Extensions of Credit by Federal Reserve Banks, 16095-16096 [05-6260]
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16095
Rules and Regulations
Federal Register
Vol. 70, No. 60
Wednesday, March 30, 2005
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal
Reserve Banks
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) has
adopted final amendments to its
Regulation A to reflect the Board’s
approval of an increase in the primary
credit rate at each Federal Reserve Bank.
The secondary credit rate at each
Reserve Bank automatically increased
by formula as a result of the Board’s
primary credit rate action.
DATES: The amendments to part 201
(Regulation A) are effective March 30,
2005. The rate changes for primary and
secondary credit were effective on the
dated specified in 12 CFR 201.51, as
amended.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Jennifer J. Johnson, Secretary of the
Board (202/452–3259); for users of
Telecommunication Devices for the Deaf
(TDD) only, contact 202/263–4869.
SUPPLEMENTARY INFORMATION: The
Federal Reserve Banks make primary
and secondary credit available to
depository institutions as a backup
source of funding on a short-term basis,
usually overnight. The primary and
secondary credit rates are the interest
rates that the twelve Federal Reserve
Banks charge for extensions of credit
under these programs. In accordance
with the Federal Reserve Act, the
primary and secondary credit rates are
established by the boards of directors of
the Federal Reserve Banks, subject to
the review and determination of the
Board.
VerDate jul<14>2003
16:21 Mar 29, 2005
Jkt 205001
The Board approved requests by the
Reserve Banks to increase by 25 basis
points the primary credit rate in effect
at each of the twelve Federal Reserve
Banks, thereby increasing from 3.50
percent to 3.75 percent the rate that
each Reserve Bank charges for
extensions of primary credit. As a result
of the Board’s action on the primary
credit rate, the rate that each Reserve
Bank charges for extensions of
secondary credit automatically
increased from 4.00 percent to 4.25
percent under the secondary credit rate
formula. The final amendments to
Regulation A reflect these rate changes.
The 25-basis-point increase in the
primary credit rate was associated with
a similar increase in the target for the
federal funds rate (from 2.50 percent to
2.75 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
The Committee believes that, even after
this action, the stance of monetary policy
remains accommodative and, coupled with
robust underlying growth in productivity, is
providing ongoing support to economic
activity. Output evidently continues to grow
at a solid pace despite the rise in energy
prices, and labor market conditions continue
to improve gradually. Though longer-term
inflation expectations remain well contained,
pressures on inflation have picked up in
recent months and pricing power is more
evident. The rise in energy prices, however,
has not notably fed through to core consumer
prices.
The Committee perceives that, with
appropriate monetary policy action, the
upside and downside risks to the attainment
of both sustainable growth and price stability
should be kept roughly equal. With
underlying inflation expected to be
contained, the Committee believes that
policy accommodation can be removed at a
pace that is likely to be measured.
Nonetheless, the Committee will respond to
changes in economic prospects as needed to
fulfill its obligation to maintain price
stability.
Regulatory Flexibility Act Certification
Pursuant to the Regulatory Flexibility
Act (5 U.S.C. 605(b)), the Board certifies
that the new primary and secondary
credit rates will not have a significantly
adverse economic impact on a
substantial number of small entities
because the final rule does not impose
any additional requirements on entities
affected by the regulation.
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
Administrative Procedure Act
The Board did not follow the
provisions of 5 U.S.C. 553(b) relating to
notice and public participation in
connection with the adoption of these
amendments because the Board for good
cause determined that delaying
implementation of the new primary and
secondary credit rates in order to allow
notice and public comment would be
unnecessary and contrary to the public
interest in fostering price stability and
sustainable economic growth. For these
same reasons, the Board also has not
provided 30 days prior notice of the
effective date of the rule under section
553(d).
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve
System, Reporting and recordkeeping.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12 CFR
Chapter II as follows:
I
PART 201 EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
1. The authority citation for part 201
continues to read as follows:
I
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
I
§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.1
(a) Primary credit. The interest rates
for primary credit provided to
depository institutions under § 201.4(a)
are:
Federal Reserve
Bank
Boston ..............
New York .........
Philadelphia .....
Cleveland .........
Richmond .........
Atlanta ..............
Chicago ............
St. Louis ...........
