Reserve Requirement Adjustments
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has announced a decrease from $49.3 million to $47.8 million in the net transaction accounts to which a 3 percent reserve requirement will apply in 1998.
The Board also changed from $4.4 million to $4.7 million the amount of reservable liabilities of each depository institution that is subject to a reserve requirement of zero percent.
Additionally, the Board increased the deposit cutoff levels that are used in conjunction with the exemption level to determine the frequency and detail of deposit reporting required for each institution from $75.0 million to $78.9 million for nonexempt depository institutions and from $48.2 million to $50.7 million for exempt depository institutions.