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F ed er a l R eser ve Ba n k





C i r c u l a r No. 70-31^December 2 8 , 1970

To the Member Bank addressed:

As a result of recent amendments to Regulation D, "Reserves
of Member Banks", and Regulation M, "Foreign Activities of National
Banks", revised work sheets AC-239X? AC-21+0X and AC-2^1X concerning
certain Euro-Dollar transactions have been prepared. The attached
revised work sheets which reflect the amendments effective January 7?
1971? are relevant to the reserve computation period ended November 25?
It should be noted that the format of the work sheets has not
been altered. The only changes are those which relate directly to the
establishment of revised base periods for each type of transaction.
These work sheets are furnished as an aid to member banks in
complying with the amendments effective January 7? 1971* The correct
preparation of the applicable work sheet(s) by each member bank should
enable it to determine the amount of reserves required on Euro-Dollar
A small change was made to the monthly Euro-Dollar report form,
AC-238X, which consists of a minor clarification of columnar headings
5 and 6. A revised copy of this form is attached.
There is also attached a schedule which may be utilized in
determining the computation period and the maintenance periods to which
each applies.
In the event there is any difficulty in the utilization of these
revised work sheets, please contact the Head Office or the appropriate
Yours very truly,
P. E. Coldwell

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