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FEDERAL RESERVE BANK OF NEW YORK Circular No. 10638 May 18, 1993 SECTION 20 SUBSIDIARIES Factors in Calculating Compliance with Index Revenue Test To All Bank Holding Companies, and Others Concerned, in the Second Federal Reserve District: Follow ing is the text o f a statem ent issued by the Board o f G overnors o f the F ed eral R eserve System: The Federal Reserve Board has released its quarterly table of factors to adjust interest income to be used by section 20 companies that adopt the Board’s alternative index revenue test to measure compliance with the 10 percent limit on bank-ineligible securities activities. Printed on the reverse side is the table o f factors. Q uestions thereon m ay be directed to D avid L. Fanger, M anager, Banking A pplications D epartm en t (Tel. N o. 212-720-1465). E. G e r a l d C o r r ig a n , President. (Over) Adjustment Factors for Interest Income of Section 20 Subsidiaries April 1, 1993 Ratio of Interest Rates to those in September 1989 1991 1992 1993 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Qi One 1.33 1.42 1.42 1.72 1.99 2.10 2.50 2.70 2.67 Three 1.29 1.40 1.45 1.71 2.01 2.12 2.54 2.54 2.66 Six 1.29 1.37 1.43 1.70 1.99 2.08 2.50 2.44 2.57 Twelve 1.28 1.33 1.40 1.68 1.91 1.96 2.40 2.32 2.43 Two 1.13 1.16 1.24 1.47 1.43 1.46 1.89 1.83 1.83 Three 1.09 1.10 1.16 1.36 1.30 1.33 1.67 1.62 1.61 Four 1.05 1.04 1.09 1.25 1.22 1.23 1.49 1.43 1.48 Five 1.03 1.02 1.06 1.21 1.17 1.17 1.39 1.35 1.40 Six 1,01 1.00 1.04 1.16 1.14 1.13 1.31 1.28 1.35 Seven 1.00 0.99 1.02 1.13 1.11 1.10 1.26 1.25 1.30 Ten 0.99 0.98 1.00 1.06 1.06 1.04 1.14 1.14 1.21 Twenty 0.97 0.95 0.96 0.99 1.01 0.99 1.03 1.03 1.08 oc n n* n A A 0.96 U .7 J nc r> o -7 y .j t fi G 7 1 03 Duration Months Years A 1U1 f\ n .4 C r\ Note: Adjustment factors were calculated using secondary-market quotes of the yields on Treasury bills for durations of one, three, six, and twelve months and on STRIPs, or zero-coupon Treasury securities, for durations two years and greater. Data are averages of Wednesday observations.
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