The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
I*- FEDERAL RESERVE BANK OF NEW YORK Circular No. 9 3 4 1 August 13. 1982 DISCOUNT RATES To A ll Depository Institutions in the Second Federal Reserve District: Effective A ugust 16, 1982, the directors of this Bank, w ith the approval of the Board of G overnors of the F ed eral Reserve System , have reduced the B ank’s discount rate from 11 percent to 10% percent. The follow ing statem en t has been issued today by the B oard of Governors of the Federal Reserve System: The Federal Reserve Board today approved a reduction in the basic discount rate from 11 percent to 10% percent, effective Monday, August 16. As in other recent changes, the action was taken against the background of moderate growth in money, some indication of reduced credit demands at banks, and declines in market interest rates. The Board acted on requests from the directors of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. The discount rate is the interest rate that applies to borrowings from the Federal Reserve Banks. A copy of this B ank’s O perating C ircular No. 13, reg ard in g discount rates, will be sent to you shortly. A ntho ny M. S olomon . President. FEDERAL RESERVE BANK O F NEW YO R K E Operating Circular No>. 13 iRevised effective August 16I, 1982J 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 August 16, 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 10% 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 10% 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 11% percent per annum; and the rate on such credit outstanding for more than 150 days has been reduced from 13 percent per annum to 12% 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 August 2, 1982. A [Ref. Cir. No. 9341] nthony M. S olom on. President. (OVER) Rate Schedule Effective August 16, 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 d ay s.............................................. More than 60, but not more than 150, days ........................................................................... More than 150 days................................................... I 10% 10% 11% 12%
@FedFRASER