What is the BidNH online auction process for certificates of deposit?
The online internet-based auction process will begin with Treasury pre-qualifying the banks that will be eligible to participate in the online auction. Criteria used by Treasury in the prequalification process will include New Hampshires statutory requirements, bank credit ratings and financial ratios. Treasury will also establish a minimum and maximum amount which can be invested in each eligible bank. https://www.bidnh.com/cd/guidelines/ On the scheduled auction date, eligible banks choosing to participate in the auction will log in to the secure website with their prearranged passwords and bid on the amount and terms of state funds being made available for investment. The bids will be in the form of the interest rates that the banks are willing to pay. The highest bidders will be awarded the investment. Results of the auction are then published and the underlying transaction documentation is provided to the winning bidders and to Treasury.
