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Chapter11
LiquidityandReservesManagement:StrategiesandPolicies
FillintheBlankQuestions
1. A(n)__________________isanassetwhichcanbeconvertedintocasheasily,whichhasarelativelystablepriceandisreversiblesothatthesellercanrecovertheiroriginalinvestmentwithlittleriskofloss.
Answer:liquidasset
2. Whenafinancialinstitutionsellsassetstomanageliquidityitfaces_________________________.Theylosethefutureearningsonthoseassets,theyfacetransactioncostsonthosesalesandtheassetsmosteasilysoldoftenhavethelowestreturn.
Answer:opportunitycosts
3. _________________________iswhenthefinancialinstitutionborrowsmoneyinthemoneymarkettomeettheirliquidityneeds.
Answer:Purchased(borrowed)liquidity
4. The_________________________isthetotaldifferencebetweenitssourcesandusesoffunds.
Answer:liquiditygap
5. _________________________arethedepositsandotherborrowingsofthebankwhichareveryinterestsensitiveorwherethebankissuretheywillbewithdrawnduringthecurrentperiod.
Answer:"Hotmoney"liabilities
6. The_________________________istheideathatmanagementshouldmakeallgoodloansandcountonitsabilitytoborrowfundsifitdoesnothavetheliquiditytomeetitscashneeds.
Answer:customerrelationshipdoctrine
7. _________________________aretheassetsthebankmustbylawholdbehinditsdeposits.IntheU.S.onlyvaultcashanddepositsheldwiththeFederalReservescanbeusedtomeettheserequirements.
Answer:Legalreserves
8. A(n)_________________________istheaccountthebankmusthaveattheFederalReservetocoveranychecksdrawnagainstthebank.
Answer:clearingbalance
9. A(n)_________________________isaservicedevelopedbybankswherethebankshiftsmoneyoutofaccountswithreserverequirementsandintosavingsaccountsovernight.
Answer:sweepsaccount
10. The_________________________isa14dayperiodstretchingfromaThursdaytoaWednesday.Thisistheperiodinwhichthebankhastokeeptheiraveragedailylevelofrequiredreservesforaparticularcomputationperiod.
Answer:reservemaintenanceperiod
11. _________________________istheavailabilityofcashintheamountneededatareasonablecost.
Answer:Liquidity
12. Theoldestapproachtomeetingliquidityneedswhichreliesonthesaleofliquidassetstomeetliquiditydemandsiscalled_________________________.
Answer:assetliquiditymanagement
13. Undera_________________________strategysomeoftheexpecteddemandsforliquidityarestoredinassets,whileothersarebackstoppedbyarrangementsforlinesofcreditfrombanksorothersuppliersoffunds.
Answer:balancedliquiditymanagement
14. A(n)_________________________isthepersoninthebankresponsibleforthebank'scashpositionandmeetinglegalreserverequirements.
Answer:moneypositionmanager
15. ThemethodusedintheU.S.todetermineabank'slegalreserverequirementinwhichtheperiodforholdinglegalreservesfollowstheperiodusedtocalculatetherequiredamountoflegalreservesiscalled_________________________.
Answer:laggedreserveaccounting
16. Thefedfundsrateisgenerallymostvolatileonbank__________day.
Answer:settlement
17. Manydepositoryinstitutionshold__________balances(extrareserves)tohelppreventoverdraftpenalties.
Answer:precautionary
18. Notall_______banksaroundtheworldhavereserverequirements.
Answer:central
Forseveraldecades,thelargestbanksaroundtheworldhavechosenwhichcallsforborrowingimmediatelyspendablefundstocoverallanticipateddemandsforliquidity.
Answer:liabilitymanagement
Theapproachtomanagingliquiditystartswithtwosimplefacts,liquidityrisesasdepositsincreaseandloansdecreaseandliquidityfallswhendepositsfallandloansincrease.
Answer:sourcesandusesoffunds
Intheapproachtomanagingliquiditydepositsandothersourcesoffundsaredividedintocategoriesandthenliquiditymanagersmustsetasideliquidfundsaccordingtosomedesiredoperatingrule.
