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105 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM S-561 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD Oe:tobor 1, 19/+2. Dear Sir: It has been brought to our attentton that some of the Reserve Bs.nks m·e not reporting amounts properly in Column 1, on Form F. R. 579. 'rhe umount to be reported in Column 4 should be the awn of ( 1) the 8Jnount outstanding on the lo&n and ( ;d nny addi tionnl amount available to the bon·owor en datu of the report. The followj.ng will nerve for purposes of illus-tr&tion: 1. If a straight loan has been advanced in full the amount to be entered in Colur,m I.;. will be thn same ns the amount outstanding, reported in Column 7· 2. If a straight lo<:m is being advanced 1n instalments and the tot2.l arn.ou.nt has not been advuncecl and. no repnynl\;nts have been made, the m1ount to be onteced. j_n Column L1• will be the totul amount euthorized to be advanc(~d under the gua.r&ntee agreement. J. If a credit is betng advanced as needed and repayments are made in the interim, the amount to be entered ln Column !.; will be the :Jrnount outst::::nding- as shown in Column 7 plus the difference, if any, between the total amount <:1.Utllorized to b o advanced and the tot2.l of wnounts aetually advancE:.d. 4. .In the case of a simple rcvol ving line of credit the amount to bo reported in Column 4 will be tho aggregr<te WT1otmt which under the guarantee agreement mcy be outstanding c.d~ anyone time regardless of wh<o;ther any a"'il.ount is outstCJ.nding at tho time. 5. In case a revolving line of credit hau a condition attached limiting the totnl amount that may bo &dvanced under the agreement, tho amount to be entered in ColuiTl.l1 4 will be the maxirmun. which mey bt: outstanding nt ~:.ny one t.i.mG or the .. 106 -2- S--561 surr. of the amount actually outst&nding and the arnount which may still be advanced under the agreement, whichever is smaller. 6. In case a revolving line of credit has a condition stipulating that the amount outstanding at any time shall not exceed a designated percentage of the runount of monies due or to become due under the contract or contracts assigned to secure the loan, the amount to be entered in Column l, will be the amount of the line of cred.i t or, if smaller, an amount equal to the designated percentage of the remaining assigned payments under the assigned contract or contracts. It is asm.uned that this latter information will be obtained from financing instituti.ons at the end of each month. If a loan has been paid and the guarnntee agrnement terminated at the report date, but the J.onn is listed on Form F. H. 5'79 inasmuch as there waa an amount outstanding at the end of tho preceding month, nothing will be reported in Column 4· In this connection it hl:s been suggested the.t final liquidations of loans under a gua1·c.ntee ag:r.eerrwnt or other terminations be explained in tho "Comments" column. Assistc:nt Secretary. TO 'r:E1E PRESIDENTS OF ALL FEDERP.L RESERVE BliNKS, EXC:E:P'l' HICI:L,lOND ..
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