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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.
Home / Markets / Industries / Retail
Friday, July 11, 2008
PetSmart Charities Sends Emergency Support to Northern California to Help Pet Victims of Wildfires
Comtex
PHOENIX, AZ, Jul 11, 2008 (MARKET WIRE via COMTEX) ----PetSmart Charities today deployed its Phoenix-based Emergency Relief Waggin'(TM) stocked with much-needed supplies to aid pet victims of the northern California wildfires.
The semi-trailer, which is stocked with an estimated $50,000 worth of supplies, departed from the PetSmart (NASDAQ: PETM) Phoenix distribution center, 7650 W. Latham, late today. The vehicle is bound for Oroville, Calif., and is scheduled to arrive there early Saturday morning.
"We received a request for assistance from Butte County Animal Control in northern California, where two temporary shelters have already been set up to house hundreds of companion animals evacuated because of the fires," said Susana Della Maddalena, Vice President and Executive Director of PetSmart Charities. "Disaster situations such as this one are the very reason that we created our Emergency Relief Waggin' program in 2007. Its purpose is to assist the animal victims of natural and manmade disasters."
More than 500 companion animals are being housed in two temporary shelters in the fire zone -- one at a high school in Oroville and another at a church in the city of Chico, 23 miles northwest of Oroville.
"Many of these animals evacuated with their families at a moment's notice, so the need for items such as bowls, bedding, crates, leashes, litterboxes, kitty litter and other basic supplies is great," Della Maddalena added. "In addition, the Emergency Relief Waggin' has supplies on board that will assist the human responders in operating the temporary animal shelters, including an air conditioning unit, a generator and lights."
Valley pet lovers who want to help animals in need during this and future disasters can make a tax-deductible donation in one of two ways:
-- Make a credit card donation via the PetSmart Charities Web site at: www.PetSmartCharities.org -- Mail in a check donation directly to: PetSmart Charities, Attn: Emergency Relief, 19601 North 27th Avenue, Phoenix, AZ 85027 (Please write "Emergency Relief" in the memo section on the check.)
Phoenix-based PetSmart Charities provides immediate emergency relief funding and supplies to assist pets affected by hurricanes, earthquakes, fire and other natural disasters throughout the United States. PetSmart Charities also provides emergency relief for pet victims of man-made emergencies including pet hoarding situations and puppy mill rescues.
Funds raised will be used to aid pets affected by this rescue effort and other future disasters.
About PetSmart Charities, Inc.
PetSmart Charities, Inc. is an independent 501(c) (3) nonprofit organization that creates and supports programs that save the lives of homeless pets, raise awareness of companion animal welfare issues, and promote healthy relationships between people and pets. Since 1994, PetSmart Charities has funded more than $70 million in grants and programs benefiting animal welfare organizations and, through its in-store pet adoption program, has helped save the lives of more than 3.4 million pets. To learn more about how PetSmart Charities is working to help find a lifelong, loving home for every pet, visit www.petsmartcharities.org or call 1-800-423-PETS.
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CONTACT: Kim Noetzel Communication Manager (623) 587-2872 -- office (602) 319-9708 -- Wireless
SOURCE: PetSmart Charities
Copyright 2008 Market Wire, All rights reserved.
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