Full text of Federal Reserve Bank of New York Circulars : 9172. Further Deferral of Reserve Requirements for Certain Depository Institutions

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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 9172 ~|
October 26, 1981 J

[

Further Deferral of
Reserve Requirements for Certain Depository Institutions

To A ll D epository Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following is quoted from the text of a statement issued by the Board of Governors of
the Federal Reserve System:
The Federal Reserve Board has extended for six months the deferral of reserve and
reporting requirements for nonmember depository institutions with less than $2 million total
deposits.
The Monetary Control Act of 1980 made certain deposits of nonmember as well as
member depository institutions subject to Federal reserve requirements. To lessen the burden
for very small institutions and in view of operational considerations, the Board has previously
deferred until November 1981 reserve requirements for institutions with less than $2 million
total deposits, as of December 31, 1979. This deferral will now extend through April 1982.
The Board extended the deferral period in view of legislation under consideration in Congress
that would provide a permanent exemption from reserve requirements for smaller depository
institutions.
The deferral affects nearly 18,000 depository institutions, including approximately 17,000
credit unions. These institutions are estimated to hold xh of 1 percent of all deposits. Those
offering transaction accounts or nonpersonal time deposits are subject to reserve requirements.

Questions on this matter may be directed to our Deposit Reports Division (Tel. No.
2 1 2 -7 9 1 -5 7 9 4 ).




A nthony M. S olomon,

President.