Answer:structureoffunds
Manyfinancialserviceinstitutionsestimatetheirliquidityneedsbaseduponexperienceandindustryaverages.Thisapproachtomanagingliquidityiscalledtheapproach.
Answer:liquidityindicator
Manyanalystsbelievethereisonlyonesoundmethodforassessingafinancialinstitution’sliquidityneeds.Thismethodcenterson.
Answer:disciplineofthefinancialmarketplace(signalsfromthemarketplace)
ThefordepositsandotherreservableliabilitiesandforvaultcashholdingsisatwoweekperiodextendingfromTuesdaytoaMondaytwoweekslater.
Answer:reservecomputationperiod
Iftotallegalreservesheldaregreaterthanrequiredreservesthebankhas.
Answer:excessreserves
Iftotallegalreservesheldarelessthanrequiredreservesthebankhas.
Answer:areservedeficit
Theiswhereamoneypositionmanagercancoveralargereservedeficitquickly.Itisusuallyoneofthecheapestplacestoborrowbutisalsofrequentlyvolatile.
Answer:federalfundsmarket
Oneoftheratiosusedintheliquidityindicatorapproachtomanagingafinancialinstitution’sliquidityneedsis.Thisratioiscashandduefromdepositoryinstitutionsdividedbytotalassetswhereagreaterratioindicatesastrongerliquidityposition.
Answer:cashpositionindicator
True/FalseQuestions
T F 29. Liquidassetsmusthaveareasonablystablepricesothatthemarketisdeepenoughtoabsorbthesalewithoutasignificantlossofvalue.
Answer:True
T F 30. Assetliquiditymanagement(orassetconversion)involvesstoringliquidityinassets,suchasdepositsandjumboCDs.
Answer:False
TF31. Assetliquiditymanagement(orassetconversion)involvesstoringliquidityinassets,suchascashandmarketablesecurities.
Answer:True
T F 32. Liquidassetsgenerallyhaveastablepricebutarenotnecessarilyreversible.
Answer:False
T F 33. Assetconversionisconsideredtobeacostlessapproachtoliquiditymanagement.
Answer:False
T F 34. Oneprincipleofsoundbankliquiditymanagementistobesuretosellfirstthoseassetswiththeleastprofitpotential.
Answer:True
T F 35. Borrowedliquidity(liability)managementislessriskyforafinancialinstitutionthanisassetconversion.
Answer:False
T F 36. Afinancialinstitution'sliquiditygaprepresentsthedifferencebetweenitssourcesandusesofliquidfunds.
Answer:True
T F 37. Abankexpectstoloseits"hotmoney"liabilities,accordingtothetextbook.
Answer:True
T F 38. Accordingtothecustomerrelationshipdoctrineabankshouldturndownanyloanrequestsforwhichitdoesnothaveenoughdepositsonhandbutshouldhelpitsborrowingcustomerobtainfundsfromsomeothersource(suchasbyissuingaletterofcredittobackstopthecustomer'sloanfromanotherlender).
Answer:False
T F 39. AU.S.bankcanrunuptoa5-percentdeficitinitslegalreserverequirementwithoutincurringaninterestpenaltyfromtheFederalReserveSystem.
Answer:False
T F 40. Mostliquidityproblemsinbankingarisefrominsideabank,notfromitscustomers.
Answer:False
T F 41. HoldingsofliquidassetsatU.S.bankshaveexperiencedagradualdeclineinrecentyears.
Answer:True
T F 42. TheFederalReservehasbeenloweringdepositreserverequirementsinrecentyears.
Answer:True
T F 43. Theliquidityindicator,coredepositsdividedbytotalassets,isameasureofstoredliquidity.
Answer:False
T F 44. Abank'smoneypositionmanagerisresponsibleforinsuringthatthebankmaintainsanadequateleveloflegalreserves.
Answer:True
T F 45. IfabankintheUnitedStatesrunsalegalreservedeficitofmorethan2percentofitsrequireddailyaveragelegalreservepositionitwillbeassessedaninterestpenaltyequaltotheFederalReserve'sdiscountrateplus5percent.
