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Many people know that the Federal Reserve sets interest rates in order to loan money to other banks so they can keep cash flowing throughout the U.S. financial system. Mostly, this works great for everyone involved. But, sometimes, banks and thrifts need a little extra cash, mostly so they can meet the reserve requirement (the minimum amount of deposits banks need to be considered in good financial shape).
To meet the reserve, the Fed has what's known as the discount window, which allows banks to borrow money for a short period of time at a higher interest rate (called the discount rate) than the official Federal Funds rate.
It's called a window because it used to be an actual teller window, where banks would go to borrow from the federal government. Now, it's used more as a lender of last resort. In fact, banks prefer to borrow from one another than directly from the discount window, since the interest owed can be cheaper and going to the discount window tends to imply that the bank is in a spot of trouble.
The Fed, too, doesn't like banks borrowing this way, which is why the discount rate is always higher than the target rate. It also requires banks to collateralize the loans, meaning they have to turn over liquid assets, such as loans or CDs, to the Fed in order to get the money. As with any loan, the banks get the underlying collateral back when they pay off the balance.
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Wednesday, July 02, 2008
Harris Corporation CFO Gary L. McArthur to Speak at the Collins Stewart Fourth Annual Growth Conference
Comtex
MELBOURNE, Fla., July 2, 2008 /PRNewswire-FirstCall via COMTEX/ ----Gary L. McArthur, vice president and chief financial officer of Harris Corporation (NYSE: HRS), an international communications and information technology company, will be a featured speaker at the Collins Stewart Fourth Annual Growth Conference on Thursday, July 10, 2008 in New York City. McArthur's presentation is scheduled to begin at 10:00 a.m. Eastern Time. A live webcast and replay of the presentation will be available on the Internet at www.harris.com.
About Harris Corporation
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has annual revenue of more than $5 billion and 16,000 employees -- including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications(R); products, systems, and services. Additional information about Harris Corporation is available at www.harris.com.
Forward-Looking Statements
Certain statements and assumptions in the discussion and presentation described in this release that are not historical facts will contain or be based upon forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Harris cautions investors that any forward- looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Harris' consolidated results and the forward-looking statements could be affected by many factors. Information relating to factors that may impact Harris' results and forward-looking statements are disclosed in Harris' filings with the SEC. Harris disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE Harris Corporation
http://www.harris.com
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Saturday, 06-28-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-11-2008 for HRS @ $55.10. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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