Launch of MSIC’s Liquidity Reserve Fund
On Monday, September 15, 2014, MSIC began accepting subscriptions from its Massachusetts chartered credit union members under the powers conferred by the enactment of Chapter 220 of the Massachusetts Acts of 2012 (the "Act") for its Liquidity Reserve Fund. The Act provides MSIC with depository powers in order to create a Reserve Fund which may be used by MSIC to provide emergency sources of liquidity to MSIC member credit unions. Deposit funding will commence in October. We believe this is an outstanding opportunity for our member institutions, and can add to their bottom line by way of MSIC’s ability to offer rates above the deposit interest rates otherwise available in the current market environment.