By Charles R. Geisst (auth.)
An introductory survey of monetary associations in Britain and the USA. Discusses the constitution and features of industrial banks, development institutions, funding banks, lifestyles insurance firms and pension cash, and American federal enterprises. additionally encompasses a bankruptcy at the monetary deregulation and occasions of the Nineteen Eighties that helped create the present monetary weather. comprises examples and tables in the course of the text.
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Extra info for A Guide to Financial Institutions
Whether or not these assets are able to earn a rate of interest depends upon the monetary auth- Commercial Banking 31 ority setting the rules for the banking system. For instance, reserves required by the Federal Reserve of its member banks are held as t t~ cash deposits at the Federal Reserve Bank for the region in which the particular commercial bank is located. In times of high interest rates especially, these idle reserves represent opportunity losses, given that otherwise they might be held in Treasury bills yielding a market rate.
This interrupts the projected cash flow of the lender and forces it to pay depositors' interest out of other resources, thereby cutting its profit margin. If non-performing loans increase, eventually a loan loss reserve will have to be created in order to offset unforeseen or anticipated defaults in the future. The exact definition of a non- Commercial Banking 33 performing loan will differ according to banking jurisdiction but when the reserves are eventually created, the actual cash used comes out of shareholders' pockets.
4 If a currency is perceived as too strong or weak a central bank may sell it or purchase it against others in order to stabilise its value. Local protection, or intervention, under floating exchange rates ~ had various connotations over the last fifteen years, including such terms as 'dirty float', indicating that a currency is not really floating in an unmanipulated manner. More recently, intervention in the foreign exchange market has become more commonplace, especially during the period of abnormally high US dollar values during the first half of the 1980s.
A Guide to Financial Institutions by Charles R. Geisst (auth.)