But the biggest deterrent to offshore borrowing is the difficulty of getting the money back onshore again.
She'll be right Super-duper supers Be prepared High dollar, high dolour The evolving platypus A preference for green Home alone Politician, heal thyself Sources & acknowledgmentsReprintsEven so, the banks were potentially vulnerable, because they were dependent on offshore borrowing and thus exposed to British and American banks.
The sand comes from nearby offshore "borrow areas," and pipelines transport a mixture of sand, silt and water.
The Saharan amount of sand needed for this operation, 2.7 million cubic yards (a large dumpster holds thirty cubic yards), would be dredged from an offshore "borrow site," pumped to the beach, and sprayed and bulldozed to conform to the Corps's design specs.
The 10.6 million cubic yards of sand needed for the project would be brought from offshore "borrow areas," 175 acres of dune grass would be planted atop the dunes and 206,000 linear feet of sand fencing would be required, according to a report by Robert B. Flowers, the Corps' chief of engineers.
According to sources familiar with the transactions, on Sept. 25, 1996 ICA, the offshore bank, borrowed $34 million from three of their T-551 trusts in exchange for a note paying 8% interest.
"Normally, borrowing offshore would be cheaper," said Therapong Vachirapong, banking analyst at Phatra Securities in Bangkok.
Activision will be drawing on $3.6 billion in offshore cash, and borrowing the rest from Bank of America Merrill Lynch and Goldman Sachs Bank to raise whole $5.9 billion.
Mr. Chidambaram is also considering raising the ceiling on Indian firms' borrowing from offshore money markets as soon as the existing cap of $40 billion is exhausted, they said.
To get round the new rules, some mainland developers are reportedly borrowing money offshore and dressing it up as equity when it comes onshore.
"If we saw a light at the end of the tunnel, we would speak to shareholders, we would borrow offshore, we would make some kind of plan," Mr. Hlaca said.
