[faithhopecharity]

your interprtation is not unreasonable but
1. still, the only equity shares are held by the private member banks, and
2. their rate of return on their shares is guaranteed, paid first, with any profits left over being paid into the Treasury. The Treasury’s (larger, now) payoff is not guaranteed.

At any event, it is a hybrid sort of thing, sort of like a mule...
smile
smile
smile

[Toddsterpatriot]

1. still, the only equity shares are held by the private member banks,

Yes, equity shares.

If you want to buy more, you can't. If you want to sell them, you can't. If you want to pledge them for a loan, you can't.

If all the shareholders vote to increase their dividend, won't work. If they all vote for a share of the earnings, no luck. If they all vote to increase interest rates, nope. If they all vote to decrease interest rates, ditto.

their rate of return on their shares is guaranteed, paid first,

Paid first....guaranteed....sounds like a bond.

with any profits left over being paid into the Treasury.

Now that sounds like equity shares.

At any event, it is a hybrid sort of thing, sort of like a mule...

Yeah, kind of.