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FE D E R A L R E S ER V E BANK O F NEW YORK r Circular No. 7 3 8 0 ~1 L April 24, 1974 J DISCO UNT R A TE S T o A ll M em ber BanTcs, and Others Concerned, in the Second Federal R eserve D istrict: The directors of this Bank, with the approval of the Board of Governors of the Federal Reserve System, have increased the Bank’s discount rate to 8 percent from 7y2 percent, effective Thursday, April 25. Following is the text of a statement issued today by the Board of Governors of the Federal Reserve System: The Board of Governors of the Federal Reserve System today approved actions by the directors of the Federal Reserve Banks o f New York, Philadelphia, Cleveland, Richmond, Kansas City, Dallas, and San Francisco increasing the discount rate of those banks from 7*4 percent to 8 percent, effective Thursday, A p ril 25. The action was taken in the light o f a recent rapid rise in money and bank credit and in recognition o f increases that have already occurred in other short-term interest rates. The problem o f inflation continues to be a serious concern to the Board. The discount rate is the rate charged member banks fo r borrowings from their district Federal Reserve Banks. Enclosed is a copy of this Bank’s Operating Circular No. 13, regarding discount rates. Additional copies of the enclosure will be furnished upon request. A lfred H a y e s , President. federal of Reserve New bank York r Operating Circular No. 13 ~1 u Revised April 25, 1974 J DISCO UNT RATES To A ll M em ber Banlcs, and Others Concerned, in the Second Federal R eserve D istrict: 1. This Bank has established the follow ing new rates, effective A p ril 25, 1974: A rate o f 8 percent per annum on advances to, and discounts for, member banks under sections 13 and 13a of the Federal Reserve Act. A rate of 8^2 percent per annum on advances to member banks under section 10( b) o f the Federal Reserve Act. A rate o f 10 percent per annum on advances to individuals, partnerships, and corporations other than member banks under the last paragraph of section 13 of the Federal Reserve A ct. Shown below is the schedule of rates now in effect at this Bank on advances and discounts made under the Federal Reserve A ct. 2. This circular supersedes our Revised August 14, 1973. Operating Circular No. A lfred 13, H ayes, President. Rate Schedule, Effective April 25, 1974 P ercen t P er Annum Advances to and discounts for member banks: ( a ) A d v a n ce s and d iscou n ts u n der sections 13 and 13a o f the F e d era l R eserve A c t ......................................................... 8 ( b ) A d v a n ce s u nder section 1 0 ( b ) o f the F ed era l R eserve A ct .................................................................................................... 8^ Advances to individuals, partnerships, and corporations other than member banks: A d v a n ce s u n der last p a ra g r a p h o f section 13 o f the F ed era l R eserve A c t .............................................................. ..................... 10
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