even 50% until Oct. 1, when the All Savers accounts officially start...
...bailout plan for S and Ls...
...savers certificate would allow savings banks and S and Ls (in one version, commercial banks as well) to pay an interest rate equal to 70% of the going twelve-month Treasury bill rate. The certificates would become available for one year beginning Oct. 1, after which Congress would decide whether or not to renew the program. By some estimates, sales of certificates could reach $200 billion...
...only fix in place for the S and Ls is an innovative money-market instrument called a repurchase agreement. This allows S and Ls to pay rates comparable to those of money-market funds for small amounts, perhaps as low as $1,000, for up to a maximum of 89 days. That could help the S and Ls' competitiveness in seeking funds, but there is a catch. The accounts, like the money-market funds, would not be insured by the Government...
...variable-rate mortgages, loans whose interest rates are not fixed for 20 or 30 years but go up or down as general interest rates fluctuate, will help the S and Ls match their mortgages to deposits. But such loans are not likely to constitute more than 25% of all thrift portfolios before the middle of the decade. Some S and Ls will not last that long and will feed the merger trend that has begun. But the survivors will be in a better position than ever to be the country's major mortgage lenders, tending once again to their...