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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
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Tuesday, October 07, 2008
888.com Launches Three CryptoLogic Games-and Licenses 10 More
Comtex
DUBLIN, IRELAND, Oct 07, 2008 (MARKET WIRE via COMTEX) ----CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a leading software developer to the global Internet gaming market, announced today that three of its most popular Internet casino games are now available at 888.com, operated by 888 Holdings plc ("888"), one of the world's most popular online gaming entertainment companies.
The launch of the games follows a three-year licensing contract signed with 888 in May 2008 covering an initial three games. This contract has now been broadened, enabling 888 to expand its total suite of CryptoLogic titles to 13.
"It's exciting to see one of the world's premier gaming brands recognize that CryptoLogic delivers a gaming experience that's truly innovative by deepening its relationship with us," said Brian Hadfield, CryptoLogic's President and CEO. "We expect CryptoLogic's new games on 888.com and other planned sites to be highly popular among players - and profitable for our business."
Players can now enjoy the stunning visuals, high-powered action and super-sized jackpots of Spider-Man, The Fantastic Four and Bejeweled at 888's sites - all powered by CryptoLogic software.
Boasting more than 200 games, CryptoLogic has one of the most comprehensive casino suites on the Internet today. From popular casual games including Sudoku, Cubis, and Bejeweled to multi-bonus and multi-jackpot games featuring some of the world's most famous action and entertainment characters, CryptoLogic has earned rave reviews from industry peers and players alike. In 2008, CryptoLogic earned Gambling Online Magazine's Top Casino Software award for the third consecutive year. Based on the votes of players everywhere, it is widely considered the industry's top honour.
888 Holdings plc is the world's leading online gaming entertainment company. 888 owns and operates various world-renowned websites, including www.888.com, www.Casino-on-Net.com, www.pacificpoker.com, www.888ladies.com and www.888sport.com.
"CryptoLogic's industry-leading games and 888's reputation and marketing strength are a perfect combination," said Justin Thouin, Vice President of Product Management and Business Development at CryptoLogic. "We are thrilled to have built a great relationship with one of the world's true household names in i-gaming."
About CryptoLogic(R) (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming.
WagerLogic(R) Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers who offer their games around the world to non-U.S. based players. For information on WagerLogic, visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
MARVEL, and all related character names and the distinctive likenesses thereof are trademarks of Marvel Entertainment, Inc. and its subsidiaries and are used with permission. Copyright Copyright 2008 Marvel Entertainment, Inc. and its subsidiaries. All rights reserved. www.marvel.com. Super Heroes is a co-owned registered trademark.
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer 353 1 234 0415 www.cryptologic.com Argyle Communications Daniel Tisch (North American and gaming industry media) (416) 968-7311 ext 223 dtisch@argylecommunications.com Argyle Communications Karen Passmore (North American and gaming industry media) (416) 968-7311 ext 228 kpassmore@argylecommunications.com Corfin Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin Communications Alexis Gore (UK media only) +44 207 977 0020 Corfin Communications Harry Chathli (UK media only) +44 207 977 0020
SOURCE: CryptoLogic Limited
http://www.cryptologic.com mailto:dtisch@argylecommunications.com mailto:kpassmore@argylecommunications.com
Copyright 2008 Market Wire, All rights reserved.
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