Word: borrowings
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Many lower-ranking officers, the "members" whom the fund was established to benefit, are increasingly unhappy with the arrangement. Under the rules, regular officers are allowed to borrow from the fund to buy homes and appliances. On leaving the service they get back what they put into the fund, in addition to 5% interest, plus another 2% per year, which is supposed to represent their share of the profits (reserve officers, drafted for 18 months, are forced to pay out 5% of their wages but get nothing back). The regular officers complain that Turkey's roaring inflation is chewing...
Under the Harvard Plan, a student who qualifies for financial aid may borrow up to $1500 a year to meet expenses for college, graduate school or professional school so long as his total indebtedness does not exceed $7500. The College will attempt to limit loans to $1000 per year per student...
...undisclosed amount of dollars on the open money market, purchasing them with German marks taken from the slender American currency reserves. Beyond that, the Federal Reserve made known that it will revive currency "swaps" with other countries. Swaps, which had been common before last August, allow the U.S. to borrow foreign currencies and use them to buy back dollars...
...heroin traffic through his own hands. Johnson and the Digger are on to him pretty early in the game, but they cannot make a move because every citizen above 110th Street regards Painter as some kind of black Robin Hood. The movie comes unhinged occasionally, especially in sequences that borrow liberally from such diverse sources as Public Enemy and The French Connection; but Cambridge and St. Jacques, two resourceful performers, are always on hand to snap things back into perspective...
...commercial banks are required to leave in reserve with the Bundesbank up to 40% of foreign-owned deposits, thus immobilizing large sums of otherwise lendable funds. To keep inflation-breeding currencies out, German-based corporations must deposit with their banks, at no interest, 50% of any funds that they borrow abroad. Last week the central bank asked commercial bankers to refuse to sell mutual fund shares, bonds and other fixed-interest securities to nonresidents, who would likely pay for such investments in weak currencies. If bankers do not abide by the request, officials warned, further regulations may be added...