Answer:False
T F 46. Ifabankreceivesmorechecksdepositedtotheaccountsitholdsthanchecksdrawnagainstitsdepositaccounts,thebank'slegalreserveswilltendtoincrease.
Answer:True
T F 47. Accordingtothetextbookifabank'sliquiditydeficitisexpectedtolastforonlyafewhours,thefederalfundsmarketorthecentralbank'sdiscountwindowisnormallythepreferredsourceoffunds.
Answer:True
T F 48. Banksmakingheavyuseofborrowedsourcesofliquiditymustwrestlewiththeproblemofinterestcostuncertainty,accordingtothetextbook.
Answer:True
T F 49. Allcentralbanksimposereserverequirementsonthebankstheyregulate.
Answer:False
T F 50. Thesourcesandusesoffundsmethodofestimatingabank'sliquidityrequirementsdividesthebank'sliabilitiesintothreetypes(hotmoney,vulnerablefundsandstablefunds)andestimatestheprobabilityofeachbeingwithdrawnfromthebank.
Answer:False
T F 51. Oneoftheproblemswithliquiditymanagementforabankisthatrarelydoesthedemandforfundsequalthesupplyoffundsatagiventime.
Answer:True
T F 52. Oneoftheproblemswithliquiditymanagementforabankisthatthereisatrade-offbetweenbankliquidityandprofitability.
Answer:True
T F 53. Theliquidityproblemforbanksismadeeasierbecausemostoftheirliabilitiesarenotsubjecttoimmediaterepayment.
Answer:False
T F 54. Theliquidityproblemforbanksismadeeasierbecausedepositorsandborrowersarenotsensitivetochanginginterestrates.
Answer:False
T F 55. Theoldestapproachtoliquiditymanagementistheassetliquiditymanagementapproach.
Answer:True
T F 56. Somecentralbanksaroundtheworldimposereserverequirementsonbankloans.
Answer:True
T F 57. Somecentralbanksaroundtheworldimposereserverequirementsonnondepositliabilities.
Answer:True
T F 58. Interestinbankandfinancialserviceliquiditymanagementisarelativelynewphenomenonwhicharosefollowingthe9/11crisis.
Answer:False
T F 59. Bankrobberieshavedeclinedinrecentyears.
Answer:False
T F 60. Discountwindowloansjumpeddramaticallythedayfollowing9/11.
Answer:True
T F 61. AbankorfinancialserviceinstitutioncanmeetreserverequirementsbysellingTreasurysecuritiesinitsportfolio.
Answer:True
T F 62. Allcentralbanksaroundtheworldhavesomespecifiedreserverequirement.
Answer:False
T F 63. Coredepositratioisusedasoneoftheliquidityindicatorsfordepositoryinstitutionsandisdefinedastheratioofcoredepositstototalassets.
Answer:True
T F 64. Loancommitmentsratiomeasuresthevolumeofpromisesalenderhasmadetoitscustomerstoprovidecredituptopre-specifiedamountoveragiventimeperiod.
Answer:True
MultipleChoiceQuestions
Afinancialinstitutionthathasreadyaccesstoimmediatelyspendablefundsatreasonablecostatpreciselythetimethosefundsareneededis:
A) Riskfree
B) Liquid
C) Efficient
D) Profitable
E) Noneoftheabove
Answer:B
Whichofthefollowingisnotareasonthatbankstoholdliquidassets?
Tomeetcustomer'sneedsforcurrency.
Tomeetcapitalrequirements.
Tomeetrequiredreserves.
Tocompensateforcorrespondentbankservices.
Toassistinthecheckclearingprocess.
Answer:B
Thetwomostpressingdemandsforliquidityfromabankcomefrom,first,customerswithdrawingtheirdepositsand,second,from:
A) Creditrequestsfromthosecustomersthebankwishestokeep
B) Checksbeingcashedatlocalstoresanddirectlyfromthebank
C) Demandsforwiredfundsfromcorrespondentbanks.
D) LegalreserverequirementssetbytheFederalReserveBoard.
