At the time of the transactions, interbank call loans
were not considered for taxation purposes, the high court said, citing the 1977 Tax Code.
Table 3 illustrates one link between call loan
rates and aggregate NYC bank clearinghouse deposits and reserves.
An average rate on uncollateralized overnight call loans
due on Thursday stood at 0.
New York Clearinghouse banks were able to maintain liquidity on the call loan
market in the prior panics, despite disruptions to intermediation, because they monopolized the funding of that market.
To put the possible increase in the seasonal pattern of interest rates during the Depression in perspective, figure 6 plots the estimated coefficients on the monthly dummy variables for the call loan
renewal rate between 1919 and 1928 and between 1929 and 1933.
Given the tone and content of the debate, an asset-backed currency from some form of decentralized banking structure with reserve holdings insulated from the call loan
market now seemed possible.
Leaving its monetary policy unchanged, the policy board has voted to keep the bank's unsecured overnight call loan
rate at a range of 0.
At the end of a two-day policy meeting, Bank of Japan's (BOJ) Governor Masaaki Shirakawa and his six board colleagues also voted unanimously to maintain the unsecured overnight call loan
rate at a range of zero percent to 0.
First Financial Holding has US$12 million of risk exposure to the PIIGS, including US$10 million of interbank call loan
The policy board of Japan's central bank has also voted unanimously to leave the unsecured overnight call loan
rate at 0.
The weighted average of unsecured overnight call loan
rates dropped to zero for the first time in the Tokyo market Monday, money traders said.