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FEDERAL RESERVE BANK OF NEW YORK Circular No. 9206 December 3, 1981 DISCOUNT RATES To All Depository Institutions in the Second Federal Reserve District: E ffectiv e F rid a y , D ecem b er 4, 1981, the d ire c to rs of th is B ank, w ith th e a p p ro v al of th e B oard of G overnors of th e F e d e ra l R eserve System , have red u c e d th e B a n k ’s d isco u n t ra te from 13 p e rc e n t to 12 p ercen t. T he follow ing is quoted fro m th e te x t of a s ta te m e n t issued to d ay by th e B oard of G overnors: The Federal Reserve Board today approved a reduction in the basic discount rate from 13 percent to 12 percent, effective Friday, December 4. The action was taken to bring the discount rate into better alignment with short-term rates that have been prevailing recently in the market. In announcing the change, the Board acted on requests from the directors of the 12 Federal Reserve Banks. A copy of th is B a n k ’s O p e ra tin g C irc u la r No. 13, r e g a r d in g disco u n t rate s, w ill be sen t to you shortly. A n t h o n y M. S o l o m o n , President. FEDERAL RESERVE BANK OF NEW YORK Operating Circular No. 13 Revised effective December 4, 1981 [ ] DISCOUNT RATES To A ll Depository Institutions in the Second Federal Reserve District: 1. This Bank has made the following changes in its rate schedule, effective December 4, 1981: The rate on advances of adjustment and seasonal credit and discounts under sections 13, 13a, and 10(b) of the Federal Reserve Act has been reduced from 13 percent per annum to 12 percent per annum. The rate on advances under section 10(b) of the Federal Reserve Act of extended credit (i) to institutions under sustained liquidity pressures, or (ii) for special circumstances has been reduced from 13 percent per annum to 12 percent per annum: the rate on such credit outstanding for more than 60, but not more than 150, days has been reduced from 14 percent per annum to 13 percent per annum: and the rate on such credit outstanding for more than 150 days has been reduced from 15 percent per annum to 14 percent per annum. Shown on the reverse side is the schedule of rates now in effect at this Bank on advances and discounts made under the Federal Reserve Act. 2. This circular supersedes our Operating Circular No. 13, Revised effective November 18, 1981. A n t h o n y M. S o l o m o n , President. [Ref. Cir. No. 9206] (OVER) R ate Schedule Effective D ecem ber 4, 1981 Percent Per Annum A dvances to and discounts for depository institutions: (a) Advances of adjustment and seasonal credit and discounts under sections 13, 13a, and 10(b) of the Federal Reserve Act ......................................... (b) Advances under section 10(b) of the Federal Reserve Act of extended credit (i) to institutions under sustained liquidity pressures, or (ii) for special circumstances, where such Federal Reserve credit has been outstanding (including extensions and renewals) for: Not more than 60 days .................................... More than 60, but not more than 150, days ..................................................................... More than 150 days ............................................ 12 12 13 14
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