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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD February 1, 1933. B-S75. SUBJECT: D e f i c i e n c i e s in r e s e r v e s of member banks. Dear S i r : There i s inclosed a copy of revised form B-5, semiannual summary report of d e f i c i e n c i e s in r e s e r v e s of member banks, f o r use beginning with I933. This form takes the p l a c e of the q u a r t e r l y r e p o r t submitted on the p r e s e n t form B-5. A supply of the r e v i s e d form i s being sent you under separate covers All Federal reserve banks which formerly assessed p r o g r e s s i v e p e n a l t i e s f o r d e f i c i e n c i e s i n r e s e r v e s have now discontinued t h a t p r a c t i c e . You are accordingly authorized to discontinue the p r e p a r a t i o n of the l i s t s t h a t accompany the p r e s e n t form of q u a r t e r l y r e p o r t , showing member banks t h a t would have been subject to a ma-Hrm-im p r o g r e s s i v e p e n a l t y of 10 per cent i f p r o g r e s s i v e p e n a l t i e s had been assessed, copies of which are sent to the Compt r o l l e r of the Currency and to the Chief National Bank 557 ' 558 — 2 — Examiner i n the c a s e of N a t i o n a l banks, and to S t a t e banking departments i n the c a s e of S t a t e member banks. However, the semi-annual r e p o r t to the Board on r e v i s e d form B-5 s h o u l d be accompanied by a l i s t of the banks t h a t had a n e t d e f i c i e n c y i n r e s e r v e s i n every r e s e r v e computation p e r i o d , i n accordance with the n o t e appearing a t the bottom of the form. The Board d e s i r e s t h a t you c o n t i n u e to watch c l o s e l y the r e s e r v e r e c o r d s of the member banks i n your d i s t r i c t , to con- s u l t w i t h the Chief N a t i o n a l Bank Examiner and the S t a t e a u t h o r i t i e s , and to f u r n i s h f u l l i n f o r m a t i o n t o the F e d e r a l Heserve Board r e g a r d i n g r e s e r v e d e f i c i e n c i e s which c o n t i n u e over a p e r i o d of s i x c o n s e c u t i v e months i n accordance w i t h the B o a r d ' s l e t t e r s of June 2, 1932 ( X - 7 1 ? l ) and November 22, 1932 ( X - 7 2 9 5 ) . Very t r u l y y o u r s , Chester M o r r i l l , Secretary, Inclosure. TO ALL FEDERAL RESERVE AGENTS* Form B-5 F e d e r a l Reserve Board ( R e v i s e d Feb. 1933) DEFICIENCIES IM RESERVES OF MEMBER BAMS DURDTG THE SIX-MONTH PERIOD ENDING , 133 Federal Reserve Bank of , including branches, i f any. ITumb er of banks Aggregate net deficiencies* during s i x month; ' p e r i o d 1 . Banks that had a n e t d e f i c i e n c y i n r e s e r v e s i n every r e s e r v e computation p e r i o d * * : a . In F e d e r a l r e s e r v e bank or branch c i t i e s b . In o t h e r r e s e r v e c i t i e s c . Outside of r e s e r v e c i t i e s ( c o u n t r y banks) 2 . Banks t h a t had a n e t d e f i c i e n c y i n r e s e r v e s i n o n e h a l f or more ( b u t not a l l ) of the r e s e r v e computation periods; a . In Federal r e s e r v e bank or branch c i t i e s b . In other r e s e r v e c i t i e s c . Outside of r e s e r v e c i t i e s ( c o u n t r y banks) 3 . Banks that had a n e t d e f i c i e n c y i n r e s e r v e s i n l e s s than o n e - h a l f o f the r e s e r v e computation p e r i o d s : a . In F e d e r a l r e s e r v e bank or branch c i t i e s b . In o t h e r r e s e r v e c i t i e s c . Outside of r e s e r v e c i t i e s ( c o u n t r y banks) Number of banks Amount of penalties incurred bub not assessed 4 . Banks which were not a s s e s s e d p e n a l t i e s i n c u r r e d during one or more r e s e r v e computation p e r i o d s : a . In Federal r e s e r v e bank or branch c i t i e s b . In o t h e r r e s e r v e c i t i e s c . Outside of r e s e r v e c i t i e s ( c o u n t r y banks) *By "net d e f i c i e n c y " i s meant the e x c e s s of a g g r e g a t e d a i l y r e s e r v e r e q u i r e ments over a g g r e g a t e d a i l y r e s e r v e s a c t u a l l y c a r r i e d w i t h the F e d e r a l r e s e r v e bank during the r e s e r v e computation p e r i o d , without r e f e r e n c e to whether or not p e n a l t i e s were a s s e s s e d on such d e f i c i e n c y . **This r e p o r t should be accompanied by a l i s t of the banks t h a t had a n e t d e f i c i e n c y i n r e s e r v e s i n every r e s e r v e computation p e r i o d , showing the d a i l y average r e q u i r e d r e s e r v e of each such bank during the six-month p e r i o d and i t s d a i l y average d e f i c i e n c y i n r e s e r v e s ( t h e a g g r e g a t e n e t d e f i c i e n c i e s d i v i d e d by the number of calendar days i n the six-month p e r i o d ) . B~8?5a
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