FEDERAL FUNDS Definition

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FEDERAL FUNDS are reserve balances that depository institu­tions lend each other, usually on an overnight basis. In addition, federal funds include certain other kinds of borrowings by depository institutions from each other and from federal agencies.

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GENERAL AVERAGE is the provision in maritime law where all shippers on a given voyage would reimburse the ship line in the event of vessel sinking or catastrophic damage. It also provides for the reimbursement to those shippers whose cargo was thrown overboard in order to save the vessel.

FMR see FINANCING MARGIN RATIO.

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