SC Banks Get $75 Million, SC Earns $679,006
Columbia
,
SC
–State Treasurer Grady Patterson administered the tenth on-line auction
of state deposits, today. The quarterly auction, called BidSC, garnered
$679,006.35 in interest earnings for the state – an additional
$147,163.88 above market rates.
Forty-one banks were involved in the auction.
Bidding took place for precisely thirty minutes. By the
10:30 a.m.
deadline, $137.5 million in bids were received for the $75 million in
available state funds.
Eight banks walked away with the maximum $5 million
from the BidSC
auction. Twenty-three banks will receive $1 million or more each.
"We continue to harness the power and convenience of the
internet to conduct business in an efficient manner." Treasurer
Patterson said. "We have generated an additional $887,752.18 (above
market rates) in the two years since beginning this competitive auction
format to increase the state's earnings. At the same time, BidSC makes more state
money available to communities around
South Carolina
when they need it."
South Carolina
was one of the first states to use the internet to auction state deposits.
“Every additional dollar earned in interest, is
another dollar saved in the area of taxpayer funds” Patterson concluded.
“BidSC
harnesses new technology and market forces to benefit everyone.
It has produced another big day of earnings for the people of
South Carolina
.”
Final bids can be viewed through the State Treasurer’s Website’s
Investments & Debt page at www.state.sc.us/treas
.
