Extensions of Credit by Federal Reserve Banks, 24303-24304 [05-9231]
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Federal Register / Vol. 70, No. 88 / Monday, May 9, 2005 / Rules and Regulations
DC 20585. You may review comments
received by DOE, the record of the
public workshop held on April 26 and
27, 2005, and other related material at
the following Web site: https://
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enhancingGHGregistry. If you lack
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this Web site by visiting the DOE
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FOR FURTHER INFORMATION CONTACT:
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and International Affairs, U.S.
Department of Energy, 1000
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DC 20585, or e-mail:
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(Please indicate if your e-mail is a
request for information, rather than a
public comment.)
Issued in Washington, DC, on May 3, 2005.
David W. Conover,
Principal Deputy Assistant Secretary, Policy
and International Affairs.
[FR Doc. 05–9192 Filed 5–6–05; 8:45 am]
BILLING CODE 6450–01–P
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 May 9, 2005.
The rate changes for primary and
secondary credit were effective on the
dates 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.
VerDate jul<14>2003
17:12 May 06, 2005
Jkt 205001
24303
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 3.75
percent to 4.00 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 4.25 percent to 4.50
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 2.75 percent to
3.00 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
fulfill its obligation to maintain price
stability.
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. Recent data suggest that the solid
pace of spending growth has slowed
somewhat, partly in response to the earlier
increases in energy prices. Labor market
conditions, however, apparently continue to
improve gradually. Pressures on inflation
have picked up in recent months and pricing
power is more evident. Longer-term inflation
expectations remain well contained.
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
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00011
Fmt 4700
Sfmt 4700
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
For the reasons set forth in the
preamble, the Board is amending 12 CFR
Chapter II to read as follows:
I
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:
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\09MYR1.SGM
09MYR1
24304
Federal Register / Vol. 70, No. 88 / Monday, May 9, 2005 / Rules and Regulations
Federal Reserve Bank
Rate
Boston ...................................................................................................................................................................................
New York ...............................................................................................................................................................................
Philadelphia ...........................................................................................................................................................................
Cleveland ..............................................................................................................................................................................
Richmond ..............................................................................................................................................................................
Atlanta ...................................................................................................................................................................................
Chicago .................................................................................................................................................................................
St. Louis ................................................................................................................................................................................
Minneapolis ...........................................................................................................................................................................
Kansas City ...........................................................................................................................................................................
Dallas ....................................................................................................................................................................................
San Francisco .......................................................................................................................................................................
(b) Secondary credit. The interest
rates for secondary credit provided to
Rate
Boston ...................................................................................................................................................................................
New York ...............................................................................................................................................................................
Philadelphia ...........................................................................................................................................................................
Cleveland ..............................................................................................................................................................................
Richmond ..............................................................................................................................................................................
Atlanta ...................................................................................................................................................................................
Chicago .................................................................................................................................................................................
St. Louis ................................................................................................................................................................................
Minneapolis ...........................................................................................................................................................................
Kansas City ...........................................................................................................................................................................
Dallas ....................................................................................................................................................................................
San Francisco .......................................................................................................................................................................
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, May 4, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–9231 Filed 5–6–05; 8:45 am]
BILLING CODE 6210–02–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2005–20289; Directorate
Identifier 2003–SW–55–AD; Amendment 39–
14073; AD 2005–09–05]
RIN 2120–AA64
Airworthiness Directives; Eurocopter
France Model EC120 Helicopters
Federal Aviation
Administration, DOT.
ACTION: Final rule.
AGENCY:
This amendment adopts a
new airworthiness directive (AD) for
Eurocopter France (Eurocopter) Model
EC120 helicopters that requires
inspecting the tail rotor drive shaft
(drive shaft) damper half-clamps (halfclamps) to determine if they are
centered on the friction ring, and if not
correctly positioned, centering the halfSUMMARY:
VerDate jul<14>2003
17:12 May 06, 2005
Jkt 205001
May
May
May
May
May
May
May
May
May
May
May
May
3,
3,
3,
3,
3,
3,
3,
4,
3,
3,
3,
3,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
depository institutions under 201.4(b)
are:
Federal Reserve Bank
*
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Effective
clamps on the friction ring. This
amendment is prompted by the
discovery of half-clamps that were
incorrectly positioned. The actions
specified by this AD are intended to
detect incorrect positioning of the drive
shaft half-clamps, and to prevent
interference of the half-clamps with the
drive shaft, which could result in
scoring on the drive shaft, failure of the
drive shaft, and subsequent loss of
control of the helicopter.
