61128 Federal Register / Vol. 62, No. 220 / Friday, November 14, 1997 / Notices

1Federal Funds checks are drafts drawn by a

depository institution against its account at a

Federal Reserve Bank. These funds represent

immediately available funds when presented for

payment, and thus, when used, the checks are most

often used to settle same-day securities

transactions, interbank transfers, international

transactions, real estate transactions, payments to

state and local governments, Federal Reserve Bank

transactions and for other situations where a bank

check is required for legal reasons.

(i.e., Federal Funds checks), U.S.

Treasury Checks, Postal Money Orders,

and U.S. Savings Bonds Deposited

under the EZ-Clear Program by 4 p.m.

ET receive credit for these items at 5

p.m. ET.

Analysis of Federal Funds Checks

Presentment Deadline

The Board believes that establishing a

consistent presentment deadline for

Federal Funds checks in all Federal

Reserve districts will help reduce the

routine use of Federal Funds checks.1

Federal Funds checks are an

inappropriate means of providing

regular access to an institution’s Federal

Reserve account and their routine use is

contrary to the Federal Reserve’s

strategy of promoting efficient and

effective methods of payment. In almost

all cases where Federal Funds checks

are used as the payment instrument, the

transaction could have been made

through a more secure and efficient

method, such as a funds transfer

network. To discourage the use of

Federal Funds checks and encourage

depository institutions’ use of more

efficient means of payment, a 3 p.m.

local time presentment deadline for

Federal Funds checks will be

implemented.

Policy Statement on Payments System

Risk

The Federal Reserve Board has

adopted the following changes to the

‘‘Federal Reserve System Policy

Statement on Payments System Risk,’’

under the heading ‘‘I. Federal Reserve

Policy’’:

Modified Procedures for Measuring

Daylight Overdrafts

Post at 5:00 p.m. Eastern Time:

• Treasury checks, postal money

orders, and EZ-Clear Savings Bond

redemptions in separately sorted

deposits. These items must be deposited

by 4:00 p.m. Eastern Time.

• Local Federal Reserve Bank checks.

These items must be presented before

3:00 p.m. Eastern Time.

• Processed manual letters of credit.

+/- Same-day ACH transactions. These

transactions include ACH return items,

check truncation items, and flexible

settlement items.

Post after the close of Fedwire funds

transfer system:

+/- All other non-Fedwire

transactions. These transactions include

the following: local Federal Reserve

Bank checks presented after 3:00 p.m.

Eastern Time but before 3:00 p.m. local

time; noncash collection; credits for

U.S. Treasury and government agency

definitive security interest and

redemption payments if the coupons or

securities are received on or after the

maturity date; Treasury Tax and Loan

(TT&L) calls; subscriptions for SLGS;

currency and coin shipments; smalldollar credit adjustments; all debit

adjustments; and small-dollar check

collections. Discount window loans and

repayments are normally posted after

the close of Fedwire as well; however,

in unusual circumstances a discount

window loan may be posted earlier in

the day with repayment 24 hours later,

or a loan may be repaid before it would

otherwise become due.

By order of the Board of Governors of

the Federal Reserve System, November

7, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–29962 Filed 11–13–97; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Sunshine Act Meeting

AGENCY HOLDING THE MEETING: Board of

Governors of the Federal Reserve

System.

TIME AND DATE: Approximately 10:45

a.m., Wednesday, November 19, 1997,

following a recess at the conclusion of

the open meeting.

PLACE: Marriner S. Eccles Federal

Reserve Board Building, 20th and C

Streets, N.W., Washington, D.C. 20551.

STATUS: Closed.

MATTERS TO BE CONSIDERED:

1. Personnel actions (appointments,

promotions, assignments,

reassignments, and salary actions)

involving individual Federal Reserve

System employees.

2. Any matters carried forward from a

previously announced meeting.

CONTACT PERSON FOR MORE INFORMATION:

Joseph R. Coyne, Assistant to the Board;

202–452–3204.

SUPPLEMENTARY INFORMATION: You may

call 202–452–3206 beginning at

approximately 5 p.m. two business days

before the meeting for a recorded

announcement of bank and bank

holding company applications

scheduled for the meeting; or you may

contact the Board’s Web site at http://

www.bog.frb.fed.us for an electronic

announcement that not only lists

applications, but also indicates

procedural and other information about

the meeting.

Dated: November 12, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–30108 Filed 11–12–97; 10:40

am]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Sunshine Act Meeting

AGENCY HOLDING THE MEETING: Board of

Governors of the Federal Reserve

System.

TIME AND DATE: 10:00 a.m., Wednesday,

November 19, 1997.

PLACE: Marriner S. Eccles Federal

Reserve Board Building, C Street

entrance between 20th and 21st Streets,

N.W., Washington, D.C. 20551.

STATUS: Open.

MATTERS TO BE CONSIDERED:

Discussion Agenda:

1. Proposed 1998–1999 Federal

Reserve Board budget.

2. Proposed 1998–1999 budget for the

Office of Inspector General.

3. Any items carried forward from a

previously announced meeting.

Note: This meeting will be recorded for the

benefit of those unable to attend. Cassettes

will be available for listening in the Board’s

Freedom of Information Office, and copies

may be ordered for $6 per cassette by calling

202–452–3684 or by writing to: Freedom of

Information Office, Board of Governors of the

Federal Reserve System, Washington, D.C.

20551.

CONTACT PERSON FOR MORE INFORMATION:

Joseph R. Coyne, Assistant to the Board;

202–452–3204.

SUPPLEMENTARY INFORMATION: You may

call 202–452–3206 for a recorded

announcement of this meeting; or you

may contact the Board’s Web site at

http://www.bog.frb.fed.us for an

electronic announcement. (The Web site

also includes procedural and other

information about the open meeting.)

Dated: November 12, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–30109 Filed 11–12–97; 10:40

am]

BILLING CODE 6210–01–P