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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Ken98 who wrote (79927)12/16/1999 1:15:00 PM
From: pater tenebrarum  Read Replies (1) of 86076
 
Ken, as suspected, it's yet another back door way to add liquidity to the system:

Bank's act as depositories for the U.S. Treasury when commercial accounts make their tax payments through those Banks. These funds are collateralized by the Bank's securities held at the Federal Reserve. There is an agreed limit on the total amount the bank may hold. Treasury may call these amounts at any time.

When Treasury has excess tax receipts they may directly deposit to participating banks under the loan program. Bank's pay a rate close to Fed Funds.

so, instead of repo's and coupon passes, they're coming up with this trick now.
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