District Circular Letters
May 16, 2000
RATES ON ADVANCES AND DISCOUNTS
The rates on advances and discounts made by the Federal Reserve Bank
of San Francisco pursuant to the provisions of the Federal Reserve Act
and Regulation A are, effective May 16, 2000, as set forth below:
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Advances to and discounts for member banks and other depository
institutions:
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RATE PER ANNUM |
(a) Adjustment credit advances and discounts under sections 10b,
13 and 13a of the Act and under section 201.3(a) of Regulation A1 |
6% |
(b) Seasonal credit advances pursuant to section 201.3(b)(1) of
Regulation A2 |
Flexible Rate |
(c) Other extended credit advances under section 201.3(b)(2) of
Regulation A for the first 30 days of borrowing3
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6% |
Currently, no advance or discount is subject to a surcharge.
This schedule of rates supersedes our previous schedule that was effective
March 21, 2000.
1 In the case of adjustment
credit loans that we determine to be unusually large and to arise from a
major operating problem at the borrowing institution, we may, at our discretion,
charge the rate referred to in footnote 3 for extended credit outstanding
for more than 30 days.
2 A flexible rate that
takes into account rates on market sources of funds is applied to seasonal
credit, but in no case will the rate be less than the discount rate applicable
to adjustment credit.
3 A flexible rate that
takes into account rates on market sources of funds ordinarily will be
applied to any extended credit outstanding for more than 30 days. This
rate will exceed the rate applicable to seasonal credit advances. At the
discretion of this Reserve Bank, the time period for which the basic discount
rate is charged may be lengthened or shortened.
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