Full text of Federal Reserve Bank of New York Circulars : 6964. Assistance to Banks in Areas Flooded by Hurricane Agnes

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FED ERAL RESERVE BANK
OF NEW YORK

r

Circular No. 6 9 6
June 27, 1972

4~1

J

Assistance to Banks in Areas Flooded by Hurricane Agnes

To A ll M em ber Banks, and O thers Concerned,
in the Second Federal Reserve D istrict:

T he following- statem ent w as issued yesterday by the B oard of Gov­
ern o rs of the F ed eral R eserve S y stem :
T h e F e d e ra l R e serv e S y stem to d a y m oved to facilitate effo rts of b an k s in th e
a re a s flooded d ue to H u rric a n e A g n es to acco m m o d ate th e c re d it n eed s o f th e ir
cu sto m e rs fo r re c o n stru c tio n a n d re h a b ilita tio n p u rp o ses.
U n d e r a rra n g e m e n ts estab lish ed by th e S y ste m ’s B o a rd of G o v ern o rs in W a s h ­
in g to n , th e F e d e ra l R e serv e B an k s w hose d istric ts enco m p ass th e involved a re a s
a re a u th o r iz e d :
1. T o w aive pen alties on m em b er b an k s fo r fa ilu re to m a in ta in th e re se rv e
balances th ey a re re q u ire d to k eep w ith th e R e serv e B anks.
2. T o m ake a p p ro p ria te c re d it available to b an k s, to h elp th e m m eet th e u n ­
u su a l circu m stan ces in th e ir areas.

In addition, this B ank is p repared to m ake em ergency shipm ents of
needed cu rren cy and coin to banks in the affected areas, in accordance
w ith the provisions of our O p eratin g C ircu lar No. 3.




A lfred

H a y es,

President.