Rate
3.75
3.75
3.75
3.75
3.75
3.75
3.75
3.75
Effective
March
March
March
March
March
March
March
March
22,
22,
22,
22,
22,
22,
22,
23,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
1 The primary, secondary, and seasonal credit
rates described in this section apply to both
advances and discounts made under the primary,
secondary, and seasonal credit programs,
respectively.
E:\FR\FM\30MRR1.SGM
30MRR1
16096
Federal Register / Vol. 70, No. 60 / Wednesday, March 30, 2005 / Rules and Regulations
Federal Reserve
Bank
Rate
Minneapolis ......
Kansas City ......
Dallas ...............
San Francisco ..
Effective
3.75
3.75
3.75
3.75
March
March
March
March
22,
23,
24,
22,
2005.
2005.
2005.
2005.
(b) Secondary credit. The interest
rates for secondary credit provided to
depository institutions under 201.4(b)
are:
Federal Reserve
Bank
Rate
Boston ..............
New York .........
Philadelphia .....
Cleveland .........
Richmond .........
Atlanta ..............
Chicago ............
St. Louis ...........
Minneapolis ......
Kansas City ......
Dallas ...............
San Francisco ..
*
*
*
Effective
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
*
March
March
March
March
March
March
March
March
March
March
March
March
22,
22,
22,
22,
22,
22,
22,
23,
22,
23,
24,
22,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
*
By order of the Board of Governors of the
Federal Reserve System, March 24, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–6260 Filed 3–29–05; 8:45 am]
BILLING CODE 6210–02–M
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2004–19463; Directorate
Identifier 2004–NE–14–AD; Amendment 39–
14029; AD 2005–07–05]
RIN 2120–AA64
Airworthiness Directives; General
Electric Company CF6–45A, CF6–50A,
CF6–50C, and CF6–50E Series
Turbofan Engines
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
Examining the AD Docket
The FAA is adopting a new
airworthiness directive (AD) for General
Electric Company (GE) CF6–45A, CF6–
50A, CF6–50C, and CF6–50E series
turbofan engines that have not
incorporated GE Service Bulletin (SB)
No. CF6–50 S/B 72–1239, Revision 1,
dated September 24, 2003, or that have
not incorporated paragraph 3.B. of GE
SB No. CF6–50 S/B 72–1239, original
issue, dated May 29, 2003. This AD
requires inspecting the stage 1 low
pressure turbine (LPT) blades for
SUMMARY:
VerDate jul<14>2003
18:20 Mar 29, 2005
Jkt 205001
damage and replacement of the LPT
module if necessary. This AD results
from a report of a stud that separated
from a turbine mid frame (TMF) strut
and from an updated analysis of strut
stud failures. We are issuing this AD to
prevent uncontained failure of the
engine and possible damage to the
airplane caused by failure of TMF strut
studs.
DATES: This AD becomes effective May
4, 2005. The Director of the Federal
Register approved the incorporation by
reference of certain publications listed
in the regulations as of May 4, 2005.
ADDRESSES: You can get the service
information identified in this proposed
AD from General Electric Company via
Lockheed Martin Technology Services,
10525 Chester Road, Suite C, Cincinnati,
Ohio 45215, telephone (513) 672–8400,
fax (513) 672–8422.
You may examine the AD docket on
the Internet at https://dms.dot.gov or in
Room PL–401 on the plaza level of the
Nassif Building, 400 Seventh Street,
SW., Washington, DC.
FOR FURTHER INFORMATION CONTACT:
Karen Curtis, Aerospace Engineer,
Engine Certification Office, FAA, Engine
and Propeller Directorate, 12 New
England Executive Park, Burlington, MA
01803; telephone (781) 238–7192; fax
(781) 238–7199.
SUPPLEMENTARY INFORMATION: The FAA
proposed to amend 14 CFR part 39 with
an airworthiness directive (AD). The
proposed AD applies to GE CF6–45A,
CF6–50A, CF6–50C, and CF6–50E series
turbofan engines that have not
incorporated GE SB No. CF6–50 S/B 72–
1239, Revision 1, dated September 24,
2003, or that have not incorporated
paragraph 3.B. of GE SB No. CF6–50 S/
B 72–1239, original issue, dated May 29,
2003. We published the proposed AD in
the Federal Register on October 27,
2004 (69 FR 62623). That action
proposed to require inspecting the stage
1 LPT blades for damage and
replacement of the LPT module if
necessary.
