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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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Friday, July 25, 2008
Eco-Safe Systems USA, Inc. Receives 2008 Best of Tarzana Water Award
Comtex
LOS ANGELES, CA, Jul 25, 2008 (MARKET WIRE via COMTEX) ----Eco-Safe Systems USA, Inc. (PINKSHEETS: ESFS) has been selected for the 2008 Best of Tarzana Award in the Water Treatment Equipment category by the U.S. Local Business Association (USLBA).
The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.
Various sources of information were gathered and analyzed to choose the winners in each category. The 2008 USLBA Award Program focused on quality. Winners are determined based on the information gathered both internally by the USLBA and data provided by third parties.
The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
Contact: Eco-Safe Systems USA, Inc. www.ecosafeusa.com Michael Elliot President Email Contact Investor Relations & Communications: Worldwide Financial Marketing, Inc. USA Int'l: 1-954-360-9998 U.S.: 1-866-360-9998 www.wwfinancial.com
SOURCE: Eco-Safe Systems USA, Inc.
http://www.ecosafeusa.com http://www2.marketwire.com/mw/emailprcntct?id=DC15CDDEDFFC2DD3 http://www.wwfinancial.com
Copyright 2008 Market Wire, All rights reserved.
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