E) Noneoftheabove.
Answer:A
Abankexpectsintheweekabouttobegin$30millioninincomingdeposits,$20millionindepositwithdrawals,$15millioninrevenuesfromthesaleofnondepositservices,$25millionincustomerloanrepayments,$5millioninsalesofbankassets,$45millioninmoneymarketborrowings,$60millioninacceptableloanrequests,$10millioninrepaymentsofbankborrowings,$5millionincashoutflowstocoverotheroperatingexpenses,and$10millionindividendpaymentstoitsstockholders.Thisbank'snetliquiditypositionfortheweekis:
A) $30million
B) $20million
C) $10million
D) $15million
E) Noneoftheabove
Answer:D
Thereisatrade-offproblembetweenliquidityand:
A) Riskexposure
B) Safety.
C) Profitability
D) Efficiency
E) Noneoftheabove
Answer:C
Financialinstitutionsfacesignificantliquidityproblemsbecauseof:
A) Imbalancesbetweenthematuritiesoftheirassetsandtheirprincipalliabilities.
B) Theirhighproportionofliabilitiessubjecttoimmediatewithdrawal.
C) Theirsensitivitytochangesininterestrates.
D) BothAandB
E) Alloftheabove.
Answer:E
Sourcesofliquidityforbanksinclude:
A) Depositinflows
B) Moneymarketborrowings
C) Salesofmarketablesecurities
D) Loanrepayments
E) Alloftheabove
Answer:E
Whichofthefollowingisnotasourceofliquidityforfinancialinstitutions?
A) Deposits
B) Moneymarketborrowings
C) Salesofmarketablesecurities
D) Dividendpaymentstostockholders
E) Alloftheabove
Answer:D
Whichofthefollowingliquiditystrategiesisthemosteffectiveforbankstoday?
A) AssetManagement
B) LiabilityManagement
C) BalancedLiquidityManagement
D) Alloftheabove
E) AandBabove
Answer:C
Whenabank'ssourcesofliquidityexceeditusesofliquidity,thebankwillhavea_______________liquiditygap.
A) Positive
B) Negative
C) Cyclical
D) Seasonal
E) Noneoftheabove
Answer:A
"Coredeposits","hotmoney",and"vulnerablemoney"arecategoriesoffundsunderwhichofthefollowingmethodsofestimatingabank'sliquidityneeds?
A) SourcesandUsesofFundsApproach
B) StructureofFundsApproach
C) LiquidityIndicatorApproach
D) Noneoftheabove
E) AandC
Answer:B
Factorsthatinfluenceabank'schoiceamongthevarioussourcesofreservesincludewhichofthefollowing?
A) Immediacyoftheneed
B) Durationoftheneed
C) Interestrateoutlook
D) Regulations
E) Alloftheabove
Answer:E
Theriskthatliquidfundswillnotbeavailableinthevolumeneededbyabankisoftencalled:
A) Marketrisk
B) Pricerisk
C) Availabilityrisk
D) Interest-raterisk
E) Noneoftheabove
Answer:C
Abankfollowingan_________________________liquiditymanagementstrategymusttakecarethatthoseassetswiththeleastprofitpotentialaresoldfirst.Thestrategythatcorrectlyfillsintheblankintheforegoingsentenceis:
A) Assetconversion
B) Liabilitymanagement
C) Availability
D) Fundssource
E) Noneoftheabove
Answer:A
Whensomeofabank'sexpecteddemandforliquidityarestoredinitsassets,whileotherunexpectedcashneedsaremetfromnear-termborrowingsthisapproachtoliquiditymanagementisdescribedbywhichofthetermslistedbelow?
