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FEDERAL RESERVE BANK OF NEW YORK r~ 9378 | Circular No. October 8, 1982 DISCOUNT RATES To All Depository Institutions in the Second Federal Reserve District: E ffective O ctober 12, 1982, the directors of this Bank, w ith the approval of the Board of G overnors of the F ederal R eserve System , have reduced the B ank’s discount rate from 10 percent to 9 l/2 percent. The B an k’s rates on advances of extended credit under section 10(b) of the F ederal R eserve A ct to institutions under sustained liquidity pressures, or for special circum stances, have also been reduced by ]/2 percentage point. The follow ing statem en t has been issued today by the Board of Governors of the Federal Reserve System : The Federal Reserve Board today announced a reduction in the discount rate from 10 percent to 9/4 percent, effective at the opening of the next business day. The change is designed to maintain an appropriate alignm ent with short-term m arket rates. In announcing the reduction, the Board voted on requests from the directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, A tlanta, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. The discount rate is the interest rate that is charged for borrowings from the D istrict Federal Reserve Banks. A copy of this B ank’s O perating C ircular No. 13, regard in g discount rates, w ill be sent to you shortly. A nthony M. So lom o n, P resident. Federal Reserve B ank of N ew Y ork Operating Circular No. 13 Revised effective October 12, 1982 J [ 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 October 12, 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 10 percent per annum to 9 Vi 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 10 percent per annum to 9 Vi percent per annum; the rate on such credit outstanding for more than 60, but not more than 150, days has been reduced from 11 percent per annum to 10Vi percent per annum; and the rate on such credit outstanding for more than 150 days has been reduced from 12 percent per annum to 11 Vi 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 effec tive August 27, 1982. A nthony M . So l o m o n , President. [Ref. Cir. No. 9378] (OVER) Rate Schedule Effective October 12, 1982 P ercent P er 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 A ct................................................. (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 a y s.............................................. More than 60, but not more than 150, d ay s............................................................................. More than 150 d a y s..................................................... 9Vi 9Vi 10V2 im
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