DATES: Effective June 13, 2005.
The incorporation by reference of
certain publications listed in the
regulations is approved by the Director
of the Federal Register as of June 13,
2005.
ADDRESSES: You may get the service
information identified in this AD from
American Eurocopter Corporation, 2701
Forum Drive, Grand Prairie, Texas
75053–4005, telephone (972) 641–3460,
fax (972) 641–3527.
Examining the Docket
You may examine the docket that
contains this AD, any comments, and
other information on the Internet at
https://dms.dot.gov, or at the Docket
Management System (DMS), U.S.
Department of Transportation, 400
Seventh Street SW., Room PL–401, on
the plaza level of the Nassif Building,
Washington, DC.
PO 00000
Frm 00012
Fmt 4700
Sfmt 4700
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
Effective
May
May
May
May
May
May
May
May
May
May
May
May
3,
3,
3,
3,
3,
3,
3,
4,
3,
3,
3,
3,
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
2005.
Eric
Haight, Aviation Safety Engineer, FAA,
Rotorcraft Directorate, Regulations and
Policy Group, Fort Worth, Texas 76193–
0111, telephone (817) 222–5204, fax
(817) 222–5961.
FOR FURTHER INFORMATION CONTACT:
A
proposal to amend 14 CFR part 39 to
include an AD for the specified model
helicopters was published in the
Federal Register on February 10, 2005
(70 FR 7056). For helicopters with a
serial number of 1362 or below, that
action proposed to require, within 50
hours time-in-service (TIS) for
helicopters with 500 or more hours TIS;
or no later than 550 hours TIS for
helicopters with less than 500 hours
TIS, a one-time inspection of the drive
shaft half-clamps to determine if they
are centered on the friction ring, and if
they are not, centering the half-clamps
on the friction ring.
The Direction Generale De L’Aviation
Civile (DGAC), the airworthiness
authority for France, notified the FAA
that an unsafe condition may exist on
Eurocopter Model EC120B helicopters.
The DGAC advises of the discovery of
a case of incorrect drive shaft damper
positioning, which led to interference of
the two half-clamps with the drive shaft
tube and caused a score on the drive
shaft.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\09MYR1.SGM
09MYR1
]]>Agencies
[Federal Register Volume 70, Number 88 (Monday, May 9, 2005)]
[Rules and Regulations]
[Pages 24303-24304]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-9231]
=======================================================================
-----------------------------------------------------------------------
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 May 9,
2005. The rate changes for primary and secondary credit were effective
on the dates 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 3.75 percent to 4.00
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 4.25 percent to 4.50
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 2.75 percent to 3.00 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. Recent data suggest that the solid pace of
spending growth has slowed somewhat, partly in response to the
earlier increases in energy prices. Labor market conditions,
however, apparently continue to improve gradually. Pressures on
inflation have picked up in recent months and pricing power is more
evident. Longer-term inflation expectations remain well contained.
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 to read 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:
[[Page 24304]]
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston............................... 4.00 May 3, 2005.
New York............................. 4.00 May 3, 2005.
Philadelphia......................... 4.00 May 3, 2005.
Cleveland............................ 4.00 May 3, 2005.
Richmond............................. 4.00 May 3, 2005.
Atlanta.............................. 4.00 May 3, 2005.
Chicago.............................. 4.00 May 3, 2005.
St. Louis............................ 4.00 May 4, 2005.
Minneapolis.......................... 4.00 May 3, 2005.
Kansas City.......................... 4.00 May 3, 2005.
Dallas............................... 4.00 May 3, 2005.
San Francisco........................ 4.00 May 3, 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............................... 4.50 May 3, 2005.
New York............................. 4.50 May 3, 2005.
Philadelphia......................... 4.50 May 3, 2005.
Cleveland............................ 4.50 May 3, 2005.
Richmond............................. 4.50 May 3, 2005.
Atlanta.............................. 4.50 May 3, 2005.
Chicago.............................. 4.50 May 3, 2005.
St. Louis............................ 4.50 May 4, 2005.
Minneapolis.......................... 4.50 May 3, 2005.
Kansas City.......................... 4.50 May 3, 2005.
Dallas............................... 4.50 May 3, 2005.
San Francisco........................ 4.50 May 3, 2005.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, May 4, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-9231 Filed 5-6-05; 8:45 am]
BILLING CODE 6210-02-P
