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FE D E R A L R E S E R V E B A N K OF D A L L A S Station K, Dallas, Texas 7 5 2 2 2 C1 ^ a r Nq ^ ^ January 16, 1984 TO: The financial institution Federal Reserve District ATTENTION: Chief Executive Officer SUBJECT: RESPONSE — Automated reporting of FR2900 deposit data SUMMARY: The Federal Reserve Bank of Dallas has developed a new system which will allow electronic transmission of deposit data to the Fed over the RESPONSE communica tions network using either dial-up or dedicated on-line methods. In addition, a new program is available to weekly-reporting financial institutions which provides "what if" simulation capabilities for use in reserve requirement computations. DETAILS: Beginning February 2, 1984, the Federal Reserve will implement a new system of accounting for bank reserves designed to give more immediate control over the nation's money supply. This system, known as contem poraneous reserve accounting, will require institu tions which file the Report of Transaction Accounts, Other Deposits and Vault Cash (FR2900) on a weekly basis to hold reserves against transaction deposits nearly contemporaneously. addressed in the Eleventh Recognizing the need that contemporaneous reserve accounting will generate for timely position statements, the Federal Reserve Bank of Dallas has developed a system which will allow reporting institu tions to transmit deposit data electronically to our computer, thereby eliminating delays associated with mailing the FR2900 report form. This new procedure will be available to those institutions using the Bank's RESPONSE communications network, either through IBM Personal Computers and dial-up procedures or through dedicated on-line terminals. We believe this new service will cut the time associated with processing deposit data dramatically and will enable our reserve maintenance personnel to provide you with position data early in the maintenance period. Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - 2 - After an initial testing period, the Dallas Federal Reserve will phase in on-line financial institutions to begin using the new service. Institutions will be contacted individually at a later date to determine if there is interest in using the program. In addition to this new RESPONSE service, the Federal Reserve Bank of Dallas is announcing the availability of "CRR" — a computer program which will allow financial institutions to calculate reserve require ments using estimated data in a "what if" capability. The system allows computation directly on-line rather than manually. The temporary reserve requirements will be based on an institution's estimated figures for transaction accounts. This new system has been developed to help institu tions make a smooth transition to contemporaneous reserve accounting and can be a useful tool for managing reserve accounts on a day-to-day basis. The program does not depend on electronic transmission of actual data and is available to all weekly-reporting institutions immediately, either on-line through the RESPONSE network or over the telephone. All weeklyreporting on-line financial institutions will be sent users guides and further instructions for the CRR program shortly. MORE INFORMATION: About automated reporting of FR2900 data Stephen M. Welch, Statistics Department, Extension 6394 About "CRR" simulation program -- Robert G. Feil, Financial Planning and Control Department, Extension 6690 ADDITIONAL COPIES: Public Affairs Department, Extension 6289
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