FEDERAL RESERVE SYSTEM 12 CFR Part 204 [Regulation D, Docket No. R-0988] Reserve Requirements of Depository Institutions AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board of Governors of the Federal Reserve System is amending its Regulation D, Reserve Requirements of Depository Institutions, issued pursuant to section 19 of the Federal Reserve Act, in order to move from the current system of contemporaneous reserve maintenance for institutions that are weekly deposits reporters to a system under which reserves are maintained on a lagged basis by such institutions. Under a lagged reserve maintenance system, the reserve maintenance period for a weekly deposits reporter will begin thirty days after the beginning of a reserve computation period. Under the current system, the reserve maintenance period begins only two days after the beginning of a reserve computation period. EFFECTIVE DATE: The final rule will be effective as of the maintenance period beginning July 30, 1998. For that maintenance period, required reserves and the vault cash that can be used to meet reserve requirements will be based on the computation period that begins on June 30, 1998.. FOR FURTHER INFORMATION CONTACT: William Whitesell, Section Chief, Money and Reserves Projections Section, Division of Monetary Affairs (202/452-2967); Oliver Ireland, Associate General Counsel, (202/452-3625) or Lawranne Stewart, Senior Attorney (202/452-3625), Legal Division. For the hearing impaired only, contact Telecommunications Device for the Deaf (TDD), Diane Jenkins (202/452-3544).
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Summary and final rule (19 KB PDF)
1998 Banking and consumer regulatory policy