A) Liabilitymanagement
B) Assetconversion
C) Borrowedliquiditymanagement
D) Balancedliquiditymanagement
E) Noneoftheabove
Answer:D
Thenotionthatbankmanagementshouldstrivetomeetallgoodloansthatwalkinthedoorinordertobuildlastingcustomerrelationshipsisreferredtoasthe:
A) Assetconversionliquiditystrategy
B) Customerrelationshipdoctrine
C) Loanaccommodationdoctrine
D) Balancedfundsmanagementdoctrine
E) Noneoftheabove
Answer:B
Abankmanagerresponsibleforoverseeingtheinstitution’slegalreserveaccountiscalled:
A) Reservemanager
B) Moneymarketmanager
C) Moneypositionmanager
D) Legalcounselor
E) Noneoftheabove
Answer:C
Ifabank'smanagementuses"thedisciplineofthefinancialmarketplace"togaugeitsliquiditypositiononeindicatorofthismarkettestoftheadequacyofabank'sliquiditypositionis:
A) Thebank'sreturnonequitycapital
B) Thevolumeofbankstockoutstanding
C) Thebank'sreturnonassets
D) ThesizeofriskpremiumsonCDsthebankissues
E) Noneoftheabove
Answer:D
Whichofthefollowingisanexampleofauseoffundsforthebank?
A) Acustomerwithdraws$1000fromtheiraccount
B) Aborrowerrepays$1500ofaloantheyhavereceived
C) Thebankissuesa$1,000,000CD
D) Thebanksells$5,000,000ofT-Bills
E) Noneoftheaboveareusesoffunds
Answer:A
Whichofthefollowingisanexampleofasourceoffunds?
A) Acustomerwithdraws$1000fromtheiraccount
B) Aborrowerrepays$1500ofaloantheyhavereceived
C) AbankincreasesitsFedfundssoldby$1,000,000
D) Thebankpurchases$5,000,000inT-Bills
E) Noneoftheaboveareusesoffunds
Answer:B
Abankcurrentlyhas$150millionin"hotmoney"depositsagainstwhichtheywanttoholdan80percentreserve.Thisbankhas$90millioninvulnerabledepositsagainstwhichtheywanttoholda30percentreserveandthisbankhas$45millioninstabledepositsagainstwhichtheywanttoholda5percentreserve.Thelegalreservesforthisbankare5percentofalldeposits.Whatisthisbank'sliabilityliquidityreserve?
A) $149.25million
B) $285million
C) $141.7875million
D) $216.60million
E) Noneoftheabove
Answer:C
Abankmaintainsaclearingbalanceof$5,000,000withtheFederalReserve.TheFederalfundsrateiscurrently6.5percent.WhatcreditwillthisbankearnoverthereservemaintenanceperiodtooffsetanyfeeschargedthisbankbytheFederalReserve?
A) $325,000
B) $8,357,143
C) $194,444
D) $12,639
E) Noneoftheabove
Answer:D
Abankmaintainsaclearingbalanceof$1,000,000withtheFederalReserve.TheFederalfundsrateiscurrently4.5percent.WhatcreditwillthisbankearnoverthereservemaintenanceperiodtooffsetanyfeeschargedthisbankbytheFederalReserve?
A) $17,500
B) $1,750
C) $45,000
D) $12,500
E) Noneoftheabove
Answer:B
Abankcurrentlyholds$105millionintransactiondepositssubjecttolegalreservesbuthasmanagedtoenterintosweepaccountarrangementsaffecting$55millionoftheseaccounts.Giventhatthebankmusthold3percentlegalreservesupto$47.8millionoftransactiondepositsand10percentlegalreservesonanyamountabovethat,howmuchhasthisbankreduceditstotallegalreservesasaresultofthesesweeparrangements?
A) $5.500million
B) $1.449million
C) $7.119million
D) $1.619million
E) Noneoftheabove
Answer:A
Abankmoneymanagerestimatesthatthebankwillexperiencealiquiditydeficitof$400millionwithaprobabilityof10percent,aliquiditydeficitof$900millionwithaprobabilityof20percent,aliquiditysurplusof$600millionwithaprobabilityof30percentandaliquiditysurplusof$1200withaprobabilityof40percentoverthenextmonth.Whatisthisbank'sexpectedliquiditydeficitorsurplusoverthisnextmonth?
