12 CFR 201.51 - Interest rates applicable to credit extended by a Federal Reserve Bank. 3

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§ 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank. 3

3 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.

(a)Primary credit. The interest rate at each Federal Reserve Bank for primary credit provided to depository institutions under § 201.4(a) is 2.00 percent.

(b)Secondary credit. The interest rate at each Federal Reserve Bank for secondary credit provided to depository institutions under 201.4(b) is 2.50 percent.

(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.

[Reg. A, 67 FR 67787, Nov. 7, 2002]
Editorial Note:
For Federal Register citations affecting § 201.51, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at www.fdsys.gov.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 248 - Enumerated powers

§ 343 - Discount of obligations arising out of actual commercial transactions

§ 344 - Discount or purchase of bills to finance agricultural shipments

§ 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount

§ 346 - Discount of acceptances

§ 347 - Advances to member banks on their notes

§ 347a - Advances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among...for Federal reserve notes; foreign obligations as security for advances

§ 347b - Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences

§ 347c - Advances to individuals, partnerships, and corporations; security; interest rate

§ 347d - Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered

§ 348 - Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes

§ 348a - Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System

§ 349 - Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031

§ 350 - Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations

§ 351 - Obligations of cooperative marketing association as issued or drawn for agricultural purposes

§ 352 - Limitation on amount of obligations of certain maturities which may be discounted and rediscounted

§ 352a - Repealed. Pub. L. 85–699, title VI, § 601, Aug. 21, 1958, 72 Stat. 697

§ 353 - Purchase and sale of cable transfers, acceptances and bills

§ 354 - Transactions involving gold coin, bullion, and certificates

§ 355 - Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States;...of obligations acquired directly from or loaned directly to United States

§ 356 - Purchase of commercial paper from member banks and sale of same

§ 357 - Establishment of rates of discount

§ 358 - Establishment of accounts for purposes of open-market operations; correspondents and agencies

§ 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

§ 359a - Omitted

§ 360 - Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances

§ 361 - Bills receivable, bills of exchange, acceptances; regulations by Board of Governors

§ 362 to 364 - Omitted

§ 374 - Acting as agent for nonmember bank in getting discounts from reserve bank

§ 374a - Acting as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties

§ 461 - Reserve requirements