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May 28, 1982 To the Addressee: Our Circular No. 9285, dated April 28, 1982, quoted a statement of the Board of Governors of the Federal Reserve System announcing a modification of reserve requirements on certain long term nonpersonal time deposits. in slip sheet form — Enclosed is a copy of the text — of the amendment to the Board's Regulation D, "Reserve Requirements of Depository Institutions," effective April 29, 1982, implementing that change and incorporating certain other technical changes in the regulation. Additional copies of the enclosure are available upon request. Circulars Division FEDERAL RESERVE BANK OF NEW YORK B o a r d o f G o v ern o rs o f th e F e d e r a l R e se r v e S y ste m s R E S E R V E R E Q U IR E M E N T S O F D E P O S IT O R Y IN S T IT U T IO N S AMENDM ENTS TO REGULATION D 1. Effective April 28, 1982, section 204.3(d) is amended by adding at the end thereof a new sentence to read as follows: shall be 100 percent of the required reserves computed under section 204.3 starting with the maintenance period that begins eight days after the computation period during which such institution has daily average total transaction accounts, nonpersonal time deposits and Eurocurrency liabil ities of $50 million or more. SECTION 204.3—Computation and Maintenance * * * * * (d) * * * (3) * * * The Board may require any depository institution that is expe riencing above-normal growth to re port on a weekly basis prior to report ing $15 million or more in total depos its for two consecutive calendar quarters. 3. Effective April 29, 1982, section 204.9(a) is revised to read as follows: 2. Effective April 28, 1982, section 204.4(e)(2) is revised to read as follows: SECTION Adjustments * * 204.4— Transitional SECTION 204.9—Reserve Require ment Ratios (a) Reserve percentages. The following reserve ratios are prescribed for all de pository institutions, Edge and agree ment corporations and United States branches and agencies of foreign banks: C a tegory R eserve re q u irem en t NET TRANSACTION ACCOUNTS * * * SO-S26 million Over $26 million (e) De novo institutions. * * * (2) Notwithstanding paragraph (1), the required reserves of any deposito ry institution that— (i) was not engaged in business on November 18, 1981; and (ii) has $50 million or more in dai ly average total transaction ac counts, nonpersonal time deposits and Eurocurrency liabilities for any computation period after commenc ing business | Ref. Cir. No. 9285] NONPERSONAL TIME DEPOSITS By original maturity (or notice period): less than 3^ years 3% 3^ years or more 0% EUROCURRENCY LIABILITIES 3% • For this regulation to be com plete, as amended effec tive April 29. 1982. retain: • Regulation D pamphlet dated March 1982 (see in side cover) • this slip sheet M A Y 1982 3% of amount $780,000 plus 12% of amount over 526 million
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