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FEDERAL RESERVE BANK OF NEW YORK Circular No. 9 334 July 30. 1982 D IS C O U N T R A T E S To All Depository Institutions in the Second Federal Reserve District: E ffe c tiv e A u g u s t 2, 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 th e a p p r o v a l o f th e B o a rd 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 11% p e r c e n t to 11 p e r c e n t . T h e f o l l o w i n 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: In light of market interest rates and relatively restrained money and credit, growth, the Federal Reserve Board today approved a reduction in the basic discount rate from 11% percent to 11 percent, effective Monday, August 2. The Board acted on requests from the Federal Reserve Banks of Boston, New York, Philadelphia, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas 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 . 13, r e g a r d i n g d is c o u n t r a t e s , w ill b e s e n t to y o u s h o r t ly . A n th o n y M . S olomon . President. FEDERAL RESERVE BANK OF NEW YORK Operating Circular No. 13 Revised effective August 2. 1982 [ ] DISCOUNT RATES To All Depository Institutions in the Second Federal Reserve District: 1. This Bank has made the following changes in its rate schedule, effective August 2, 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 11 % 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 11% 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 12% percent per annum to 12 percent per annum: and the rate on such credit outstanding for more than 150 days has been reduced from 13% 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 July 20, 1982. A n t h o n y M. S o lo m o n , President. (Ref. Cir. No. 9334] (OVER) Rate S chedule E ffectiv e A u gu st 2, 1982 Percent Per Annum A d van ces 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.............................................. 11 11 12 13
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