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F ederal
reserve
Ba n k
DALLAS, TEXAS
of
Dallas
75222
Circular No. 69-228
September
19&9
To the Member Bank addressed:
The enclosed instructional material has been prepared as an aid
to member banks in complying ■with recent amendments to Regulation D, "Re
serves of Member Banks" and Regulation M, "Foreign Activities of National
Banks."
We would recommend that a careful review of this material, be made
by individuals directly responsible for the computation and management of the
reserve position at your bank.
Yours very truly,
P. E. Coldwell
President
Enclosure
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
FED ER A L RESERVE BANK OF DALLAS
DALLAS, TEXAS 75222
Instructions for the Computation of Required Reserves
On Certain Euro-Dollar Transactions Under Regulation D,
"Reserves of Member Banks" and Regulation M, "Foreign
Activities of National Banks," As Amended Effective
September k , 1969
Accounting Department
September 5 , 1969
The Board of Governors of the Federal Reserve System recently amended
its Regulation D, Part 204, "Reserves of Member Banks" and Regulation M,
Part 213, "Foreign Activities of National Banks,"* 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, effective September 4, 1969.
The changes include:
1.
Establishing a 10 per cent 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, 1969*
2.
Establishing a 10 per cent 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, 1969*
3.
Establishing a 10 per cent reserve requirement on bor
rowings by member banks from foreign banks, with one
exception:
only three per cent reserve is required
* Despite the title of Part 213, the conditions, limitations, and
restrictions therein are applicable to foreign activities of State chartered
member banks as well as national banks (12 U.S.C. 321,601).
2
against such borrowings that do not exceed four per cent
of a member bank’s daily average deposits subject to
reserve requirements.
Each of the reserve requirements would be maintained by member bank
head offices in a manner similar to that applicable to their deposit liabilities
generally.
COMPUTATION OF REQUIRED RESERVES
Member banks will be required to continue to maintain reserve require
ments in accordance with Regulation D amended effective September 12, 1968 and
July 25> 1969> and supplemented as of April 17
> 19&9*
Instructions and forms
pertaining to deposit liabilities generally, will not be changed.
RESERVE REQUIREMENTS ON CERTAIN
EURO-DOLLAR TRANSACTIONS
(a) Transactions with parent bank.
The amendment to Regulation M requires that during each week of the
four-week period beginning October l6, 19&9*
ea>ch week of each
successive
four-week ("maintenance") period, a member bank having one or more foreign
branches shall maintain with the Reserve Bank of its district, as a reserve
against its foreign branch deposits, a daily average balance equal to 10 per
cent of the amount by which the daily average total of (l) net balances due
from its domestic offices to its foreign branches and (2) assets (including
3
participations) held by its foreign branches which were acquired from its
domestic offices (excluding (a) assets so held on June 26 ,
1969 representing
credit extended to persons not residents of the United States and (b) credit
extended or renewed by a domestic office after June 26 ,
1969 to persons not
residents of the United States to the extent such credit was not extended in
order to replace credit outstanding on that date which was paid prior to its
original maturity), during the four-week ("computation") period ending on the
Wednesday fifteen days before the beginning of the maintenance period, exceeds
the greater of (i) the corresponding daily average total (excluding assets
representing credit extended to persons not residents of the United States)
for either the four-week period ending May 28 ,
1969 or any computation period
beginning on or after September 4, 1969 * whichever is least, or (ii) three per
cent of the member bank's daily average deposits subject to reserve require
ments during the computation period.
In every instance, the applicable base computed under (i) or
(ii) shall be reduced by the daily average amount of any deposits represented
by borrowings of member banks from foreign banks.
In order to establish base period figures for the four-week period
ending May 28 ,
1969* for the daily average total of (l) net balances due from
domestic offices to its foreign branches and (2) assets held by foreign
branches which were acquired from its domestic offices, a report form, "Base
Report of Certain Euro-Dollar Transactions," Form
three are to be completed.
AC-2 3 7 > columns one, two and
Two copies of the form are included in these
instructions.
(b) Credit extended to United States residents.
