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F e d e r a l R e s e r v e Ba n k o f N ew Y o r k N ew Yor k , N.Y. 100-45 AREA CODE 2 1 2 -7 9 1 -5 0 0 0 A T 'f 3/7 August 23, 1982 TO: Depository Institutions in the Second Federal Reserve District CHANGE IN MAINTAINED RESERVES This is to remind you that as of the maintenance period commencing September 2, 1982, there will be a change in the transi tional adjustment affecting the amount of reserves your institution will be required to maintain. The amount of the transitional adjustment for nonmember depository institutions covered by Section 204.4 (a) of Regulation D will be changed from 75 to 62.5 percent. However, for member and former member depository institutions covered by Section 204.4 (b) of Regulation D, the amount of the transitional adjustment will vary, depending upon whether an institution's reserve requirement computed under the reserve ratios in effect on August 31, 1980 was larger or smaller than that computed under the ratios in effect as of November 13, 1980. If the member or former member's reserve requirement under the earlier ratios exceeded its requirement under the ratios in effect as of November 13, 1980, the transitional adjustment will change from 50 to 37.5 percent. This announcement does not affect branches and agencies of foreign banks, which have had their reserves fully phased in, nor does it affect new member banks or "de novo" institutions which follow their own series of transitional adjustments. Should you have any questions regarding this matter, please direct them 0 em to Kathleen A. O'Neil, Manager of our Accounting Department [(212) 791-7768]. TIohn M. Eighflfy ' Assistant Viae President Pr^ Accounting Functioi IfTon i
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