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FEDERAL RESERVE BANK OF MEW YORK Circular No. 9 6 6 7 April 6,1984 DISCOUNT RATES To All Depository Institutions in the Second Federal Reserve District: Effective April 9, 1984, the directors of this Bank, with the approval of the Board of Governors of the Federal Reserve System, have increased the Bank’s basic discount rate to 9 percent from 8% percent. The Bank’s rates on advances of extended credit under section 10(b) of the Federal Reserve Act to institutions under sustained liquidity pressures, or for special circumstances, have also been increased l 2 percentage point. / The following statement was issued today by the Board of Governors of the Federal Reserve System regarding the rate changes: The F ed eral Reserve B oard today announced an increase in the discount ra te from 8 y2 percent to 9 percent, effective on Monday, A pril 9. The discount rate is the interest rate th a t is charged for borrow ings from the D istrict F ederal Reserve Banks. The change--the first since late 1982-was undertaken in the light of the relatively wide spread th a t has developed in recent weeks betw een short-term m ark e t rates and the discount rate. In announcing the change, the B oard voted on requests subm itted by the B oard of D irectors of the F ed eral Reserve B anks of Boston, New York, Philadelphia, Richmond, Chicago, St. Louis, M inneapolis and Dallas. A copy of this Bank’s Operating Circular No. 13, regarding discount rates, will be sent to you shortly. A n th o n y M. So lom on, P r e s id e n t. F ederal R eserve B ank of Mew Y ork Operating Circular No. 13 1984 [ Revised effective April 9, ] DISCOUNT RATES To All Depository Institutions in the Second Federal Reserve District: 1. This Bank has made the following changes in its rate schedule, effect ive April 9, 1984: 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 increased from SVi percent per annum to 9 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 increased from 8!/2 percent per annum to 9 percent per annum; the rate on such credit outstanding for more than 60, but not more than 150, days has been increased from 9Vi percent per annum to 10 percent per annum; and the rate on such credit outstanding for more than 150 days has been increased from lO'/z per cent per annum to 11 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 15, 1982. A n th o n y M . S o l o m o n , President. [R ef. C ir. N o . 9 6 6 7 ] (O V E R ) Rate Schedule Effective April 9, 1984 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 A c t..................................................... 9 (b) Advances under section 10(b) of the Federal Reserve Act of extended credit (i) to institutions under sustained liquidity pressures, or (it) for special circumstances, where such Federal Reserve credit has been outstanding (including extensions and renewals) for: Not more than 60 d ay s.................................... 9 More than 60, but not more than 150, d a y s............................................................................... 10 More than 150 d a y s ....................................................... 11
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