The amendment to Regulation M requires that during each week of the
four-week period beginning October 16 ,
1969* and during each week of each
4
successive four-week maintenance period, a member bank having one or more
foreign branches shall maintain with the Reserve Bank of its district, as a
reserve against its foreign branch deposits, a daily average balance equal
to 10 per cent of the amount by which daily average credit outstanding from
its foreign branches to United States residents (other than assets acquired
and net balances due from its domestic offices), during the four-week com
putation period ending on the Wednesday fifteen days before the beginning of
each maintenance period, exceeds either the corresponding daily average total
during the four-week period ending May 28, 1969 or the total outstanding on
June 25 or 26, 1969*
This paragraph does not apply to credit extended (l) by
a foreign branch to U.S. residents of $5 million or less on any day of a
relevant computation period, (2) to enable the borrower to comply with require
ments of the office of Foreign Direct Investments, Department of Commerce (the
branch may in good faith rely on the borrower's certification that the funds
will be so used), or (3) under binding commitments entered into before June 27*
1969.
A United States resident is defined as
(a) any individual residing
(at the time the credit is extended) in any State of the United States or the
District of Columbia;
(b) any corporation, partnership, association or other
entity organized therein ("domestic corporation"); and (c) a n y branch or office
located therein of any other entity wherever organized.
foreign branch, office,
subsidiary,
Credit extended to a
affiliate or other foreign establishment
("foreign affiliate") controlled b y one or more such domestic corporations
w i l l not be deemed to be credit extended to a United States resident if the
proceeds w i l l be used in its foreign business or that of other foreign
affiliates of the controlling domestic corporation(s)*
5
The previously mentioned form, "Base Period Report of Certain
Euro-Dollar Transactions," AC-237* column four, should be used to record the
information for the four-week period ending May 2 8 , 19&9
total out
standing on June 25 or 2 6 , 1969*
When Form
AC-237 i s completed it should be returned as soon as
possible, but no later than September 12 , 19 ^9 *
This is a one-time report.
It
is suggested that a duplicate copy be prepared and retained for your records.
(c) Reserve percentages against certain deposits of foreign
banking offices.
The amendment to Regulation D requires that during each week of the
four-week period beginning October 16 , 19^9* an^- each week of each successive
four-week ("maintenanceM) period, a member bank shall maintain with the Reserve
Bank of its district a daily average balance equal to 10 per cent of the daily
average amount of such deposits during the four-week ("computation") period
ending on the Wednesday fifteen days before the beginning of the maintenance
period; except that only three per cent need be so maintained against such
deposits which are time deposits, (for the purpose of this paragraph, "time
depositsv means any deposits having a maturity of one day or more) aggregating
not more than four per cent of such member bank’s daily average deposits
subject to reserve requirements during the computation period.
Since no base period is used when calculating the reserve requirement
against these deposits, the computation figures will be reported on.the "FourWeek Report of Certain Euro-Dollar Transactions," AC-238.
form follows in a later section of these instructions.
A discussion of this
6
CALCULATION OF RESERVE REQUIREMENTS ON
CERTAIN EURO-DOLLAR TRANSACTIONS
We have listed below the computation period and maintenance periods
to be used in the calculation of reserves for the remainder of 1969 and for
1970 .
Maintenance Period
Requirement Must be
Satisfied During Reserve
Periods Ending__________
9 / 04/69 - 10 / 01/69
10/16/69 - 11/12/69
10/22, 10/29, 11/5, u /1 2
10 / 02/69 - 10 / 29/69
11/13/69 - 12/10/69
n / 1 9 , u / 2 6 , 12/3, 12/10
10 / 30/69 - 11 / 2 6 /6 9
12/11/69 -
1/07/70
12/17, 12/24, 12/31, 1/7
11 / 27/69 - 12 / 24/69
1/08/70 -
2/04/70
1/14, 1/21, 1/28, 2/4
12 / 25/69 -
1/21/70
2/05/70 -
3/04/70
2/11, 2/18, 2/25, 3/4
1/22/70 -
2/18/70
3/ 5/70 -
4/01/70
3/11, 3/18, 3 / 2 5 , 4 / 1
2 / 19/70 -
3 / 18/70
4 / 2/70 -
4/29/70
4/8, 4/15, 4/22, 4/29
3 / 19/70 -
4 / 15/70
4/30/70 -
5/27/70
5/6, 5/13, 5/20, 5/27
4 / 16/70 -
5/ 13/70
5/28/70 -
6/24/70
6/3, 6/10, 6/17, 6/24
5/ 14/70 -
6 / 10/70
6/25/70 -
7/22/70
7/1, 7/8, 7/15, 7/22
6/11/70 -
7/08/70
7/23/70 -
8/19/70
7/29, 8/5, 8/12, 8/19
