Those transactions were characterized in the complaint as "time deposits."
For example, three-month time deposits in London were offered yesterday at about 8 5/16 percent.
Also, the proportion of sight to time deposits is very low.
Suppose the yield on this time deposit is 8.65 per cent.
Football, like a time deposit, is governed by a clock.
To avoid penalties, such time deposits must be held for their full term.
A rise in the rate of interest may encourage people to switch from sight to time deposits.
Often, time deposits are paid off all at once when an institution is placed into receivership.
These are people with $10,000 to $100,000 in assets who used to keep their money in time deposits.
But over the last two years, $608 billion has come out of insured time deposits.