You may examine the docket that
contains the AD, any comments
received, and any final disposition in
person at the DMS Docket Offices
between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
The Docket Office (telephone (800) 647–
5227) is located on the plaza level of the
Department of Transportation Nassif
Building at the street address stated in
ADDRESSES. Comments will be available
in the AD docket shortly after the DMS
receives them.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
Comments
We provided the public the
opportunity to participate in the
development of this AD. We have
considered the comments received.
Request To Clarify if Extension Limits
Are Still Allowed
One commenter requests that we
clarify if the extension limits in aircraft
maintenance manual (AMM) 72–00–00,
are still allowed if out-of-limit LPT
blade damage is found during the
required borescope inspection. The
commenter provided no justification for
this request.
We do not feel we need to clarify
allowing extension limits if the operator
finds damage during the required
borescope inspection. Paragraphs (g)
and (i) of the proposed AD require
replacing any LPT module that exceeds
the AMM limits for the stage 1 LPT
blade damage.
Requests for Credit for Inspections
Already Performed
One commenter requests that we give
operators credit for inspections already
performed using GE Alert Service
Bulletin (ASB) No. 72–A1251, dated
September 24, 2003, before the effective
date of the AD. Another commenter
requests that we give operators credit for
inspections already performed using an
approved maintenance program. The
commenters believe that based on the
proposed AD wording, an operator
would have to complete the initial
inspection within 150 cycles-in-service
after the effective date of the AD,
regardless of any prior inspections done.
We agree that we should allow credit
for inspection programs begun before
the effective date of the AD. Because
paragraph (e) of the proposed AD states
that you are responsible for having this
AD performed within the compliance
times specified unless the actions have
already been done, we feel that this
statement provides credit for
inspections already done. However, for
clarity, we have added a paragraph
(paragraph (j)) to the AD compliance
that gives credit for initial and repetitive
inspections done using GE ASB No. 72–
A1251 or the applicable AMM.
Inspection AD Not Necessary
One commenter states that this
inspection AD is not necessary. The
commenter’s reason is that GE had
previously released an improved strut
stud joint configuration (reference GE
SB No. 72–0897, dated 1987), and
recommended that studs not be reused
(reference engine manual change in
1996). The commenter asks that we
provide additional analysis to
E:\FR\FM\30MRR1.SGM
30MRR1
]]>Agencies
[Federal Register Volume 70, Number 60 (Wednesday, March 30, 2005)]
[Rules and Regulations]
[Pages 16095-16096]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-6260]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 70, No. 60 / Wednesday, March 30, 2005 /
Rules and Regulations
[[Page 16095]]
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal Reserve Banks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
has adopted final amendments to its Regulation A to reflect the Board's
approval of an increase in the primary credit rate at each Federal
Reserve Bank. The secondary credit rate at each Reserve Bank
automatically increased by formula as a result of the Board's primary
credit rate action.
DATES: The amendments to part 201 (Regulation A) are effective March
30, 2005. The rate changes for primary and secondary credit were
effective on the dated specified in 12 CFR 201.51, as amended.
FOR FURTHER INFORMATION CONTACT: Jennifer J. Johnson, Secretary of the
Board (202/452-3259); for users of Telecommunication Devices for the
Deaf (TDD) only, contact 202/263-4869.
SUPPLEMENTARY INFORMATION: The Federal Reserve Banks make primary and
secondary credit available to depository institutions as a backup
source of funding on a short-term basis, usually overnight. The primary
and secondary credit rates are the interest rates that the twelve
Federal Reserve Banks charge for extensions of credit under these
programs. In accordance with the Federal Reserve Act, the primary and
secondary credit rates are established by the boards of directors of
the Federal Reserve Banks, subject to the review and determination of
the Board.
The Board approved requests by the Reserve Banks to increase by 25
basis points the primary credit rate in effect at each of the twelve
Federal Reserve Banks, thereby increasing from 3.50 percent to 3.75
percent the rate that each Reserve Bank charges for extensions of
primary credit. As a result of the Board's action on the primary credit
rate, the rate that each Reserve Bank charges for extensions of
secondary credit automatically increased from 4.00 percent to 4.25
percent under the secondary credit rate formula. The final amendments
to Regulation A reflect these rate changes.