7 / 0 9/70 -
8 / 05/70
8/20/70 -
9/16/70
8/26, 9/2, 9/9, 9/16
8/06/70 -
9/02/70
9/17/70 - 10/14/70
9 / 0 3 /7 0 -
9 / 30/70
10/15/70 - 11/11/70
10/21, 10/28, 11/4, 1 1 / n
10/01/70 - 10/28/70
11/12/70 - 12/09/70
n / 1 8 , u / 2 5 , 12/2, 12/9
10 / 29/70 - n / 25/70
12/10/70 -
1/06/71
12/16, 12/23, 12/30, 1/6
11 / 2 6/70 - 12 / 23/70
1/07/71 -
2/03/71
1/13, 1/20, 1/27, 2/3
12 / 24/70 -
2/04/71 -
3/03/71
2/10, 2/17, 2/24, 3/3
Computation Period
1/ 20/71
9/23, 9/30, 10/7, 10/14
7
A brief explanation of the forms to be used in connection with
amendments to Regulations D and M follows:
FORM AC-237 - "BASE PERIOD REPORT OF CERTAIN EURO-DOLLAR TRANSACTIONS"
This is a report to establish base period figures for the four-week
period ending May 28, 1 9 69 , for (a) the daily average total of (l) net balances
due from domestic offices to its foreign branches and (2 ) assets held by foreign
branches which were acquired from its domestic offices and for (b) credit out
standing from foreign branches of member banks to United
also establishes a base period figure for June
25 or 2 6 ,
standing from foreign branches of member banks to United
States residents.
It
1 9 69 ? for credit out
States residents.
In
computing the base under paragraph 213.7(b) of Regulation M, a member bank
should include all claims on United States residents by all foreign branches,
regardless of the amount for each foreign branch, but exclude all credit to
United States residents to enable the borrower to comply with the requirements
of the office of Foreign Direct Investment.
Each member bank in the Eleventh Federal Reserve District involved in
the type of transactions defined in these instructions is required to file this
report only once.
This report should be returned as soon as possible, but no
later than September 12, 1 9 6 9 .
All member banks located in Branch territories should file their
report directly with the Branch involved.
FORM AC-238 - "FOUR-WEEK REPORT OF CERTAIN EURO-DOLLAR TRANSACTIONS"
This is a report of a four-week computation period by the member bank
of net balances due foreign branches, assets held by foreign branches, credit
extended by foreign branches to United States residents and borrowings from
foreign banks.
8
Each member bank in the Eleventh Federal Reserve District involved
in the type of transactions defined in these instructions is required to file,
on Form AC-238, at the conclusion of the computation period, a four-week re
port of its daily net balances due foreign branches, assets held by foreign
branches, total of net balances due foreign branches and assets held by foreign
branches, credit extended by foreign branches to United States residents, and
borrowings from foreign banks,
classified as time and demand.
This report
should be mailed by the second business day after the close of the computation
period.
All member banks located in Branch territories should file their re
ports directly with the Branch involved.
After receipt of the member bank’scomputation period report form,
the
reserve requirements for each category of foreign transactions will be calcu
lated and Form AC-238 completed showing the necessary reserve requirements.
copy of the form will be returned to the member bank.
A
The amount shown in "total
requirement to be used for maintenance period ending" on the Form AC-238 will be
included in the amount shown as requared reserves on the daily Form AC-162 furnished
Head Office member banks and on Form AC-213, Statement of Daily Average Required
Reserves, furnished member banks located in Branch territories, for each of the
four weeks in the maintenance period.
9
FORM AC-239 “ "WORK SHEET FOR CALCULATING RESERVE REQUIREMENTS ON
TRANSACTIONS WITH FOREIGN BRANCHES"
This sample work sheet is designed to provide a member bank with the
means for calculating its required reserve on transactions with foreign branches,
While this work sheet will be used by this Bank, copies will not be furnished
to member banks.
How to Use Work Sheet
Column 1 - The date of the four-week computation period.
Column 2 - The daily average total of the net balances due from
foreign branches and assets held by foreign branches
for the four-week computation period.
Form AC- 2 3 8 ,
column three, averages.
Column 3 - The daily average total of the net balances due from
foreign branches and assets held by foreign branches
for the four-week period ending May 28, 19^9*
Form
AC- 2 37 * column three, averages.
Column b - The lowest daily average total of the net balances due
from foreign branches and assets held by foreign branches
for any computation period beginning on or after
September 4, 1 9 6 9 * Form AC -2 3 8 , column three, averages.
