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Federal Reserve 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 IE F E X E C U T I V E O F F I C E R AUgUSt 17, 1994 DALLA S, TE X A S 7 5 2 6 5 -5 9 0 6 Notice 94-89 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 increase the basic discount rate by one-half of one percentage point. The rate for extended credit was also increased by one-half of one percentage point. These actions became effective August 16, 1994. Printed on the reverse of this notice is a copy of Supplement A to Bulletin 2 (Operating Circular 2), which contains the current rate schedule in effect at this Bank. This supplement should be inserted in your Bulletins binder, and the supplement dated May 20, 1994, should be removed. MORE INFORMATION For more information, please contact John R. Phillips or Finlay R. Higgins at (214) 922-5333. For additional copies of this Bank’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, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 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: Rates on Discounts and Advances Per Annum Basic rate: Adjustment credit under 201.3(a) of Regulation A 1 4% August 16, 1994 Flexible Rate August 16, 1994 First 30 days. . . . . . . . . . 4% August 16, 1994 Thereafter. . . . . . . . . . . . Flexible Rate August 16, 1994 Seasonal credit under 201.3(b) of Regulation A2 Effective From Extended credit under 201.3(c) of Regulation A3 aThis 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 borrower’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 applied to seasonal credit, but in no case will the rate be less than the discount rate applicable to adjustment credit. See 12 CFR 201.52(a). funds is 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. See 12 CFR 201.52(b). August 16, 1994 A-l
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