District Circular Letters
May 27, 1999
REGULATION A:
CENTURY DATE CHANGE LIQUIDITY FACILITY
To All Depository Institutions
in the Twelfth Federal Reserve District
Proposed Century Date Change Special Liquidity Facility (Docket
R-1038)
The Federal Reserve Board has requested comment on a proposal to establish
a Century Date Change Special Liquidity Facility, a program for lending
to depository institutions from November 1, 1999, through April 7, 2000.
The facility should enable depository institutions to commit to supplying
loans to other financial institutions and businesses through the rollover
to the new century.
Comments are requested by July 2, 1999.
Under the proposal, the interest rate charged on loans from the special
facility would be higher than the Federal Open Market Committee's intended
federal funds rate. Although the collateral requirements would be the same
as the requirements for regular discount window loans, there would be fewer
restrictions on the use and duration of loans from the special facility.
Moreover, borrowers would not be required to seek funds elsewhere first.
Use of the special facility would be restricted to adequately and well-capitalized
institutions.
Copies
Copies of the Board's notice (Docket
R-1038) are available from our Corporate Services Department.
To request copies to be sent via mail, please call (415) 974-2748.
To request copies to be sent via fax, please call (415) 974-3333,
and specify document number 4159.
Additional Information
For additional information regarding Regulation A, please contact our Credit
and Risk Management Department, at (415) 974-2692.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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