Pledging of Definitive Collateral - Circulars - FEDERAL RESERVE BANK of NEW YORK

Museum & Visits Regional Economy Data & Statistics Careers Blog Press Center

About the New York Fed
- About the New York Fed
- What We Do
- Who We Are
  - Bank Leadership
  - Diversity and Inclusion
- Communities We Serve
- Governance
- More About Us
- At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
  
  Introducing the New York Innovation Center: Delivering a central bank innovation execution
  
  Do you have a request for information and records? Learn how to submit it.
  
  Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
Markets & Policy Implementation

Economic Research
- Economic Research
- U.S. Economy
  - Consumer Expectations & Behavior
  - Growth & Inflation
  - Labor Market
  - Financial Stability
  - Banking
- REGIONAL ECONOMY
- RESEARCHERS
  - PUBLICATIONS
  - RESEARCH CENTERS
  - CALENDAR

Financial Institution Supervision
- Financial Institution Supervision
- Supervision & Regulation
  - Circulars
  - Regulations
- Reporting Forms & Instructions
  - Reporting Forms
  - Correspondence
- Bank Applications
- Consumer Protection
  - Community Reinvestment Act Exams
  - Frauds and Scams
- As part of our core mission, we supervise and regulate financial institutions in the Second District. Our primary objective is to maintain a safe and competitive U.S. and global banking system.
  
  The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
  
  Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
  
  The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
Financial Services & Infrastructure
- Financial Services & Infrastructure
- Financial Services & Operations
- Financial Market Infrastructure & Reform
- The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
  
  The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
  
  The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
  
  The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
Community Development
& Education

Circular

Pledging of Definitive Collateral

May 21, 1997

Circular No. 10953

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

Effective June 2, 1997, definitive collateral pledged for Discount and Treasury Tax and Loan should be presented at the 1st floor of the FRBNY at 33 Liberty Street, instead of the 13th floor. This change results from the reorganization described in Circular No. 10947, dated April 20, 1997. In conjunction with this relocation, the hours for delivery and pickup of definitive collateral have been changed. Beginning June 2, all deliveries should be made between 9:00 a.m. and 11:00 a.m. and all pickups should be made between 1:00 p.m. and 3:00 p.m. daily. Procedures for depositing and withdrawing collateral remain the same. Questions regarding the procedures can be directed to the Fiscal Services Function at (212) 720-8183.

Also effective June 2, immediate collateral value will no longer be granted for Discount and Treasury Tax and Loan definitive collateral until a credit assessment is rendered. However, for depository institutions that wish to continue to receive immediate collateral value for customer notes, financial statements are required at least five business days prior to deposit. If financial statements are received as required, and the collateral is found acceptable, collateral value can be expected on the deposit day. Financial statements should be sent to the Discount and Reserves Staff of the Markets Group located on the 9th floor at 33 Liberty Street.

In addition, all depository institutions pledging definitive securities (i.e., corporates, municipals, CMOs, etc.) are required to call one day in advance of deposit with cusips in order to obtain prior credit approval. If prior credit approval is obtained for these types of deposits, collateral value can be expected on the deposit day. This policy is consistent with collateral valuation practices and policies at other Reserve Banks. Questions regarding acceptability of specific securities may be directed to the Discount and Reserves Staff at (212) 720-6424 or (212) 720-6439.

By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.