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FEDERAL RESERVE BANK OF NEW YORK Fiscal A gent o f the U nited States QT-ID8Z9 January 17, 1996 Reopening of Treasury CUBES Program For Conversion of Stripped Coupons to Book-Entry Form M a rc h 4 - A u g u s t 3 0 , 1 9 9 6 ToAll Depository Institutions in the Second Federal Reserve District: T he D ep artm en t o f the T reasu ry has an nounced the reo p en in g o f its C o u p o n s U nder B ook-Entry Safekeeping (“ C U B ES”) program , from M arch 4 - A ugust 30, 1996 at the Federal R eserve B ank o f N ew York, to perm it the conversion to book-entry form o f certain physical coupons detached from U.S. Treasury bonds. All non-callable coupons w ith paym ent dates after January 1 ,1 9 9 7 are eligible for conversion. Institutions w ishing to participate in the CUBES program should contact M ses. Grace Jaim an or JoAnna Grever o f our G overnm ent Bond D epartm ent (Tel. No. 212-720-8183/4) as soon as pos sible to obtain an inform ation package. D epository institutions that notify this B ank o f their inten tion to participate will be able to convert the stripped coupons betw een M arch 4 and A ugust 30 in accordance w ith a conversion schedule that will be published m onthly, beginning in February. C oupons may be m ailed to this B ank (Attn: Governm ent Bond D ivision, C U BES Program ) or delivered to our w indow s every M onday, W ednesday and Friday betw een 9 a.m. and 1 p.m. A dherence to presentation procedures is essential. No trading o f CUBES balances will be perm it ted for the 12 business days follow ing their deposit into the designated book-entry accounts; this will allow for the verification and approval o f the subm ission by the Treasury. Entities or individuals other than depository institutions that hold stripped Treasury coupons and wish to convert them to book-entry form under the CUBES program m ust arrange for such conversion through a depository institution. Participating institutions will be charged a fee o f $4.00 per coupon and will bear the full cost and risk associated w ith the delivery o f the coupons to this Bank. Questions regarding the C U BES program may be directed to R obert G. Kraus, Manager, G overnm ent Bond D epartm ent (Tel. No. 212-720-1498) or G race Jaim an o f that D epartm ent (Tel. No. 212-720-8183). G eorge W. Ryan , V ice P re sid e n t.