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F ed er a l Reser ve Ba n k DALLAS. TEXAS of Dallas 75222 Circular No. 7^-329 December 12, 197^- AMENDMENT TO REGULATION M To All Member Banks and Others Concerned in the Eleventh Federal Reserve District: The Board of Governors of the Federal Reserve System has amended its Regulation M, "Foreign Activities of National Banks", effective November 22, 197^ to delete a certain proviso pertaining to the gradual elimination of reserve-free bases on member banks' Eurodollar borrowings, since these reserve-free bases have expired. A copy of the amendment to Regulation M is enclosed. Additional copies will be forwarded upon request. Very truly yours, Ernest T. Baughman, President Enclosure This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FOREIGN ACTIVITIES OF NATIONAL BANKS AMENDMENT TO REGULATION Mf E ffective N o v e m b e r 22, 1974, a m e n d e d to r e a d as follow s: § 213.7(a) is (1) n e t b alan ces d u e fr o m its d o m e stic offices to su c h b ra n c h e s, a n d (2) assets (in clu d in g p articip atio n s) h e ld by such b ra n c h e s w h ic h w ere a c q u ire d fr o m its do m estic offices (o th e r th a n assets re p re se n tin g c re d it ex te n d e d to p erso n s n o t resid en ts o f th e U n ite d (a) T ra n sa c tio n s w ith p a re n t b a n k . D u rin g each States), d u rin g th e fo u r-w e e k c o m p u ta tio n p e rio d w eek o f th e fo u r-w e e k p e rio d beginning J u n e 21, e n d in g o n th e W e d n e sd ay fifteen d ays b e fo re th e 1973, a n d d u rin g e a c h w eek o f e a c h successive b eg in n in g o f th e m a in te n a n c e perio d . fo u r-w eek (“m a in te n a n c e ”) p e rio d , a m e m b e r b a n k h av in g o n e o r m o re fo re ig n b ra n c h e s shall m a in ta in w ith th e R eserv e B a n k o f its district, as a reserve ag ain st its fo re ig n b ra n c h deposits, a daily av erag e b a la n c e eq u al to 8 p e r c e n t o f th e daily average to ta l o f S E C T IO N 213.7 — R E S E R V E S A G A IN S T F O R E I G N B R A N C H D E P O S IT S t F o r this Regulation to be complete as amended effective N ovem ber 22, 1974, retain: 1) Printed Regulation pam phlet as amended effective January 7, 1971. 2) A mendm ent effective M ay 24, 1974, Section 213.7(b). 3) This slip sheet.
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