Column 5 - Self-explanatory.
Column 6 - Three per cent of the member bank's daily average
deposits subject to reserve requirements during the
four-week computation period.
("Report of Deposits
10
and Related Data" is the source for this informa
tion.)
Column
7 ~ Self-explanatory.
Column
8 - The daily average borrowings from foreign banks (time
and demand) for the four-week computation period.
Form AC- 2 3 8 , column five and six, averages.
Column
9 ” Self-explanatory.
Column 10 - Self-explanatory.
Column 11 - Amount of reserve requirement.
Column 12 - The date of the four-week maintenance period.
FORM AC-240 - "WORK SHEET FOR CALCULATING RESERVE REQUIREMENTS ON
CREDIT EXTENDED TO U.S. RESIDENTS BY FOREIGN
BRANCHES"
This sample work sheet is designed to provide a member bank with
the means for calculating its required reserve on credit extended to U.S. resi
dents by its foreign branches.
While this work sheet will be used by this Bank,
copies will not be furnished to member banks.
How to Use Work Sheet
Column 1 - The date of the four-week computation period.
Column 2 - The daily average total amount of credit extended to
U.S. residents.
Form AC- 23 8 , column four, averages.
11
Column 3 - The daily average total amount of credit extended to
U.S. residents b y foreign branches during the four-week
period ending May 28,
1969.
Form A C - 237, column four,
averages.
Column
k - The total amount of credit extended to U.S. residents
b y foreign branches outstanding on June
Form AC-237* column four, June 25 or
25
or 26,
1969*
26.
Column 5 - Self-explanatory.
Column
6
- Amount shown in column five multiplied by the per cent
of reserve requirements,
10
per cent.
Column 7 - The date of the four-week maintenance period.
FORM AC-214-1 - "W O R K SHEET FOR CALCULATING RESERVE REQUIREMENTS ON
BORROWINGS FROM FOREIGN BANKS"
This sample w o r k sheet is designed to provide a member bank with
the means for calculating its required reserve on borrowings from foreign
banks.
While this w ork sheet will be used by this Bank, copies will not be
furnished to member banks.
How to Use Work Sheet
Column 1 - The date of the four-week computation period.
Column 2 - Four per cent of bank*s daily average deposits
subject to reserves.
Column 3 - The daily average total amount of time borrowings
that do not exceed four per cent of daily average
deposits subject to reserves.
Form A C - 238, column
five, averages, see "Column 5" below.
12
Column
k
-The amount shown In
per cent of reserve
Column 5
column three multiplied by the
requirement, three per cent.
-The amount of time borrowings in
excess of four per
cent of daily average deposits subject to reserves.
Column
6
- The amount shown in column five multiplied b y the
p e r cent of reserve requirement,
10
per cent.
Column 7 - The daily average total amount of demand borrowings.
Form A C - 238, column six, averages.
Column
8
-The amount shown in
per cent of reserve
column seven multiplied by the
requirement,
10
p e r cent.
Column 9 - Total reserve requirements on direct borrowings.
Column 10 - The date of the four-week maintenance period.
AC-237 X
TO: ACCOUNTING DEPARTMENT
□
□
□
0
FROM:
Federal Reserve Bank,Sta. K, Dallas, Texas
Federal Reserve Bank Branch, El Paso, Texas
