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Release Date: November 22, 2006

For immediate release
The Federal Reserve Board on Wednesday announced an extension of the comment period
on a consultation paper that is intended to help the Board obtain broader information on
intraday liquidity management issues and to lay the groundwork for discussions about the
long-term evolution of its Payment System Risk (PSR) Policy. The comment period will be
extended for ninety days to March 15, 2007. The extension is granted to give the public
additional time to comment on the consultation paper.
The consultation paper seeks information from the financial industry and other interested
parties on their experience in managing intraday liquidity, credit, and operational risks
associated with Fedwire funds transfers and associated transactions, especially late-day
transfers. In particular, the paper requests views on potential changes in market practices,
depository institution and Federal Reserve Bank operations, and the Board’s PSR Policy
that could reduce one or more of these risks, while maintaining or improving the efficiency
of the payments system over the long run.
The Board's Federal Register notice is attached.

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Last update: November 22, 2006