To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
Effective April 11, 1997, the Federal Reserve Bank of New York transferred responsibility for administering overnight extensions of credit (including Discount Window advances and overnight overdrafts) and for monitoring compliance with reserve requirements, from the Credit and Risk Management Function within the Corporate Group to the Markets Group. The Markets Group will have responsibility for both open market operations and administration of discount window borrowings. It is expected that this will facilitate ongoing communication and understanding between the Bank and second district depository institutions regarding reserve management issues. The Markets Group is headed by Peter Ryerson Fisher, Executive Vice President. The management team with responsibility for discount window borrowing within the Markets Group is Pauline E. Chen, Senior Vice President, head of Discount, Markets Settlement & Accounting, and Valerie Rainford, Markets Officer, who continues to have the day-to-day responsibilities.
The current procedures for requesting discount window loans, the daily contacts and the associated contact numbers (principally 212-720-5394) remain the same. Information on the types of acceptable collateral and the methodology used in determining collateral value may be obtained by calling (212) 720-6424, (212) 720-5396, or (212) 720-7743.
The daily contacts and procedures for pledging collateral (Discount and Treasury Tax and Loan) are also unchanged for now. Information on procedures for depositing and withdrawing collateral may be obtained by calling (212) 720-8491 or (212) 720-2323. However, the processing responsibility for this activity has shifted to the Fiscal Services management team within the Banking Services Group. Suzanne Cutler, Executive Vice President, heads that Group and is supported by Ralph A. Cann, III, Senior Vice President, George W. Ryan, Vice President, and Robert G. Kraus, Fiscal Officer.
In the near future, as the transition is completed, the physical location to which collateral should be presented will move from the Bank's 13th floor to the 1st floor at 33 Liberty Street. We expect this relocation to occur within the next several weeks. At least one week prior to the relocation you will be informed of the new location along with the steps to be followed in pledging collateral.
