Prime Bank

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Prime Bank

One of the approximately 50 largest banks in the world. Prime banks are well known and trade in extremely large investments. However, the term has a negative connotation because of its association with a prime bank scheme, in which a con man attempts to persuade a person to invest in supposed investment vehicles through a prime bank that does not really exist.
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Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market.
The bulk of liquidity remains invested in shortterm placements with prime banks in Europe and the GCC and in highlyrated debt investment securities The banks still sound capital ratios provide a good buffer against adverse eventualities, and a firm basis for the ongoing required investment in retail banking.
Premier's prime banks and US private placement note-holders have now given the consents and waivers needed for the takeover, said the firm, and also the Secretary of State provided the essential approval, 2 conditions needed for the pact to go through.
Libor is calculated daily by asking contributing banks the rate at which they expect term funding to be offered between prime banks at 1100GMT.
The company said it has secured a partnered negotiations with various of the UK s prime banks, acquirers and issuers, vendors and PSPs aimed on different of authentication use cases after proof-of-concept trials with VocaLink.
Biern, Deputy Associate Director, Division of Banking Supervision and Regulation, before the Committee on Banking, Housing, and Urban Affairs, US Senate, July 17, 1996 I am pleased to appear before the Committee on Banking, Housing, and Urban Affairs to discuss actions that the Federal Reserve has taken over the past several years to address the problem of prime bank" financial instruments and related illegal financial schemes.
The transactions that were brought to our attention involved notes, guarantees, letters of credit, debentures, or other seemingly legitimate types of financial instruments being issued by an unidentified "prime bank" or by a domestic or foreign banking organization that was said to be keeping the issuance of the instruments secret.
The documentation related to a "prime bank" investment was extremely complex and difficult to comprehend.
A secure escrow account maintained at a "prime bank" or by an attorney would be used to hold the investors' funds, and payments into this account would be made by some sort of "key tested telex" message.
Some "prime bank" schemes appeared to be targeted to individuals and companies who needed loans.
On October 21, 1993, the Federal Reserve and the other federal banking agencies issued the first inter-agency advisory entitled Warning Concerning 'Prime Bank' Notes, Guarantees, and Letters of Credit and Similar Financial Instruments." The advisory, which is attached to my prepared statement, informed banking organizations and the public that the Federal Reserve and the other regulators know of no legitimate use of any "prime bank"-related financial instrument.(1) The advisory also asked the public to contact agency representatives if approached to invest in a "prime bank" instrument or pay a advance fee to secure a loan funded by a "prime bank" note, letter of credit, or other type of questionable financial instrument.
The advisory prompted numerous calls and letters about "prime bank" matters.