Full text of Federal Reserve Bank of New York Circulars : 4820. Amendments to Regulation D

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F E D E R A L R E S E R V E BANK
O F N E W YORK
r Circular No. 4 8 2 0 1
L December 3, 1959 J

AMENDMENTS TO REGULATION D

To A ll M em ber Banks
o f the Second Federal R eserve D istrict:

Our Circular No. 4817, dated N ovem ber 30, 1959, inform ed you o f
the statement made public that day b y the B oa rd o f G overnors o f the
F ederal R eserve System on the amendments to R egulation D per­
m itting member banks to count part o f vault cash fo r reserve purposes.
A s indicated in the statement, the B oa rd o f G overnors also adopted
amendments to certain technical provisions o f R egulation D. Pending
the receipt o f the revised R egulation D and its Supplem ent, we wish to
inform you that the amendments, effective Decem ber 1, 1959, (1 ) define
currency and coin to include currency and coin in transit to or from
a F ederal R eserve B ank ; (2 ) require currency and coin to be counted
as o f the beginning o f each business d a y ; and (3 ) exclude drafts drawn
on a m ember bank’s reserve account or other authorizations to charge
such account from the definition o f gross demand deposits.
A s to the B o a r d ’ s amendment (effective Decem ber 31, 1959)
changing the reserve com putation period fo r country banks to biweekly
instead o f semimonthly, country member banks are requested to submit
their sem imonthly report o f deposits fo r reserve purposes fo r the
second Decem ber period to cover Decem ber 16 through D ecem ber 30,
1959.
A dditional copies o f this circular will be furnished upon request.




A lfred H ayes,

President.