If, however, it is expected that a six months or three months deposit will be rolled over, the portfolio may be invested in a less marketable, but more earning-yielding assets and perhaps, more risky securities with a longer-term maturities like commercial papers, development stocks, treasury certificates
of 180-day or 360-day maturities and bankers acceptances (Ezema, 1993 and Uremadu, 2007).
Several courses in this curriculum compose part of the Treasury Certificate
in Accounting and Reporting.
I would like to remark, at this juncture, that by resorting frequently to Treasury Bills, Treasury Certificates
, and Ways and Means Advances as we did during the war, we knew that we were, pure and simple, pursuing the slippery path of inflation.
The regression results above, shows that a positive relationship exists between money supply and Treasury Bills (TB), Treasury Certificates
(TC), Certificates of Deposit (CD), and Bankers' Acceptances (BA) as explanatory variables.
The dominant elements are such low-risk instruments as bonds and treasury certificates
(a) CATs--Certificates of Accrual on Treasury Certificates
BCV director Domingo Maza Zavala said the bank sold its US Treasury certificates
of deposit because "the US dollar has been depreciating relative to the euro....It was thus considered convenient." About 60% of Venezuela's foreign reserves are now placed in euros and 40% in US dollars, according to Maza Zavala.
system, the government borrows from Social Security when it is in surplus, depositing interest-bearing Treasury certificates
in the trust fund, and must later redeem these certificates with interest when Social Security is in deficit.
Other analysts said development banks also have focused on the wrong priorities, channeling a large share of the funds to financial investments like short-term Treasury certificates
(Certificados de Tesoreria, CETES) rather than to the type of productive activities that would contribute to creating jobs and helping the economy grow.
The Court found that in so far as this deduction is made in cases where the taxable person is not the recipient of the transaction, the Netherlands had failed to satisfy the provisions of Article 17(2) of the Sixth VAT Directive of May 17, 1977 (amended), which provides for deduction only in cases where the goods and services are rendered to the taxable person.Italy.On October 25, 2001, the Court of Justice ruled that in 1993 Italy failed to reimburse taxable persons in the form of tax credits but decided to issue treasury certificates
, staggered over time, to taxable persons as repayment of their VAT credits (case C-78/00).
With all this at hand, who will want to invest in 28-day Cetes (Treasury certificates
) at interest rates below 10%?
But 28-day Treasury Certificates
(Cetes) offered a yield of 15.9%.