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F ederal reserve Ba n k DALLAS, TEXAS of Dallas 75222 Circular Wo. 6 9 -2 2 7 September 5? 1969 To the Member Bank addressed: In order to moderate the flow of Euro-dollars between U. S. banks and their foreign branches and also between U. S. and foreign banks, the Board of Governors of the Federal Reserve System amended, effective September k , 1969 , Regulation D, Part 2 0 k , "Reserves of Member Banks" and Regulation M, Part 213, "Foreign Activities of National Banks" (also applies to State chartered member banks). The changes include: 1. Establishing a 10 percent reserve requirement against (a) net borrowings by domestic offices of member banks from their foreign branches and (b) assets of foreign branches acquired from domestic offices of its parent bank, to the extent that such borrowing and assets exceed the daily average amounts outstanding in the four weeks ending May 28, 1 96 9 * 2. Establishing a 10 percent reserve requirement against credit extended by a foreign branch of a member bank to United States residents, to the extent such credits exceed those in a base period defined as either (a) the amount outstanding on June 25 or 26, 1969 or (b) the daily average amount outstanding in the four weeks ending May 28, 1 9 6 9 . 3. Establishing a 10 percent reserve requirement on borrowings by member banks from banks abroad, with one exception: only three percent reserve is re quired against such borrowings that do not exceed four percent of a member bank's daily average de posits subject to reserve requirements. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 2 If your bank is not involved in the type of transactions as described in the amendments to Regulations D and M, effective September k , 1969 > please detach and complete the lower portion of this letter and re turn it in the enclosed stamped, self-addressed envelope as soon as convenient. Yours very truly, P. E. Coldwell President TO: FEDERAL RESERVE BANK OF DALLAS ATTENTION ACCOUNTING DEPARTMENT This Bank does not participate in the types of transactions described in the amendments to Regulation D, "Reserves of Member Banks," and Regulation M, "Foreign Activities of National Banks." Should this Bank participate in any such transactions at some future date we will so inform you. (Name) (Bank Name) (Title!
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