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FEDERAL RESERVE BANK OF N E W YORK [ Operating: Circular No. 13 Effective May 5, 1981 ] 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 May 5, 1981: A rate of 14 percent per annum has been established on advances to, and discounts for, depository institutions under sections 13, 13a, and 1 0 (b ) of the Federal Reserve Act, except as otherwise provided below. A surcharge o f 4 percent per annum has been established on advances to, and discounts for, depository institutions with total deposits of $500 million or more, under terms and conditions established by the Board of Governors of the Federal Reserve System relating to frequency of borrowings of adjustment credit. A rate of 15 percent per annum has been established on advances to depository institutions for prolonged periods and in significant amounts under section 1 0 (b ) of the Federal Reserve Act. A rate of 17 percent per annum has been established on advances to individuals, partnerships, and corporations other than deposi tory institutions under the 13th paragraph of section 13 o f the Federal Reserve Act. 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 5, 1980. A n t h o n y M. S o l o m o n , President. [Ref. Cir. No. 9067] ( over ) Rate Schedule Effective May 5, 1981 Percent P er Annum Advances to and discounts for depository institutions: (a ) Advances and discounts under sections 13, 13a, and 1 0 (b ) o f the Federal Reserve Act, except as otherwise provided in this schedule ..................... 14* (b ) Advances for prolonged periods and in significant amounts under section 1 0 (b ) of the Federal R e serve A ct ...................................................................... 15 Advances to individuals, partnerships, and corporations other than depository institutions: Advances under the 13th paragraph of section 13 of the Federal Reserve A c t ................................................... 17*1 * A d v a n c e s to , a n d d is c o u n t s f o r , a d e p o s it o r y in s titu tio n h a v in g t o ta l d e p o s it s o f $ 5 0 0 m illio n o r m o r e w ill b e s u b je c t t o a s u r c h a r g e o f 4 p e r c e n t in e it h e r o f th e f o l l o w i n g c i r c u m s t a n c e s : (1 ) A n y a d v a n c e o r d is c o u n t w h ic h re p r e s e n ts b o r r o w i n g o f a d ju s t m e n t c r e d it b y th e d e p o s it o r y in s titu tio n in t w o o r m o r e c o n s e c u t iv e r e s e r v e a c c o u n t in g w e e k s ; o r (2 ) A n y a d v a n c e o r d is c o u n t w h ic h r e p r e s e n ts b o r r o w i n g o f a d ju s t m e n t c r e d it b y th e d e p o s it o r y in s tit u t io n in m o r e th a n f o u r r e s e r v e a c c o u n t in g w e e k s w it h in a c a le n d a r q u a r te r o f 13 r e s e r v e a c c o u n t in g w e e k s ( c u r r e n t q u a r te r — A p r i l 2 - J u ly 1, 1 9 8 1 ).
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