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Fed er al Reser ve Ban k of Dallas D A LLA S, TEXAS 75222 Circular No. 69-188 July 28, 1969 AMENDMENT T O REGULATION Q To All Member Banks in the Eleventh Federal Reserve District: Attached is a copy o f an amendment effective July 25, 1969, to Regulation Q, Payment o f Interest on Deposits. A copy o f the text of the press release dated July 24, 1969, issued by the Board of Governors o f the Federal Reserve System relating to the amendment was sent to you with our Circular No. 69-185 dated July 25, 1969. Additional copies will be furnished upon request. It is requested that the amendment be placed in the ring binder containing the Regulations o f the Board of Governors and the Bulletins of this Bank. Yours very truly, P. E. Coldwell President Enclosure (1 ) This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) PAYM ENT OF INTEREST ON DEPOSITS AMENDMENT T O REGULATION Q (12 CFR Part 217) ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Liability on Repurchase Agreements as Deposits Effective July 25, 1969, section 217 .1(f) is amended to read as follow s: (j) Deposits as including certain promissory notes and other obli gations. For the purposes of this part, the term “ deposits” shall be deemed to include any promissory note, acknowledgment o f advance, due bill, or sim ilar instrument that is issued by a member bank principally as a means of obtaining funds to be used in its banking business, except any such instrument ( 1 ) that is issued to another bank, (2 ) that evidences an indebtedness arising from a transfer o f direct obligations of, or obligations that are fully guaran teed as to principal and interest by, the United States or any agency thereof (other than a part interest in such obligations) that the bank is obligated to repurchase, or (3 ) that has an original maturity of more than 2 years and states expressly that it is subordinated to the claims of depositors. This para graph shall not, however, affect ( i) any instrument issued before June 27, 1966, or (ii) any instrument that evidences an indebtedness arising from a transfer o f assets under repurchase agreement issued before July 25, 1969, or (iii) until August 28, 1969, any instrument that evidences an indebtedness arising from a transfer of assets under repurchase agreement issued, renewed, or extended on or after July 25, 1969.