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FEDERAL RESERVE BANK OF NEW YORK C i r c u l a r No. 779& J a n u a r y l 6 , 197 6 D!SCOENT RATES tn R?^#rv€ D/^tr/Ct.* The d i r e c t o r s o f t h i s B ank, w ith t h e a p p r o v a l o f t h e B oard o f G o v e rn o rs o f t h e F e d e r a l R e s e rv e S y s te m , h a v e r e d u c e d t h e B a n k 's d i s c o u n t r a t e to 5 - 1 /2 p e r c e n t fro m 6 p e r c e n t , e f f e c t i v e M onday, J a n u a r y 1 9 , 1976. F o llo w in g i s t h e t e x t o f a s ta t e m e n t i s s u e d to d a y by t h e B oard of G o v e rn o rs o f t h e F e d e r a l R e s e rv e S y stem : The B oard o f G o v e rn o rs o f t h e F e d e r a l R e s e rv e S ystem to d a y a p p ro v e d a c t i o n s by t h e d i r e c t o r s o f t h e F e d e r a l R e s e rv e Banks o f B o s to n , New Y o rk , P h i l a d e l p h i a , C l e v e la n d , R ichm ond, A t l a n t a , C h ic a g o , M in n e a p o l is , K a n sa s C i t y , D a l l a s , and San F r a n c i s c o , r e d u c in g th e d i s c o u n t r a t e s o f t h o s e b a n k s from 6 p e r c e n t t o 5 - 1 /2 p e r c e n t , e f f e c t i v e M onday, J a n u a r y 19. The a c t i o n i s in te n d e d t o b r i n g t h e d i s c o u n t r a t e i n t o b e t t e r a lig n m e n t w i t h o t h e r s h o r t te rm i n t e r e s t r a t e s w h ic h h a v e r e c e n t l y d e c lin e d . The d i s c o u n t r a t e i s t h e i n t e r e s t r a t e c h a rg e d member c o m m e rc ia l b a n k s when th e y b o rro w fro m t h e i r d i s t r i c t F e d e r a l R e s e rv e B an k s. The new r a t e s c h e d u l e f o r t h i s B ank, e f f e c t i v e J a n u a r y 1 9 , 19 7 6 , i s a s fo llo w s : Percent Per /iMMMW ^Jun/zces to nnd discounts /or /Member bcrnhs; (a) Advances and discounts under sections 13 and 13a of the Federal Reserve Act, and advances under section 10(b) of the Act if secured by mortgage loans on one-family to four-family residences ....... 5 - 1 /2 (b) Advances under section 10(b) of the Federal Reserve Act, except as otherwise provided in this schedule ....................................................................... 6 (c) Advances for prolonged periods and in significant amounts under section 10(b) of the Federal Reserve Act, except advances secured by mortgage loans on one-family to four-family residences ....... 6 - 1 /2 Advances to /Mth/Mcf/zaZs, portMersh/p^, </MtZ corporations other than /Member bnnhs; Advances under last paragraph of section 13 of the Federal Reserve Act ................................................. 8 - 1 /2 A copy o f t h i s B a n k 's O p e r a tin g C i r c u l a r No. 1 3 , r e g a r d i n g d i s c o u n t r a t e s , w i l l b e s e n t t o you on J a n u a r y 19. PAUL A. VOLCKER, Prf-yfcffHf.
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