60748 Federal Register / Vol. 62, No. 218 / Wednesday, November 12, 1997 / Notices

SUPPLEMENTARY INFORMATION:

Background

Pursuant to 19 U.S.C. 1505 and

Treasury Decision 85–93, published in

the Federal Register on May 29, 1985

(50 FR 21832), the interest rate paid on

applicable overpayments or

underpayments of Customs duties shall

be in accordance with the Internal

Revenue Code rate established under 26

U.S.C. 6621 and 6622. Interest rates are

determined based on the short-term

Federal rate. The interest rate that

Treasury pays on overpayments will be

the short-term Federal rate plus two

percentage points. The interest rate paid

to the Treasury for underpayments will

be the short-term Federal rate plus three

percentage points. The rates will be

rounded to the nearest full percentage.

The interest rates are determined by

the Internal Revenue Service (IRS) on

behalf of the Secretary of the Treasury

based on the average market yield on

outstanding marketable obligations of

the U.S. with remaining periods to

maturity of 3 years or less, and fluctuate

quarterly. The rates effective for a

quarter are determined during the firstmonth period of the previous quarter.

The IRS announced September 12,

1997, that the rates of interest for the

first quarter of fiscal year (FY) 1998 (the

period of October 1–December 31, 1997)

will remain at 8 percent for

overpayments and 9 percent for

underpayments. These interest rates are

subject to change for the second quarter

of FY–1998 (the period of January 1–

March 31, 1998).

For the convenience of the importing

public and Customs personnel the

following list of Internal Revenue

Service interest rates used, since July 1,

1975 to date, to calculate interest on

overdue accounts and refunds of

Customs duties, is published in

summary format.

Beginning

date

Ending

date

Underpayments

(percent)

Over-payments

(percent)

070175 013176 9 9

020176 013178 7 7

020178 013180 6 6

020180 013182 12 12

020182 123182 20 20

010183 063083 16 16

070183 123184 11 11

010185 063085 13 13

070185 123185 11 11

010186 063086 10 10

070186 123186 9 9

010187 093087 9 8

100187 123187 10 9

010188 033188 11 10

040188 093088 10 9

100188 033189 11 10

040189 093089 12 11

Beginning

date

Ending

date

Underpayments

(percent)

Over-payments

(percent)

100189 033191 11 10

040191 123191 10 9

010192 033192 9 8

040192 093092 8 7

100192 063094 7 6

070194 093094 8 7

100194 033195 9 8

040195 063095 10 9

070195 033196 9 8

040196 063096 8 7

070196 033197 9 8

Dated: November 5, 1997.

Samuel H. Banks,

Acting Commissioner of Customs.

[FR Doc. 97–29663 Filed 11–10–97; 8:45 am]

BILLING CODE 4820–02–P

DEPARTMENT OF THE TREASURY

Fiscal Service

1998 Fee Schedule for the Transfer of

U.S. Treasury Book-Entry Securities

Held at Federal Reserve Banks

AGENCY: Bureau of the Public Debt,

Fiscal Service, Department of the

Treasury.

ACTION: Notice.

SUMMARY: The Department of the

Treasury is announcing the schedule of

fees to be charged in 1998 on the

transfer of book-entry Treasury

securities between depository

institution accounts maintained at

Federal Reserve Banks and Branches, as

well as transfers to and from Federal

Reserve Bank accounts.

EFFECTIVE DATE: January 1, 1998.

FOR FURTHER INFORMATION CONTACT:

Carl M. Locken, Jr., Assistant

Commissioner (Financing), Bureau of

the Public Debt, Room 534, E St.

Building, Washington, D.C. 20239–

0001, telephone (202) 219–3350.

Diane M. Polowczuk, Government

Securities Specialist, Bureau of the

Public Debt, Room 534, E St.

Building, Washington, D.C. 20239–

0001, telephone (202) 219–3350.

SUPPLEMENTARY INFORMATION: On

October 1, 1985, the Department of the

Treasury established a fee schedule for

the transfer of Treasury book-entry

securities between one book-entry

account to another book-entry account

of the same depository institution, and

between the accounts of one depository

institution and the accounts of another

depository institution that maintain

their accounts at Federal Reserve Banks

and Branches. This fee schedule also

applies to the book-entry transfer of

securities between depositary

institution accounts and Federal

Reserve Bank accounts.

Based on the latest review of bookentry costs and volumes, the Treasury

has decided that the fees for securities

transfers in 1998 should remain

unchanged from the levels currently in

effect.

The fees described in this notice

apply only to the transfer of Treasury

book-entry securities. The Federal

Reserve System assesses the fees to

recover the costs associated with the

processing of the funds component of

Treasury book-entry transfer messages,

as well as the costs of providing bookentry services for Government agencies.

Information concerning book-entry

transfers of government agency

securities, which are priced by the

Federal Reserve System, is set out in a

separate notice published by the Board

of Governors of the Federal Reserve

System.

The following is the Treasury fee

schedule that will be effective January 1,

1998, for the Treasury book-entry

transfer service:

1998 FEE SCHEDULE

Cost per

transfer

On-line transfers originated ............ $1.65

On-line reversal transfers received 1.65

Off-line transfers originated ............ 9.40

Off-line transfers received .............. 9.40

Off-line reversal transfers received 9.40

Dated: October 31, 1997.

Gerald Murphy,

Fiscal Assistant Secretary.

[FR Doc. 97–29719 Filed 11–10–97; 8:45 am]

BILLING CODE 4810–35–P

DEPARTMENT OF THE TREASURY

Fiscal Service

Surety Companies Acceptable on

Federal Bonds Termination of

Authority

AGENCY: Financial Management Service,

Fiscal Service, Department of the

Treasury.

ACTION: Surety Companies Acceptable

on Federal Bonds Termination of

Authority: Cumberland Surety

Insurance Company, Inc.

SUMMARY: Dept. Circ. 570, 1997—Rev.,

Supp. No. 2.

FOR FURTHER INFORMATION CONTACT:

Surety Bond Branch (202) 874–6779.

SUPPLEMENTARY INFORMATION: Notice is

hereby given that the Certification of