The Vermont State Treasurers Office has unveiled an initiative to invest a significant portion of Vermonts short-term cash in Vermont Banks. Currently, such funds are invested primarily in government agency securities, high quality corporate commercial paper, and money market accounts at large financial institutions. The new Treasurers Bank in Vermont Program is consistent with an ongoing effort by State Treasurer Jeb Spaulding to support Vermont-based financial institutions when acceptable rates of return can be achieved.According to Treasurer Spaulding, We are inviting banks to participate in a certificate of deposit (CD) program designed to support community banking, while earning a competitive return on State funds. We will invest on a predictable basis, via a competitive bidding process, in banks with branches in Vermont. The program is designed to be attractive to a wide range of banking institutions and is predicated on the belief that investing Vermont funds in Vermont, consistent with earning a competitive rate of return, is a good policy.Banks will be pre-approved by the Office of the State Treasurer for maximum levels of investment based on a bank’s size and other factors. In addition, participating banks must have at least a satisfactory rating under the federal Community Reinvestment Act of 1977. State funds will be available for bid in various maturities, based on State cash flow projections and projected interest rates. Participating banks will submit bids through the Internet and/or e-mail. The Office of the State Treasurer will award CDs based on rank order of quoted rates and associated dollar levels until the funds are depleted for each scheduled bidding period.Chris D’Elia, Executive Director of the Vermont Bankers Association, reacted to Spauldings initiative positively. “Vermont’s banking community welcomes the opportunity to work with the Treasurer’s Office on implementing this new program. This effort will keep investment funds within Vermont, thus allowing them to be utilized to encourage new economic activity, he said.Kenneth Perine, President of the National Bank of Middlebury, explained his support of the Bank in Vermont Program by saying, I am pleased to see efforts that recognize Vermonts banking institutions as a viable alternative for State of Vermont investments, and am pleased by Treasurer Spauldings effort to reach out to Vermont bankers in designing this program.Other examples of Treasurer Spauldings commitment to supporting Vermont institutions include investments in the Vermont Community Loan Fund and the Vermont Development Credit Union. In addition, the three investment firms used by the Treasurers Office to manage longer-term funds are all based in Vermont. They are National Life Capital Management, Hanson Investment Management, and Prentiss Smith & Company.
RelatedPosts Ighalo: My best moment as ‘Red Devil’ EPL: Crystal Palace stun sloppy Man U EPL: Gunners gun for West Ham scalp Manchester United are preparing a three-year deal worth €6 million (N2.6 billion) per year in wages for striker Odion Ighalo, according to reports. Ighalo, who moved to United on loan from Shanghai Greenland Shenhua on deadline day in January, has hit the ground running with four goals in eight appearances. Indeed, the Nigerian’s strikes helped the Red Devils progress in the Europa League and FA Cup before the season was brought to a halt earlier this month. Previous reports have suggested that Ighalo was “seriously flattered” by an offer of more than £400,000 per week from Shanghai. However, according to Italian journalist Nicolo Schria – via his Twitter account – United are trying just as hard to keep the striker at Old Trafford. Schria claimed that United want to pay €15 million to buy Ighalo outright and believe that their contract offer will be enough to convince the 30-year-old to stay in England, even if he is offered more to return to China. Ighalo‘s deal reportedly ends on May 31 – a month before the expiry date of standard loan spells – meaning United could earmark the Nigerian’s signing as a priority in the coming weeks. Ighalo’s goals have been influential in United tallying an unbeaten run stretching 11 matches, with fellow January arrival Bruno Fernandes also playing a crucial role. “Odion has done really well when he’s come in and he’s enjoying himself,” Solskjaer said. “He will improve and get better, but he has qualities that we saw in him that we needed and we’ll still need those qualities for next season so let’s see what we do.” In other news, Portugal international Fernandes has expressed his desire to match his compatriot Cristiano Ronaldo’s achievements at United. Ronaldo became one of the world’s best players during his time at Old Trafford, where he won silverware, including the Premier League and Champions League.Tags: Bruno Fernandeschristiano ronaldoEnglish Premier LeagueManchester UnitedOdion IghaloOld TraffordOle Gunnar SolksjaerPlayer Deals
Business and investment opportunities, philanthropy, social investment and crime intervention and prevention will be among the issues discussed during the Jamaica 55 Diaspora Conference, slated for July 23-26 in Kingston to coincide with Emancipation and Independence celebrations.Representatives of the Diaspora including Orlando attorney Wayne Golding, have been participating in preliminary planning meetings.Golding expressed enthusiasm at the planning that is going into making this year’s conference relevant to both Jamaica and the Diaspora. He said he was particularly encouraged by the participation of the Jamaican private sector in this year’s planning initiatives.The first meeting of national Stakeholders was held on March 8 at the Kingston office of the Ministry of Foreign Affairs and Foreign Trade, where e 50 entities met to initiate planning strategies for the staging of the Conference.Jamaica’s Foreign Minister, Senator Kamina Johnson Smith, who was in London attending the Commonwealth Trade Ministers Meeting, addressed the meeting via video message. She reiterated the emphasis placed by the Jamaican government on structured and results-oriented engagement with the Diaspora, through the Conference.“It is my hope that we will build on the achievements of previous years and coming out of this conference, create effective mechanisms for specific, measurable and implementable actions aligned with the Government’s priorities and Diaspora interests,” she said.Permanent Secretary in the Foreign Affairs Ministry, Ambassador Marcia Gilbert-Roberts in noting the strong representation of agencies at the meeting, cited this as an indication of the commitment towards the public-private partnership required to execute the conference.During discussions, plans were outlined to develop a tailored experience for Diaspora members to access areas of specific interest to them. Attendees can also expect expositions and cultural activities to provide a unique Jamaican experience during the three-day Conference.