The 25-basis-point increase in the primary credit rate was
associated with a similar increase in the target for the federal funds
rate (from 2.50 percent to 2.75 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
The Committee believes that, even after this action, the stance
of monetary policy remains accommodative and, coupled with robust
underlying growth in productivity, is providing ongoing support to
economic activity. Output evidently continues to grow at a solid
pace despite the rise in energy prices, and labor market conditions
continue to improve gradually. Though longer-term inflation
expectations remain well contained, pressures on inflation have
picked up in recent months and pricing power is more evident. The
rise in energy prices, however, has not notably fed through to core
consumer prices.
The Committee perceives that, with appropriate monetary policy
action, the upside and downside risks to the attainment of both
sustainable growth and price stability should be kept roughly equal.
With underlying inflation expected to be contained, the Committee
believes that policy accommodation can be removed at a pace that is
likely to be measured. Nonetheless, the Committee will respond to
changes in economic prospects as needed to fulfill its obligation to
maintain price stability.
Regulatory Flexibility Act Certification
Pursuant to the Regulatory Flexibility Act (5 U.S.C. 605(b)), the
Board certifies that the new primary and secondary credit rates will
not have a significantly adverse economic impact on a substantial
number of small entities because the final rule does not impose any
additional requirements on entities affected by the regulation.
Administrative Procedure Act
The Board did not follow the provisions of 5 U.S.C. 553(b) relating
to notice and public participation in connection with the adoption of
these amendments because the Board for good cause determined that
delaying implementation of the new primary and secondary credit rates
in order to allow notice and public comment would be unnecessary and
contrary to the public interest in fostering price stability and
sustainable economic growth. For these same reasons, the Board also has
not provided 30 days prior notice of the effective date of the rule
under section 553(d).
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve System, Reporting and
recordkeeping.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
Chapter II as follows:
PART 201 EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION
A)
0
1. The authority citation for part 201 continues to read as follows:
Authority: 12 U.S.C. 248(i)-(j), 343 et seq., 347a, 347b, 347c,
348 et seq., 357, 374, 374a, and 461.
0
2. In Sec. 201.51, paragraphs (a) and (b) are revised to read as
follows:
Sec. 201.51 Interest rates applicable to credit extended by a Federal
Reserve Bank.\1\
---------------------------------------------------------------------------
\1\ The primary, secondary, and seasonal credit rates described
in this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
---------------------------------------------------------------------------
(a) Primary credit. The interest rates for primary credit provided
to depository institutions under Sec. 201.4(a) are:
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston............................ 3.75 March 22, 2005.
New York.......................... 3.75 March 22, 2005.
Philadelphia...................... 3.75 March 22, 2005.
Cleveland......................... 3.75 March 22, 2005.
Richmond.......................... 3.75 March 22, 2005.
Atlanta........................... 3.75 March 22, 2005.
Chicago........................... 3.75 March 22, 2005.
St. Louis......................... 3.75 March 23, 2005.
[[Page 16096]]
Minneapolis....................... 3.75 March 22, 2005.
Kansas City....................... 3.75 March 23, 2005.
Dallas............................ 3.75 March 24, 2005.
San Francisco..................... 3.75 March 22, 2005.
------------------------------------------------------------------------
(b) Secondary credit. The interest rates for secondary credit
provided to depository institutions under 201.4(b) are:
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston............................ 4.25 March 22, 2005.
New York.......................... 4.25 March 22, 2005.
Philadelphia...................... 4.25 March 22, 2005.
Cleveland......................... 4.25 March 22, 2005.
Richmond.......................... 4.25 March 22, 2005.
Atlanta........................... 4.25 March 22, 2005.
Chicago........................... 4.25 March 22, 2005.
St. Louis......................... 4.25 March 23, 2005.
Minneapolis....................... 4.25 March 22, 2005.
Kansas City....................... 4.25 March 23, 2005.
Dallas............................ 4.25 March 24, 2005.
San Francisco..................... 4.25 March 22, 2005.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, March 24, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-6260 Filed 3-29-05; 8:45 am]
BILLING CODE 6210-02-M
