Regulation A Sec. 201.51 Interest rates applicable to credit extended by a Federal
Reserve Bank.\1\
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\1\ The primary, secondary, and seasonal credit rates described
in this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
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(a) Primary credit. The interest rates for primary credit provided
to depository institutions under Sec. 201.4(a) are:
Federal Reserve Bank
Rate
Effective
Boston
2.25
May 1, 2008
New York
2.25
April 30, 2008
Philadelphia
2.25
May 1, 2008
Cleveland
2.25
April 30, 2008
Richmond
2.25
May 1, 2008
Atlanta
2.25
April 30, 2008
Chicago
2.25
April 30, 2008
St. Louis
2.25
May 1, 2008
Minneapolis
2.25
April 30, 2008
Kansas City
2.25
April 30, 2008
Dallas
2.25
May 1, 20088
San Francisco
2.25
April 30, 2008
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(b) Secondary credit. The interest rates for secondary credit
provided to depository institutions under Sec. 201.4(b) are:
Federal Reserve Bank
Rate
Effective
Boston
2.75
May 1, 2008
New York
2.75
April 30, 2008
Philadelphia
2.75
May 1, 2008
Cleveland
2.75
April 30, 2008
Richmond
2.75
May 1, 2008
Atlanta
2.75
April 30, 2008
Chicago
2.75
April 30, 2008
St. Louis
2.75
May 1, 2008
Minneapolis
2.75
April 30, 2008
Kansas City
2.75
April 30, 2008
Dallas
2.75
May 1, 20088
San Francisco
2.75
April 30, 2008
(c) Seasonal credit. The rate for seasonal credit extended to depository institutions under § 201.4(c) is a flexible
rate that takes into account rates on market sources of funds.
(d) Primary credit rate in a financial emergency. (1) The primary credit rate at a Federal Reserve Bank is the target federal funds rate of the Federal Open Market Committee if:
(i) In a financial emergency the Reserve Bank has established the primary credit rate at that rate; and
(ii) The Chairman of the Board of Governors (or, in the Chairman's absence, his authorized designee) certifies that a quorum of the Board is not available to act on the Reserve Bank's rate establishment.
(2) For purposes of this paragraph (d), a financial emergency is a significant disruption to the U.S. money markets resulting from an act of war, military or terrorist attack, natural disaster, or other catastrophic event.
(e) Term auction facility. The interest
rate on advances to depository
institutions made pursuant to an
auction under § 201.4(e) is the rate at
which all bids at that auction may be
fulfilled, up to the maximum auction
amount and subject to any minimum
bid rate and other conditions as set by
the Board.
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