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Federal R eserve Bank OF DALLAS W ILLIAM H. W ALLACE D ALLAS, T E X A S F IR S T VICE P R E S ID E N T 75222 January 14, 1985 Circular 85-3 TO: The Chief Executive Officer of all depository institutions in the Eleventh Federal Reserve District SUBJECT Revised slip sheet to Regulation D — Requirements of Depository Institutions Reserve DETAILS The Board of Governors of the Federal Reserve System has issued a slip sheet to Regulation D which includes its latest amendment. This slip sheet became effective January 1, 1985. The new slip sheet should be filed with Regulation D in the regulation binders furnished by this Bank. ATTACHMENTS The new slip sheet for Regulation D is attached. MORE INFORMATION For more information, please call Robert Feil at (214) 651-6690 or Evelyn Thomas at (214) 651-6132. Sincerely yours, For a dditional copies of any c ircu lar please conta c t the Public A ffairs D ep artm en t at (214) 6 5 1 -6 2 8 9 . Banks and others are encouraged to use the follow ing incom ing W A TS numbers in contacting this Bank (800) 4 4 2 -7 1 4 0 (intrastate) and (800) 5 2 7 -9 2 0 0 (interstate). This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Board o f Governors of the Federal Reserve System Amendments to Regulation D Reserve Requirements of Depository Institutions November 1984* not less than three months even though some of the deposits may be made within seven days from the end of the period; or (E) that constitute a “savings de posit” which is not regarded as a “transaction account;” and (ii) borrowings, regardless of maturi ty, represented by a promissory note, an acknowledgment of advance, or similar obligation described in section 204.2(a) (1) (vii) that is issued to, or any bankers acceptance (other than the type described in 12 USC 372) of the depository institution held by, any office located outside the United States of another depository institu tion or Edge or agreement corporation organized under the laws of the Unit ed States, to any office located outside the United States of a foreign bank, or to institutions whose time deposits are exempt from interest rate limitations under section 217.3(g) of Regulation Q (12 CFR 217.3(g)(e)). 1. Effective October 1, 1983, subparagraphs (b)(1) and (d)(1) o f section 204.2 are amended by substituting "seven” fo r “14" wherever it appears. 2. Effective October 1. 1983, subparagraphs (b)(2), (c)(1), and (f)(l)(v) are amended to read as follows: (b )(1 ) * * * (2) A “demand deposit” does not in clude checks or drafts drawn by the depository institution on the Federal Reserve or on another depository institution. (c) (1) “Time deposit" means (i) a depos it that the depositor does not have a right to withdraw for a period of seven days or more after the date of deposit. “Time deposit” includes funds— (A ) payable on a specified date not less than seven days after the date of deposit; (B) payable at the expiration of a specified time not less than seven days after the date of deposit; (C) payable upon written notice which actually is required to be giv en by the depositor not less than seven days before the date of repayment; (D ) such as “Christmas club” ac counts and “vacation club” ac counts, that are deposited under written contracts providing that no withdrawal shall be made until a certain number of periodic deposits have been made during a period of • A complete Regulation D. as amended effective Janu ary 1, I98S. consists of— • the pamphlet dated September 1983 (see inside cov e r) and • this slip sheet. Items I and 2 were included in the January 1984 slip sheet. Item 3 is new. * * * * * (0 ( 1) * * * (v) a time deposit represented by a promissory note, an acknowledgment of advance, or similar obligation de scribed in section 204.2(a)(l)(vii) that is issued to, or any bankers ac ceptances (other than the type de scribed in 12 USC 372) of the deposi tory institution held by, any office lo cated outside the United States of an other depository institution or Edge or agreement corporation organized under the laws of the United States, to any office located outside the United States of a foreign bank, or to institu tions whose time deposits are exempt from interest rate limitations under Regulation 0 section 217.3(g) of Regulation Q (12 CFR 217.3(g)). * * * * 3. Effective January 1. 1985, section 204.9(a) is amended to read as follows: (a)(1 ) Reserve percentages. The following reserve ratios are prescribed for all de pository institutions, Edge and agree ment corporations and United States branches and agencies of foreign banks: Category Reserve requirement N E T TRANSACTION ACCOUNTS $0-529.8 million Over $29.8 million 1% of amount $894,000 plus 12% of amount over $29.8 million N O NPER SO N A L T IM E DEPOSITS By original maturity (o r notice period): less than 1^ years 3% 1J years or more 0% EU ROCU RREN CY LIABILITIES 3% (2) Exemption from reserve require ments. Each depository institution. Edge or agreement corporation, and U.S. branch or agency of a foreign bank is subject to a zero percent reserve require ment on an amount of its transaction ac counts subject to the low reserve tranche in paragraph (a )(1 ), nonpersonal time deposits, or Eurocurrency liabilities or any combination thereof not in excess of $2.4 million determined in accordance with section 204.3(a)(3) of this part. 2