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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, May 30, 2008
Wines of Chile: Experience the Evolution Tour
Comtex
NEW YORK, May 30, 2008 /PRNewswire via COMTEX/ ----Wines of Chile invites members of the media and wine trade to taste more than 200 of Chile's premier wines at its fourth annual New York Grand Tasting at Gotham Hall on Monday, June 9th, 2008. The tasting will feature current vintages from over 40 Chilean wineries as well as a special section dedicated to wineries seeking US distribution.
"We are pleased that so many of Chile's celebrated wineries will be represented in this year's tasting tour," said Juan A. Somavia, Managing Director of Wines of Chile. "We hope to use the tour as a forum to display Chile's ever growing commitment to quality, innovation and the discovery of new terroirs."
Michael Green, Wine & Spirits Consultant for Gourmet magazine, will conduct two tasting seminars for the trade and media in New York entitled, "Chile's All-Star Red Blends," as well as a seminar for consumers entitled, "Cool Chilean Whites -- A Refreshing Look at Sauvignon Blanc." Attendance to the seminars is based on a first come first served basis and is limited to 50 people for each session.
"Chile is home to some of the greatest red blends available and dollar for dollar they can't be beat," noted Michael Green. "When it comes to whites, Chile is crafting some of the world's finest cool climate examples of Sauvignon Blanc, one of the most food friendly whites on the planet."
Wines of Chile will also be hosting exclusive wine-pairing luncheons and tastings for the media and wine trade at Aureole in Las Vegas and MK Restaurant in Chicago on Monday, June 2nd and Tuesday, June 3rd respectively. The luncheons will showcase acclaimed Chilean bottlings that hail from Chile's diverse wine regions, highlighting stellar examples of Sauvignon Blanc, Cabernet Sauvignon, Carmenere and other emerging varieties.
Laura Maniec, Wine & Spirits Director of B.R. Guest Restaurants, and Michael Green will moderate the wine-pairing luncheons, discussing the food-friendly characteristics of Chile's wines. A walk around tasting featuring wines from nine producers will precede the luncheons. The events in Las Vegas and Chicago are invitation only.
Participating wineries include: Altair Vineyards & Winery Amayna Anakena Wines Apaltagua Arboleda & Sena Aresti Wine of Chile Bodegas y Vinedos De Aguirre S.A. Bodegas y Vinedos Ortega Fournier Ltda. Caliterra Carolina Wine Brands Casa Lapostolle Casa Silva Casas del Bosque Casas del Toqui S.A. Cono Sur Domus Aurea & Penalolen Errazuriz Espiritu de Chile Haras de Pirque Lauca Vineyards & Winery Montes Winery Odfjell Vineyards Santa Rita Tarapaca Terra Mater S.A. Veramonte Vina Casa Tamaya Vina Concha y Toro S.A. Vina Falernia S.A. Vina La Rosa Vina Los Vascos Vina Luis Felipe Edwards Vina Maquis Vina MontGras Vina San Esteban Vina San Pedro Vina Undurraga Vina Valdivieso Vina Ventisquero Vinedos Emiliana Vitivinicola Cremaschi Barriga S.A. Viu Manent
About Michael Green
Wine & Spirits Consultant to Gourmet Magazine, Michael Green has worked in the beverage trade for over 20 years in the capacities of educator, marketer, importer, writer, consultant and retailer. Michael's specialties include wine and spirits marketing, beverage education, brand building, and trade liaison support. Michael has appeared on various TV programs including Food Network's Emeril Live, and he has been featured in many print publications including The New York Times and The Washington Post. A member of the Society of Wine Educators, the New York Association of Cooking Teachers, Michael is also on the Boards of Share Our Strength and the American Institute of Wine and Food. Michael also created and co-wrote Wine Lovers, the world's first interactive wine tasting musical, which toured nationally in 2007.
About Laura Maniec
Laura is the Director of Wine and Spirits for B.R. Guest Restaurants and the James Hotel Group. She is responsible for overseeing and executing the training of 2,000 employees at 15 restaurants and several hotels across the country. Armed with a degree in hotel and restaurant management, Maniec went on to work at Ruby Foo's Times Square as bar manager in 2000, where B.R. Guest president Stephen Hanson recognized her wine expertise and encouraged her to become a sommelier. It was then that she was named sommelier at Blue Fin, a 400-seat seafood restaurant in the heart of Times Square. As a member of the opening team for all new properties, Maniec helped develop the wine program and training at FiAMMA Trattoria at the MGM Grand in Las Vegas, Vento Trattoria, Blue Water Grill in Chicago, and Barca 18, B.R. Guest's first Spanish concept with consulting chef Eric Ripert. She also created and implemented the beverage program for both James Hotel Scottsdale and its restaurant, FiAMMA Trattoria as well as the James Hotel in Chicago and its steakhouse managed by celebrity chef David Burke.
About Wines of Chile
Wines of Chile is a marketing organization representing seventy-seven Chilean wineries with offices in Santiago, Dublin, London, Canada, New York, and Washington, D.C. Wines of Chile was founded in July of 2002 to promote Chilean wine around the world through strategic marketing and promotional activities. For more information please visit www.winesofchile.org.
Robert Bralow 212-994-7620 robert.bralow@rfbinder.com Etty Lewensztain 212-994-7543 etty.lewensztain@rfbinder.com
SOURCE Wines of Chile
http://www.winesofchile.org
Copyright (C) 2008 PR Newswire. All rights reserved
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