A) $880liquiditysurplus
B) $440liquiditydeficit
C) $440liquiditysurplus
D) $880liquiditydeficit
E) Noneoftheabove
Answer:C
Abankexpectsintheweektocome$55millioninincomingdeposits,$75millioninacceptableloanrequests,$35millioninmoneymarketborrowings,$10millionindepositwithdrawalsand$30millioninloanrepayments.Thisbankisexpectinga:
A) Liquiditydeficit
B) Liquiditysurplus
C) Balancedliquidityposition
D) Noneoftheabove
Answer:B
Afinancialinstitutionhasestimatedthatitsgrowthrateindepositsoverthelasttenyearshasaveraged6percentperyear.Thisisthe_________________________ofestimatingfuturedeposits.
A) Trendcomponent
B) Seasonalcomponent
C) Cyclicalcomponent
D) Stationarycomponent
E) Noneoftheabove
Answer:A
AfinancialinstitutionhasestimatedthatoverthelasttenyearsthedepositwithdrawalsduringChristmastimeisabout25%higherthanduringanyothertimeoftheyear.Thisisthe_________________________ofestimatingfuturedeposits.
A) Trendcomponent
B) Seasonalcomponent
C) Cyclicalcomponent
D) Stationarycomponent
E) Noneoftheabove
Answer:B
Whichofthefollowingisaguidelineforliquiditymanagersofbanks?
A) Theliquiditymanagermustkeeptrackoftheactivitiesofalldepartmentsofthebank
B) Theliquiditymanagermustknowinadvance(ifpossible)theplansofmajorcreditorsanddepositors
C) Theliquiditymanagershouldmakesurethebankhasclearprioritiesandobjectivesforliquiditymanagement
D) Theliquiditymanagermustanalyzetheliquidityneedsofthebankonacontinuousbasis
E) Alloftheaboveareguidelinesforliquiditymanagers
Answer:E
AmanagerthatusesratiossuchascashandduefrombankstototalassetsandU.S.governmentsecuritiestototalassetstomeasuretheirliquiditypositionisusing:
A) Thesourcesandusesoffundsapproach
B) Thestructuredfundsapproach
C) Theliquidityindicatorapproach
D) Signalsfromthemarketplace
E) Noneoftheabove
Answer:C
AmanagerthatexaminesthestockpricebehaviorofthebankandtheriskpremiumonthebankCD'stomeasuretheirliquiditypositionisusing:
A) Thesourcesandusesoffundsapproach
B) Thestructuredfundsapproach
C) Theliquidityindicatorapproach
D) Signalsfromthemarketplace
E) Noneoftheabove
Answer:D
Amanagerthatlooksatdepositincreasesanddecreasesandloanincreasesanddecreasesamongotherthingstomeasuretheirliquiditypositionisusing:
A) Thesourcesandusesoffundsapproach
B) Thestructuredfundsapproach
C) Theliquidityindicatorapproach
D) Signalsfromthemarketplace
E) Noneoftheabove
Answer:A
Whichofthefollowingstatementsiscorrect?
A) Thedemandsforliquidityandsourcesofliquidityforabankaregenerallyequaltoeachother
B) Mostliquidityproblemsinbankingarisefromoutsidethebank
C) Theliquidityproblemsforabankaremadeeasierbecausemostoftheirliabilitiesarenotsubjecttoimmediaterepayment
D) Liquiditymanagementiseasyforabankbecauseabankthatisveryliquidisalsoveryprofitable.
E) Alloftheabovestatementsarecorrect
Answer:B
TheFedfundsmarketismostvolatileonbank:
A) Computationday
B) Settlementday
C) Reserveday
D) Maintenanceday
E) Holiday
Answer:B
TheFedfundsrateusuallyhoversaroundtheFeds:
A) Targetrate
B) Setrate
C) Quotedrate
D) Limitrate
E) Averagerate
Answer:A
Abankorfinancialserviceinstitutioncangenerallymeetreserverequirementsusingallofthefollowingexcept:
A) Sellingliquidinvestments
B) Borrowinginthefedfundsmarket
C) Drawingonanyexcesscorrespondentbalances
D) Borrowingintherepomarket
E) Sellingnewshares
Answer:E
TheShirleyStateBankhas$90intransactiondepositssubjecttolegalreserves.Thisbankmusthold3percentlegalreservesupto$43.9oftransactiondepositsand10percentlegalreservesonanyamountabovethis.Whatisthisbank’stotallegalreserves?
