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£ TRANSFER FED ER AL RESERVE B A N K OF ST. LO U IS S t . L o u i s 2. M i s s o u r i August 31, 1948 CHARITABLE, PERSONAL, A ND FAMILY REM ITTANCES TO UNITED STATES, BRITISH, AND FRENCH OCCUPIED ZONES OF GERMANY To A ll Banks and Trust Companies in the Eighth Federal Reserve District: Via cable transm itted by the Commander in Chief, European Command, through the Office of the Chief of Staff, D epartm ent of the Army, Bank deutscher Laender*, Frankfurt, Germany, has made the following announcem ent: (1) Bank deutscher Laender is prepared to accept instructions from banks which are mem bers of the New York Clearing House Association and from others with whom Bank deutscher Laender has made the necessary arrangem ents, to effect charitable, personal, and family pay ments in Deutsche marks anywhere in the United States, British, and French occupied zones of Germany. A procedure has not yet been established for remittances to the Western Sectors of Berlin, b u t is under consideration. (2) Banks, other than those mentioned above, should transact remittance business with Germany through the above-mentioned banks. (3) Bank deutscher Laender will effect paym ent to the respective beneficiaries of the Deutsche mark equivalent at the rate: one Deutsche mark equals 30 cents. Payment will be subject to deduction of charges made for internal (German) remittances, which will be the only charge in Germany. Commission charges m ade by United States banks should be collected from remitters. (4) When paym ent is made to the beneficiary, Bank deutscher Laender will transm it notice of the completion of paym ent direct to the rem itter. (5) If paym ent has not been completed within three months, Bank deutscher Laender will mail direct to the rem itter a dollar check drawn on the “ Bank deutscher Laender remittance account” at the Federal Reserve Bank of New York covering the dollar am ount of the remittance less the charge made for an uncompleted rem ittance. Under the procedure set up by Bank deutscher Laender, persons wishing to effect remittances to Germany should make arrangements with one <» the banks mentioned in paragraph (1) above, either "f directly or through their own banks. It is possible th a t later on additional banks may be designated as remitting agencies, but for the time being all remittances must be made through the institutions specified in paragraph (1) above. Additional copies of this circular will be furnished upon request. C H ESTER C. DAVIS President *Bank deutscher Laender (Bank of German States) was established in Frankfurt on March 1, 1948 pursuant to Law No. 60 of the United States Military Government. It o|>erates as a central bank for the United States, British, and French zones of occupation, coordinating the activities of the regional central banks.