The Board of Governors of the Federal Reserve System discontinued The Report of Certain Eurocurrency Transactions from U.S. Branches and Agencies of Foreign Banks (FR 2951; OMB No. 7100-0087), effective after the report week ending June 7, 2004. The FR 2951 data had been used in the calculation of reserve requirements on net Eurocurrency liabilities. Although the Board reduced the reserve requirement ratio on net Eurocurrency liabilities to zero in 1991, the data were still collected just in case the ratio was raised above zero at a later date.
Recognizing that these data are necessary only for annual indexation purposes and not for purposes of calculating reserve requirements or the monetary aggregates, the Federal Reserve has added "net Eurocurrency liabilities" to the Report of Transaction Accounts, Other Deposits and Vault Cash (FR 2900; OMB No. 7100-0087) reporting form. Certain Eurocurrency items were added to the family of bank credit reports (Weekly Report of Assets and Liabilities for Large Banks: FR 2416; OMB No. 7100-0075; Weekly Report of Selected Assets: FR 2644; OMB No. 7100-0075; and Weekly Report of Assets and Liabilities for Large U.S Branches and Agencies of Foreign Banks: FR 2069; OMB No. 7100-0030), effective with the June 2, 2004, report date.