CHARLESTON ‐‐ The West Virginia Board of Treasury Investments is increasing the number of certificates of deposit auctions it holds during the year, which increases the amount of money available for loans by banks in the state, said State Treasurer John Perdue.

Traditionally, the six‐month CDs are sold seven times during the year. Now that three have been added, the amount of money available for banks will increase by $75 million. “When banks purchase the funds during the auction, it makes available to local economies, money that our citizens can borrow for cars, home appliances and other needs,” said Treasurer Perdue. “It really helps everyone involved . . . consumers, banks, and the state.”

Each auction offers $25 million. The top bidding banks are able to secure up to $5 million during an auction, with $100,000 the minimum. Since the auctions began in May of 2006, $478 million in CDs have been sold. The majority of the CDS have been in six‐month increments.

The interest earned begins at the current Treasury Bill rate and is bid up from there. Since the BTI auctions began, the state has realized $1.2 million in interest income above what it could have earned by purchasing T‐bills.