Source: https://www.law.cornell.edu/cfr/text/12/201.51
Timestamp: 2015-10-07 03:10:51
Document Index: 487545518

Matched Legal Cases: ['art 201', '§ 201', '§ 201', '§ 201', '§ 201', '§ 201', '§ 201', '§ 201', '§ 201']

12 CFR 201.51 - Interest rates applicable to credit extended by a Federal Reserve Bank. 1 | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter II › Subchapter A › Part 201 › Section 201.51 12 CFR 201.51 - Interest rates applicable to credit extended by a Federal Reserve Bank. 1
Interest rates applicable to credit extended by a Federal Reserve Bank. 1
Primary credit.
The interest rates for primary credit provided to depository institutions under § 201.4(a) are:
Secondary credit.
The interest rates for secondary credit provided to depository institutions under 201.4(b) are:
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.
Primary credit rate in a financial emergency.
The primary credit rate at a Federal Reserve Bank is the target federal funds rate of the Federal Open Market Committee if:
In a financial emergency the Reserve Bank has established the primary credit rate at that rate; and
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.
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.
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.
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.
§ 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank. 1
Primary credit. The interest rates for primary credit provided to depository institutions under § 201.4(a) are:
Secondary credit. The interest rates for secondary credit provided to depository institutions under 201.4(b) are:
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.
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.