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federal R e s e r v e Ba n k DALLAS, TEXAS of D allas 7S222 Circular No. 80-113 June 9, 1980 SMALL SAVER CERTIFICATES AND MONEY MARKET CERTIFICATES TO ALL MEMBER BANKS AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Depository Institutions Deregulation Committee draws the attention of depository institutions to the following schedule of effective dates for the Small Saver Certificate and the Money Market Certificate under the revisions of the terms of these instruments adopted by the Committee May 28, 1980. SMALL SAVER CERTIFICATE The ceiling rate will be established bi-weekly as follows: The average two and one-half year yield on United States Treasury securities will be announced by the Treasury late Monday or early Tuesday and the ceiling rates based on that rate will be effective for a two week period beginning on the following Thursday. If Monday is a holiday the average will be based on the average for the five business days ending the preceding Friday (instead of Monday) and will be effective the following Thursday. The new ceiling rates for Small Saver Certificates were first effective for those issued beginning Monday, June 2, 1980. These rates will be effective through Wednesday, June 11. Thereafter the new ceiling rates will be established bi-weekly each Monday (June 9, June 23, July 7, etc.) and will be effective the following Thursday (June 12, June 26, July 10, etc.). MONEY MARKET CERTIFICATE As in the past, the Money Market Certificate ceiling rates will continue to be established by the result of the weekly Treasury auction of six-month bills and will continue to be effective on the Thursday following the auction. The Money Market Certificate new ceiling rates were first established by the auction of June 2, 1980 and will be effectiv e June 5. Thereafter, the new ceiling rates will be established at weekly intervals (June 9, June 16, June 23 etc.) to be effectiv e on the following Thursdays (June 12, June 19, June 26, etc.). Questions regarding the above should be directed to the Consumer Affairs Section of our Bank Supervision and Regulations Department, Ext. 6171. Sincerely yours, Robert H. Boykin First Vice President Banks and others are encouraged to use the following incoming W A TS 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)
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