A)$2.700million
B)$1.449million
C)$5.924million
D)$4.170million
E)Noneoftheabove
Answer:C
JohnCamey,themoneymanageroftheFirstStateBank,hasestimatedthatthebankhasa20percentchanceofaliquiditydeficitof$700,a30percentchanceofaliquiditydeficitof$200,a30percentchanceofaliquiditysurplusof$400anda20percentchanceofaliquiditysurplusof$900overthenextweek.Whatisthisbank’sexpectedliquiditydeficitorsurplusoverthenextweek?
A)$100liquiditysurplus
B)$100liquiditydeficit
C)$400liquiditysurplus
D)$500liquiditysurplus
E)$0liquiditysurplus
Answer:A
Abankcurrentlyhas$50millioninstabledepositsagainstwhichtheywanttokeep10%reserves,$100invulnerabledepositsagainstwhichtheywanttokeep40%reservesandtheyhave$50millionin“hotmoney’depositsagainstwhichtheywanttokeep90%reserves.Thelegalreservesforthisbankare10%ofalldeposits.Whatisthisbank’sliabilityliquidityreserve?
A)$90million
B)$81million
C)$70million
D)$20million
E)Noneoftheabove
Answer:B
TheHollingsworthNationalBankmaintainsaclearingbalanceof$7,000,000withtheFederalReserve.TheFederalFundsrateiscurrently5.25percent.WhatisthecreditthisbankwillearnoverthemaintenanceperiodtooffsetanyfeeschargedthisbankbytheFederalReserve?
A)$367,500
B)$1021
C)$14,292
D)$30,625
E)Noneoftheabove
Answer:C
AbankmustmaintainanaveragedailybalanceattheFedof$600.Inthefirst2daysofthemaintenanceperiod,theymaintainabalanceof$450,thenextthreedaystheymaintainabalanceof$700,thenexttwodaystheymaintainabalanceof$650,thenextthreedaystheymaintainabalanceof$450andthenextthreedaystheymaintainabalanceof$650.WhatdoestheirbalanceattheFedhavetobeonthelastdayofthemaintenanceperiodinordertohaveazerocumulativereservedeficit?
A)$600
B)$400
C)$500
D)$800
E)Noneoftheabove
Answer:D
AbankmustmaintainanaveragedailybalanceattheFedof$700.Onthefirstdayofthemaintenanceperiodtheymaintainabalanceof$750,thenexttwodaystheymaintainabalanceof$725,thenextthreedaystheymaintainabalanceof$625,thenexttwodaystheymaintainabalanceof$775,thenexttwodaystheymaintainabalanceof$700andthenexttwodaystheymaintainabalanceof$675.Whatdoestheirbalancehavetobeonthelastdayofthemaintenanceperiodinordertohaveacumulativereservedeficit?
A)$700
B)$650
C)$750
D)$325
E)Noneoftheabove
Answer:B
DavidAshbyhasjustpaidoffthebalanceonhishomemortgagewithFirstAmericanBank.Whatsourceofliquiditydoesthisrepresenttothebank?
A)Incomingcustomerdeposit
B)Revenuesfromthesameofnondepositservices
C)Customerloanrepayment
D)Saleofanasset
E)Borrowingsfromthemoneymarket
Answer:C
TheHarmonyBankoftheSouthhasjustincreaseditsFederalFundsPurchased.Whatsourceofliquiditydoesthisrepresenttothebank?
A)Incomingcustomerdeposit
B)Revenuesfromthesameofnondepositservices
C)Customerloanrepayment
D)Saleofanasset
E)Borrowingsfromthemoneymarket
Answer:D
ThePeaceBankofOhiohasjustreceiveda$50millioncreditatthelocalclearinghouse.Whichtypeoffactoraffectinglegalreservesisthisforthebank?
A)Acontrol
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