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FEDERAL RESERVE BANK OF NEW YORK Circular No. 9 3 2 5 July 19. 1982 D IS C O U N T R A T E S To A ll D epository In stitution s in the Second F ederal Reserve D istrict: E f f e c t i v e J u l y 2 0 , 1 9 8 2 , t h e d ir e c t o r s o f t h is B a n k , w it h t h e a p p r o v a l o f t h e B o a r d o f G o v e r n o r s o f t h e F e d e r a l R e s e r v e S y s t e m , h a v e r e d u c e d t h e B a n k ’s d is c o u n t r a t e fr o m 12 p e r c e n t to 1 1 - 1 /2 p e r c e n t. T h e f o llo w in g is q u o t e d fr o m t h e t e x t o f a s t a t e m e n t is s u e d to d a y b y t h e B o a r d o f G o v e r n o r s : The Federal Reserve Board today approved a reduction in the basic discount rate from 12 percent to 11-1/2 percent, effective Tuesday, July 20. The action was taken in the context of recent declines in short term market rates and the relatively restrained growth of money and credit in recent months. In announcing the change, the Board acted on requests from the Federal Reserve Banks of Chicago, Dallas, Atlanta, Richmond, Kansas City, New York and San Francisco. The discount rate is the interest rate that applies to borrowings from the District Federal Reserve Banks. A c o p y o f t h is B a n k ’s O p e r a t in g C ir c u la r N o . 1 3 , r e g a r d i n g d is c o u n t r a t e s , w i l l b e s e n t to y o u s h o r t ly . A n th o n y M. S olom on . President. > FEDERAL RESERVE BANK OF NEW YORK [ O p e r a t i n g C i r c u l a r No. 13 Revised effective July 20, 1982 ] 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 July 20, 1982: 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 12 percent per annum to 11% 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 12 percent per annum to 11% percent per annum: the rate on such credit outstanding for more than 60, but not more than 150, days has been reduced from 13 percent per annum to 12% percent per annum: and the rate on such credit outstanding for more than 150 days has been reduced from 14 percent per annum to 13% 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 December 4, 1981. A n t h o n y M. S o lo m o n . P resid en t. | Ref. Cir. No. 9325] (OVER) Rate Schedule Effective July 20, 1982 Percent Per Annum Advances 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 d a y s...................................................... m m m W 2
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