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federal reserve bank

Dallas, Texas, September 1, 1948

To All Banking Institutions
in the Eleventh Federal Reserve District:
Bank deutscher Laender*, Frankfurt, Germany, has requested by cable, transmitted to the Federal
Reserve Bank of New York by the Commander in Chief, European Command, through the Office of the
Chief of Staff, Department of the Army, that we inform you of the following:
(1) Bank deutscher Laender is prepared to accept instructions from banks which are members of the
New York Clearing House Association and from others with whom Bank deutscher Laender has made the
necessary arrangements, to effect charitable, personal, and family payments in Deutsche marks anywhere
in the United States, British, and French occupied zones of Germany. A procedure has not yet been established
for remittances to the Western Sectors of Berlin, but is under consideration.
(2) Banks, other than those mentioned above, should transact remittance business with Germany through
the above-mentioned banks.
(3) Bank deutscher Laender will effect payment to the respective beneficiaries of the Deutsche mark
equivalent at the rate: one Deutsche mark equals 30 cents. Payment will be subject to deduction of charges
made for internal (German) remittances, which will be the only charge in Germany. Commission charges
made by United States banks should be collected from remitters.
(4) When payment is made to the beneficiary, Bank deutscher Laender will transmit notice of the com­
pletion of payment direct to the remitter.
(5) If payment has not been completed within three months, Bank deutscher Laender will mail direct to
the remitter a dollar check drawn on the “ Bank deutscher Laender remittance account” at the Federal Re­
serve Bank of New York covering the dollar amount of the remittance less the charge made for an uncom­
pleted remittance.

Under the procedure set up by Bank deutscher Laender, persons wishing to effect remittances to
Germany should make arrangements with one of the banks mentioned in paragraph (1) above, either
directly or through their own banks.
Very truly yours,

* Bank deutscher Laender (Bank o f German States) was established in Frankfurt on March 1, 1948 pursuant to Law No. 60 o f the United States
Military Government. It operates as a central hank for the United States, British, and French zones o f occupation, coordinating the activities of the
regional central banks.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102