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FEDERAL RESERVE BANK OF NEW YORK Circular No. 7468 September 26, 1974 DISCOUNT R A TE S T o A l l Member B anks, and O thers C on cern ed , in the S econ d F ed er a l R e s e r v e D is tr ic t: Pursuant to the amendment, effective September 25, 197^, adding subparagraph (2) to section 201.2(e) of Regulation A, "Extensions of Credit by Federal Reserve Banks," of the Board of Governors of the Federal Reserve System, the directors of this Bank, with the approval of the Board of Governors, have established, effective September 27, 197^-, a rate of 10 percent on advances to member banks for prolonged periods and in significant amounts under section 10(b) of the Federal Reserve Act, where there are exceptional ■ circumstances or practices involving only a particular member bank. No change has been made in the 8 percent rate on advances to, and discounts for, member banks under sections 13 and 13a of the Federal Reserve Act, in the 8-1/2 percent rate on advances, other than those described above, to member banks under section 10(b) of the Federal Reserve* Act, nor in the 10 percent rate on advances to individuals, partnerships, and corporations other than member banks under the last paragraph of section 13 of the Federal Reserve Act. 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. Al f r ed Ha y e s , President. J FED ER A L RESERVE BANK OF N EW YORK r O p eratin g C ircu la r N o. 18 ~l L R e v ise d S eptem b er 27, 1974 J D IS C O U N T R A T E S To All Member Banks, and Others Concerned, in the Second Federal Reserve District: 1. T his Bank has established the follow in g rates, effective September 27, 1974: A rate o f 8 percent per annum on advances to, and discounts for, mem ber banks under sections 13 and 13a o f the Federal R eserve A ct. A rate o f 8^4 percent per annum on advances to member banks under section 1 0 (b ) o f the Federal Reserve A ct. A rate of 10 percent per annum on advances to member banks for prolon ged periods and in significant amounts under section 1 0 (b ) of the Federal Reserve A ct and section 2 0 1 .2 ( e ) ( 2 ) of Regulation A o f the B oard o f G overnors of the Federal R eserve System. A rate o f 10 percent per annum on advances to individuals, partnerships, and corporations other than member banks under the last paragraph o f section 13 o f the Federal Reserve A ct. Show n on the reverse side is the schedule o f rates now in effect at this Bank on advances and discounts made under the Federal R eserve A ct. 2. T his circular supersedes R evised A pril 25, 1974. our Operating A Circular lfred H N o. 13, ayes, President. ( o ver ) Rate Schedule, Effective September 27, 1974 Percent P er Annum Advances to and discounts for member banks: (a ) A dvances and discounts under sections 13 and 13a o f the Federal R eserve A c t ............................................. ( b ) A dvances under section 1 0 (b ) o f the Federal R eserve A c t ........................................................................... ( c ) A dvan ces for prolonged periods and in significant amounts under section 1 0 (b ) o f the Federal Reserve A c t ........................................................................... 8 8^4 10 Advances to individuals, partnerships, and corporations other than mem ber banks: A dvances under last paragraph o f section 13 of the Federal Reserve A c t .......................................................... 10
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