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433 BOARD OF GOVERNORS S-21 OF THE FEDERAL RESERVE SYSTEM Ri;g. K-1 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TD THE BOARD JuLy ~~9, 1937. Dear Sir: In order that e.ll foreign banking corporations operating under the supervision of the Board pursuant to the provisions of either section 25 or section 25(a) of the Federal Reserve Act may be placed on substar:tially the same basis with respect to reserve requirements, the Board has amended, effocti ve Sl'3pterr.ber ยท1, 1937, the first sentence of the third paragraph of.section XIV of Regulation K to read as follows: "Against all demand deposits and time deposits received by the Corporation in the United States a reserve shall be maintained in the percentages required to b(:l maintained by member banks of the Federal Reserve System located in central reserve cities, provided that in no event shall such reserve be less than 10 per cent of the aggregate runount of all demand deposits and time deposita received in the United States." For your information, you are advised that only one of the foreign banking corporations operating under the supervision of the Board pursuant to the provisions of section 25 of the Federal Reserve Act is not now required to maintain reserves against deposits received in the United States in the percentages required to be maintained by member banks located in central reserve cities. Tho Board is taking appropriato steps to require the same reserves to be maintained by this corporation. Very truly yours, L. P. Bethea, Assistant Secretary. TO PHESIDENTS OF ALL FEDERAL RESERVE BANKS
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