Full text of Federal Reserve Bank of New York Circulars : 6893. Removal of Limitation of Amounts Held in Treasury Tax and Loan Accounts

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FED ER AL RESERVE BANK
O F NEW YORK
Fiscal A gent of the United States

T Circular No. 6 8 9 3 1
February 4, 1972

Removal of Limitation on Amounts Held
in Treasury Tax and Loan Accounts

To A ll Treasury Tax and Loan Depositaries
in the Second Federal Reserve D istrict:

In our C ircu lar No. 6303, dated M arch 13, 1969, we advised you th a t
the lim itation on the am ount of deposits held a t any one tim e by a Special
D epositary of P ublic M oneys in its T re a su ry T a x and L oan A ccount had
been rem oved by the T rea su ry .

H o w ev er, the T re a su ry left to the discretion

of the individual R eserve B anks the responsibility fo r d eterm ining w hether
some lim itation should continue to be im posed. W hile this B ank elected a t th a t
tim e to continue to impose a lim it, we a re now rem oving the lim itation. A ccord­
ingly > we request th a t you file a revised application and d irec to rs’ resolution
w ith us to rem ove the lim itation contained in the docum ents now on file w ith
us. F orm s fo r this purpose are enclosed and, upon execution, should be sent to
o u r G overnm ent Bond and S afekeeping D epartm ent. A ny questions on this
m a tter m ay be directed to th a t D ep artm en t (T elephone No. (2 1 2 ) 732-5700,
E xtension 8 3 7 5 ).
U pon receipt and approval of the revised application and d irec to rs’ reso­
lution, the am ount of deposits th a t m ay be m aintained in your T re a su ry T a x
and L oan A ccount a t any one tim e w ill be lim ited only by the value of the
securities pledged as collateral fo r such deposits.




A lfred

H ay es,

President.