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AT CIRCULAR NO.
FEDERAL RESERVE BANK
OF NEW YORK
Fiscal A gent o f th e U n ited S tates
A p ril 13, 1993
Reopening o f Treasury CUBES Program
For Conversion o f Stripped Coupons to Book-Entry Form
June 1 - November 30, 1993
To All Depository Institutions
in the Second Federal Reserve District:
T h e D e p a rtm en t of the T reasury has announced th e reo p en in g o f its C oupons U n d e r
B ook-E ntry Safekeeping ("C U B ES") program , from Ju n e 1 - N ovem ber 30, 1993 a t th e F e d e ra l
R eserve B ank of N ew Y ork, to p erm it th e conversion to book-entry form o f c e rtain physical
coupons detached from U.S. T reasury bonds. All non-callable coupons w ith paym ent d ates a fte r
Jan u ary 1, 1994 a re eligible for conversion.
In stitutions w ishing to p articip ate in th e C U B E S pro g ram should contact M ses. Jessie
M iley o r L inda Ellis of our G overnm ent B ond D e p a rtm en t (T el. No. 2 1 2 -7 2 0 -6 9 7 2 /3 ) as soon as
possible to obtain an inform ation package. D epository institutions th a t notify this B ank o f th eir
in ten tio n to p a rticip a te will be able to convert th e stripped coupons betw een Ju n e 1 and
N ovem ber 30 in accordance w ith a conversion schedule th a t will be published m onthly, beginning
in May. C oupons m ay b e m ailed to this B ank or delivered to o u r w indows every M onday,
W ednesday, and F riday betw een 9 a.m. and 1 p.m . A d h eren ce to p rese n tatio n p ro ce d u re s is
essential. N o trad in g o f C U B ES balances will b e p e rm itted for 12 business days following th eir
deposit into th e designated book-entry accounts; this will allow for th e verification an d approval
of th e subm ission by th e T reasury.
E n tities o r individuals o th er th an depository institutions th a t hold strip p ed T reasury
coupons and wish to convert them to book-entry form u n d e r th e C U B E S p ro g ram m ust arran g e
for such conversion through a depository institution. P articipating in stitutions will b e charged a
fee o f $4 p e r coupon and will b e a r th e full cost and risk associated w ith th e delivery o f the
coupons to this Bank.
Q uestions regarding the C U B ES program m ay be d irected to Jo A n n e Valkovic,
M anager, G overnm ent B ond D e p a rtm en t (T el. No. 2 12 -7 2 0 -1 4 9 8 ) o r G race Jaim an o f th at
D e p a rtm en t (T el. No. 2 1 2 -7 20 -8 18 3 ).
W
h it n e y r
. I r w in ,
Vice President.
@FedFRASER