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F ederal R eserve Bank OF DALLAS ROBERT D. M C T E E R , J R . P R E S ID E N T A N D C H IEF E X E C U T IV E O F F IC E R July 7 , 1992 dallas,texas 75222 Notice 92-56 TO: The Chief Executive Officer of each member bank and others concerned in the Eleventh Federal Reserve District SUBJECT Discount Rate Change DETAILS The Board of Governors of the Federal Reserve System approved action by the Board of Directors of the Federal Reserve Bank of Dallas to decrease the basic discount rate by one-half of one percentage point. The rate for other extended credit also was decreased by one-half of one percentage point. These actions became effective July 2 , 1992. Printed on the reverse of this notice is a copy of Supplement A to Bulletin 2 (Operating Circular 2) that contains the current rate schedule in effect at this Bank. This supplement should be inserted in your Bulletins binder, and the supplement dated December 20, 1991, should be removed. MORE INFORMATION For further information, please contact Jesse Sanders or Finlay Higgins at (214) 922-5333. For additional copies of this B a n k ’s notice, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. BULLETIN 2 (OPERATING CIRCULAR 2) FEDERAL RESERVE BANK OF DALLAS Supplement A RATES FOR DISCOUNTS AND ADVANCES The following rates with respect to discounts and advances under the Federal Reserve Act and Regulation A are now in effect at this Bank: Per Annum Rates on Discounts and Advances Basic rate: short-term adjustment credit under 201.3(a) of Regulation A 1. . . . . . . . Seasonal credit under 201.3(b)(1) of Regulation A 2 Effective Date 3% July 2, 1992 Flexible Rate July 2, 1992 3% July 2, 1992 Flexible Rate July 2, 1992 Other extended credit under 201.3(b)(2) of Regulation A (special circumstances credit and credit for institutions under sustained liquidity pressures)3 First 30 days Thereafter xThis is also the discount rate for 90-day commercial paper and other paper eligible for discount. A rate higher than the basic discount rate will be applied to loans of unusual size that result from a major operating problem at the borro we r’s facility, unless the problem is clearly beyond the borrower’s reasonable control. The new rate will be the highest rate within the structure of discount rates at the time in question. 2A flexible rate that takes into account rates on market sources of funds will be applied to seasonal credit. The flexible rate will not be lower than the basic rate applicable to adjustment credit. 3A flexible rate that takes into account rates on market sources of funds ordinarily will be applied to any "other extended credit" outstanding for more than 30 days. The flexible rate will not be lower than the basic rate plus one-half percentage point. At the discretion of this Reserve Bank, the 30-day time period for which the basic rate is charged may be lengthened or shortened. July 2, 1992 A-1
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