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F e d e ra l R e s e r v e Bank DALLAS, TEXAS o f D a lla s 75222 Circular No. 73-227 September 8 , 1973 INCREASE IN MARGINAL RESERVE REQUIREMENT To All Member Banks in the Eleventh Federal Reserve District: It was announced yesterday by the Board of Governors of the Federal Reserve System that farther action has been taken which is designed to curb the rapid expansion in bank credit. Yesterday the Board announced an increase in its marginal reserve require ments on large denomination time deposits and related domestic instruments. The action will increase the marginal reserve requirement from 8 percent to 11 percent effective September 20, 1973. The marginal reserve requirement does not apply to deposits of these types totaling less than $10 million, which are still subject to the regular reserve requirement. The 11 percent marginal reserve requirement (the regular 5 percent plus a supplemental 6 percent) will apply to increases in the level of affected deposits since the week ending May 16, 1973* Member banks will be required to maintain the 11 percent marginal reserve requirement during the week beginning October k and ending October 10 based on deposit levels in the computation period beginning September 20 and ending September 26. A revised Supplement to Regulation D (Reserves of Member Banks) suitable for insertion in your binder of Bulletins and Regulations will be forwarded to you in the near future. Y ours v e r y t r u l y , P . E . C o ld w e ll P re sid e n t This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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