Full text of Federal Reserve Bank of New York Circulars : 8923. Discount Rates

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 8923
September 25, 1980

D IS C O U N T R A T E S
To All Depository Institutions
in the Second Federal Reserve District:

The directors of this Bank, with the approval of the Board
of Governors of the Federal Reserve System, have raised the Bank's
discount rate to 11 percent from 10 percent, effective Friday,
September 26, 1980.
Following is the text of a statement issued today by the Board
of Governors of the Federal Reserve System:

The Federal Reserve Board today announced an increase in the discount
rate from 10 percent to 11 percent, effective t m r o oorw.
This action i part of the continuing policy of the Federal Reserve
s
to discourage excessive growth in the monetary aggregates. I taking the
n
action, the Board also took note of recent appreciable increases i
n
borrowings at the Federal Reserve discount window as short-term market
interest rates have risen significantly above the 1 percent discount rate
0
that has been in effect since July 2 .
8
In adopting the change, the Board approved action by the boards of
directors of all 12 Federal Reserve Banks.
1980,

The new rate schedule for this Bank, effective September 26,
is as follows:

Percent
Per Annum
Advances to and discounts for depository institutions:
( ) Advances and discounts under sections 1 , 13a, and
a
3
10(b) of the Federal Reserve Act, except a other­
s
wise provided in this schedule..............

1
1

( ) Advances for prolonged periods and in significant
b
amounts under section 10(b) of the Federal Reserve
Act..................................

1
2

Advances to individuals, partnerships, and corporations
other than depository institutions:
Advances under the 13th paragraph of section 1 of the
3
Federal Reserve Act.....................
A copy of this B a n k ’s Operating Circular No.
discount rates, will be sent to you shortly.




Ik

13, regarding

Anthony M. Solomon,
President.