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FEDERAL RESERVE BANK OF NEW YORK Circular No. 8711 December 19, 1979 FED ER AL RESERVE POLICY REGARDING IR A N IA N -R E LA TE D B ANK ER S ACCEPTANCES To All Banks in the Second Federal Reserve District, and Others Concerned: T h e fo llo w in g statem en t w as issued by the B oa rd o f G ov ern ors o f the F e d e ra l R eserve System : After review within the U.S. Government of financial policy toward Iran, the Federal Reserve announced today it will no longer purchase bankers acceptances that indicate that the Iranian Government or any of its controlled entities is a party to the documents or to the underlying transactions. Also, such acceptances may no longer be used as collateral at the Federal Reserve discount window. These actions will apply to all such instruments accepted December 14 and thereafter. In q u iries r e g a r d in g this m a tter should be d ire cte d to E rn e st T. P atrik is, D ep u ty G en eral Counsel (T el. N o. 212-791-5022), D on N . R in gsm u th , A ssista n t G en eral C ounsel (T el. N o. 212-7915007), o r E d w a r d J. O zog, M a n a g er, S ecu rities D e p a rtm e n t (T el. N o. 212-791-5712). T h o m as M. T im l e n , First Vice President.
@FedFRASER