Federal Reserve Bank Branch, Houston, Texas
75222
79999
77001
Federal Reserve Bank Branch,San Antonio, Texas 7^206
C L O S IN G
B A L A N C E S
BASE P E R I O D R E P O R T OF C E R T A I N E U R O - D O L L A R T R A N S A C T I O N S
FOR BASE PERIOD ENDIN G WEDNESDAY
(B A L A N C E S
_____ May 28, 1969____
A T
C L O S E
O F
B U S IN E S S
S T A T E D
IN
N E A R E S T
T H O U S A N D S )
DATE
C R E D IT E X T E N D E D
N E T B A LA N C ES DUE
FO RE IG N BRANCH(ES)
BASE PER IO D
ASSETS H E L D BY
T O T A L OF
FOREIG N BRANCH(ES)
COLS. 1 AND 2
BY FO RE IG N BRANCH(E S)
TO U.S. R E SID E N TS
3
4
2
1
M O N TH
D A Y
M lL L I O N S
THOUSANDS
M l L L 1ONS
M IL L IO N S
THOUSANDS
M IL L I O N S
THOUSANDS
THOUSANDS
1
MAY
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
2S
24
2^
26
27
28
TO TALS
AV ER A G E S
JUNE
R E C O R D
B A L A N C E S
F O R
E A C H
D A Y
I C E R T I F Y
T H A T
A R E
T H E
C O R R E C T
R E P O R T E D
F O R
( au th o r iz e d
T H E
C L O S IN G
A B O V E
s ig n a t u r e )
B A L A N C E S
D A T E S
AC-238 X
TO: ACCOUNTING DEPARTMENT
□
CD
01
□
FROM:
Federal ReserveBank,
Federal Reserve Bank
Federal Reserve Bank
Federal Reserve Bank
C LO SIN G
Sta. K,
Branch,
Branch,
Branch,
Dallas, Texas
75222
El Paso, Texas
79999
Houston, Texas
77001
San Antonio, Texas 78206
B A L A N C E S
FOR COMPUTATION PERIOD ENDING WEDNESDAY
F OU R- WEE K R E P O R T OF C E R T A I N E U R O - D O L L A R T R A N S A C T I O N S
DATE
(B A L A N C E S
N E T BALANCES
DUE
FOREIGN
BRANCH(ES)
COMPUTATION
PERIOD
ASSETS H ELD BY
FOREIGN
BRANCH(ES)
DAY
M IL L IO N S
THOUSANDS
M IL L IO N S
O F
B U SIN ESS
S T A T E D
TO T A L OF
COLS. 1 AND 2
3
4
M IL L IO N S
THOUSANDS
C L O S E
C R E D IT E X T E N D E t
BY FOREIGN
BRANCH(ES) TO
U.S. RESIDENTS
2
1
M ONTH
AT
r
■
IN
N E A R E S T
B O R R O W IN G S F R O M F O R E IG N B A N KS
DEMAND
TIME
6
5
JTHOUSANDS M IL L IO N S THOUSANDS M lL L I O N S
“ i—
1
1
1
1
1
1
1i
TH O U SA N D S)
M IL L IO N S
THOUSANDS
THOUSANDS
-
—
i
i
.
i
-
—
i
1
1
1
1---------------------1
1
1
1
1
1
1
1
1
1
1
1
•
1
1
1
1
1
r
1
1
l
1
1
" “■
1
1
1
1
-----------------------1------------------1
1
1
T
'
1
1
1
1
1
TOTALS
1
AVERAGES
1
1
R E C O R D
B A L A N C E S
F O R
E A C H
DAY
I C E R T IF Y
T H A T
A R E
T H E
R E P O R T E D
C O R R E C T
FO R
T H E
C L O SIN G
A B O V E
B A L A N C E S
D A T E S
AUTHORIZED SIGNATURE
DO NOT WRITE B ELOW TH IS L I N E - F O R FRB USE ONLY
REQUIREMENT ON THE NET BALANCES
DUE AND ASSETS
HELD BY FOREIGN BRANCHES
M IL L IO N S
.
THOUSANDS
I
I
__________I__________
[ please
m a il
REQUIREMENT ON CR ED IT
EXTENDED BY FOREIGN BRANCHES
TO U . S . RESIDENTS
M IL L IO N S
1
THOUSANDS
I
I
_________I_________
report
by
second
b u s in e s s
day
after
REQUIREMENT ON BORROWINGS
FROM
FOREIGN BANKS
M IL L IO N S
,
THOUSANDS ~
I
I
_______ I_________
the
clo se
of
the
c o m p u t a t io n
p e r io d
|
TOTAL REQUIREMENT TO BE USED
FOR MAINTENANCE PER IOD END IN G :
M IL L IO N S
1
THOUSANDS
I
I
_______ I________
i
AC-239 X
F e d e r a l Reserve Bank
WORK SHEET FOR CALCULATING RESERVE REQUIREMENTS
ON TRANSACTIONS WITH FOREIGN BRANCHES
COMPUTATION
PERIOD
(1)
AMOUNT
FROM AC-238
COL. 3. AVER.
(2)
9 / 4 /6 9 -1 0 / 1 /6 9
BASE
PERIOD
AMOUNT FROM
LOW
f o r m AC-237 COMPUTATION
COL. 3. AVER .
PERIOD
m
(4)
D a lla s
3% O F
AMOUNT IN
COL. 3 OR 4
WHICHEVER
IS SMALLER
(51
D t^iSiT S
COVr*P
' IO N
PERIOD
IV
AMOUNT IN
COL. 5 OR 6
WHICHEVER
IS GREATER
m
DIRECT
BORROWINGS
(81
COLUMN 7
MINUS COL. 8
COLUMN 2
MINUS COL. 9
RESERVE
REQUIREMENT
10% OF COL. 10
10)
fl(N
m i
MAINTENANCE
PERIOD
/
I O / 16/
121
69 -
H /
12/69
1 0 / 2 /6 9 -1 0 /^ 9 /6 9
1 1 /1 3 /6 9 -1 2 /1 0 /6 9
10^ 0 / 69 - 11/ ^ 6/69
1 2 /1 1 /6 9 -
1 / 7 /7 0
U / 27 / 6 9 - 1 2 / £ 4 / 6 9
1/
8 /7 0 -
3/ 21/70
2/
5 /7 0 - 3 / 4 /7 0
3 2/k^69-
2/
4 /7 0
AC-2^0 X
Federal Reserve Bank
Dallas
WORK SHEET FOR CALCULATING RESERVE REQUIREMENTS
ON CREDIT EXTENDED TO U.S. RESIDENTS BY FOREIGN BRANCHES
B A S E
A M O U N T F R O M FO RM
C O M P U T A T IO N
P E R IO D
AMOUNT
FROM FORM
(D
AC-237
AC-238
C O L . 4,
AVERAGES
C O L . 4, A V E R A G E S
5 /1 - 5/28
(2)
(3)
P E R I O D S
A M O U N T F R O M FO RM
AC-237
C O L . 4,
6 / 25 / o r 6/26
(4)
C O L . 1 M IN U S A M O U N T
IN C O L . 3 OR 4
RESERVE
M A IN T E N A N C E
W H I C H E V E R IS
R E Q U IR E M E N T
P E R IO D
GREATER
(5)
10% O F C O L . 5
(6)
(7)
9 / 4 /6 9 - 10 / 1/69
1 0 /1 6 /6 9 - 1 1 /1 2 /6 9
10 / 2 /6 9 - 10 / 2 9/69
1 1 /1 3 /6 9 - 1 2 /1 0 /6 9
10 / 3 0 /6 9 - 11 / 2 6 /6 9
1 2 /1 1 /6 9 -
1 / 7 /7 0
11 / 2 7 /6 9 - 12 / 2 4 /6 9
1 / 8 /7 0 -
2 / 4 /7 0
12 / 2 5 /6 9 -
2 / 5 /7 0 -
3 / 4 /7 0
1 / 2 1 /7 0
Federal Reserve Bank
Dallas
AC-2^1 X Rev.9 -69
WORK SHEET FOR CALCULATING RESERVE REQUIREMENTS
ON BORROWINGS FROM FOREIGN BANKS
TIM E
b o r r o w in g s.
C O M P U T A T IO N
P E R IO D
4% D E P O S I T S
SUBJECT
F R O M FORM
TO RESERVES
C O L . 5 , AVER .
(2)
(D
AC-238
(3)
.
3% OF
AMOUNT IN
CO L. 2 OR 3
WHICHEVER
IS SMALLER
TIM E
B O R R O W IN G S
SU BJEC T TO
10% R E S E R V E
C O L . 3 M IN U S
COL. 2
RESERVE
R E Q U IR E M E N T
10% O F C O L . 5
(5)
(6 )
(4)
9 / 4 /6 9 - 1 0 / 1 /6 9
1 0 / 2 /6 9
-
DEMAND
B O R R O W IN G S
F R O M FO RM
AC-238
C O L . 6,
(7)
AV ER.
RESERVE
R E Q U IR E M E N T
10% O F C O L . 7
(8)
TOTAL
RESERVE
R E Q U IR E M E N T
SUM O F
M A IN T E N A N C E
P E R IO D
C O L S . 4. 6, 8
(9)
(1 0)
1 0 /1 6 /6 9 - 1 1 /1 2 /6 9
1 0 /2 9 /6 9
1 1 /1 3 /6 9 - 1 2 /1 0 /6 9
1 0 /3 0 /6 9 - 1 1 /2 6 /6 9
12/ 11/69 -
1 / 7 /7 0
1 1 /2 7 /6 9
-
1 2 /2 4 /6 9
1 / 8 /7 0 -
2 / 4 /7 0
1 2 /2 5 /6 9
-
1 /2 1 /7 0
2 / 5 /7 0 -
3 / 4 /7 0
•
@FedFRASER