Extensions of Credit by Federal Reserve Banks, 39411-39412 [05-13443]
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39411
Rules and Regulations
Federal Register
Vol. 70, No. 130
Friday, July 8, 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:
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 July 8, 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.
VerDate jul<14>2003
15:44 Jul 07, 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 4.00
percent to 4.25 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 4.50 percent to 4.75
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 3.00 percent to
3.25 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. Although energy prices have risen
further, the expansion remains firm and labor
market conditions continue to improve
gradually. Pressures on inflation have stayed
elevated, but 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
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
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
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 ..............
Minneapolis .........
Kansas City .........
Dallas ...................
San Francisco .....
Rate
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
Effective
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
July 1, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 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\08JYR1.SGM
08JYR1
39412
Federal Register / Vol. 70, No. 130 / Friday, July 8, 2005 / Rules and Regulations
(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 .....
*
*
*
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
*
Effective
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
July 1, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
June 30, 2005.
*
By order of the Board of Governors of the
Federal Reserve System, July 5, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–13443 Filed 7–7–05; 8:45 am]
BILLING CODE 6210–02–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2005–21730; Directorate
Identifier 2005–NE–18–AD; Amendment 39–
14186; AD 2005–14–09]
RIN 2120–AA64
Airworthiness Directives; Rolls-Royce
plc Models RB211 Trent 768–60, Trent
772–60, and Trent 772B–60 Turbofan
Engines
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; request for
comments.
AGENCY:
The FAA is adopting a new
airworthiness directive (AD) for RollsRoyce plc (RR) models RB211 Trent
768–60, Trent 772–60, and Trent 772B–
60 turbofan engines. This AD requires
removal of certain Engine Electronic
Controller (EEC) part numbers from
service. This AD results from nine
reports of loss of engine parameters
displayed in the airplane cockpit, with
the simultaneous loss of capability to
change thrust of the affected engine. We
are issuing this AD to prevent loss of
airplane control after an aborted takeoff
due to asymmetric thrust.
DATES: Effective July 25, 2005.
We must receive any comments on
this AD by September 6, 2005.
SUMMARY:
VerDate jul<14>2003
15:44 Jul 07, 2005
Jkt 205001
Use one of the following
addresses to comment on this AD:
• DOT Docket Web site: Go to
https://dms.dot.gov and follow the
instructions for sending your comments
electronically.
• Government-wide rulemaking Web
site: Go to https://www.regulations.gov
and follow the instructions for sending
your comments electronically.
• Mail: Docket Management Facility;
U.S. Department of Transportation, 400
Seventh Street, SW., Nassif Building,
Room PL–401, Washington, DC 20590–
0001.
• Fax: (202) 493–2251.
• Hand Delivery: Room PL–401 on
the plaza level of the Nassif Building,
400 Seventh Street, SW., Washington,
DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT:
Christopher Spinney, Aerospace
Engineer, Engine Certification Office,
FAA, Engine and Propeller Directorate,
12 New England Executive Park,
Burlington, MA 01803–5299; telephone
(781) 238–7175; fax (781) 238–7199.
SUPPLEMENTARY INFORMATION: The Civil
Aviation Authority (CAA), which is the
airworthiness authority for the United
Kingdom (UK), recently notified us that
an unsafe condition might exist on
Rolls-Royce plc RB211 Trent 768–60,
Trent 772–60, and Trent 772B–60
turbofan engines. The CAA advises that
there have been nine reports of loss of
engine parameters displayed in the
airplane cockpit, with the simultaneous
loss of capability to change thrust of the
affected engine. RR’s investigation
established the cause of these
conditions to be a fault in the EEC
software. RR has determined that if this
condition occurs during takeoff roll and
in response, the crew attempts to abort
the takeoff, hazardous asymmetric
thrust could occur.
ADDRESSES:
Bilateral Airworthiness Agreement
These RR RB211 Trent 768–60, Trent
772–60, and Trent 772B–60 turbofan
engines are manufactured in the UK and
are type certificated for operation in the
United States under the provisions of
section 21.29 of the Federal Aviation
Regulations (14 CFR 21.29) and the
applicable bilateral airworthiness
agreement. Under this bilateral
airworthiness agreement, the CAA kept
the FAA informed of the situation
described above. We have examined the
findings of the CAA, reviewed all
available information, and determined
that AD action is necessary for products
of this type design that are certificated
for operation in the United States.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
FAA’s Determination and Requirements
of This AD
Although no airplanes that are
registered in the United States use these
engines, the possibility exists that the
engines could be used on airplanes that
are registered in the United States in the
future. The unsafe condition described
previously is likely to exist or develop
on other RR RB211 Trent 768–60, Trent
772–60, and Trent 772B–60 turbofan
engines of the same type design. We are
issuing this AD to prevent loss of
airplane control after an aborted takeoff
due to asymmetric thrust. This AD
requires removal of certain EEC part
numbers from service.
FAA’s Determination of the Effective
Date
Since there are currently no domestic
operators of this engine model, notice
and opportunity for public comment
before issuing this AD are unnecessary.
A situation exists that allows the
immediate adoption of this regulation.
Comments Invited
This AD is a final rule that involves
requirements affecting flight safety and
was not preceded by notice and an
opportunity for public comment;
however, we invite you to send us any
written relevant data, views, or
arguments regarding this AD. Send your
comments to an address listed under
ADDRESSES. Include ‘‘AD Docket No.
FAA–2005–21730; Directorate Identifier
2005–NE–18–AD’’ in the subject line of
your comments. We specifically invite
comments on the overall regulatory,
economic, environmental, and energy
aspects of the rule that might suggest a
need to modify it.
We will post all comments we
receive, without change, to https://
dms.dot.gov, including any personal
information you provide. We will also
post a report summarizing each
substantive verbal contact with FAA
personnel concerning this AD. Using the
search function of the Docket
Management System Web site, anyone
can find and read the comments in any
of our dockets, including the name of
the individual who sent the comment
(or signed the comment on behalf of an
association, business, labor union, etc.).
You may review the DOT’s complete
Privacy Act Statement in the Federal
Register published on April 11, 2000
(65 FR 19477–78) or you may visit
https://dms.dot.gov.
Examining the AD Docket
You may examine the docket that
contains the AD, any comments
received, and any final disposition in
person at the Docket Management
E:\FR\FM\08JYR1.SGM
08JYR1
]]>Agencies
[Federal Register Volume 70, Number 130 (Friday, July 8, 2005)]
[Rules and Regulations]
[Pages 39411-39412]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-13443]
========================================================================
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. 130 / Friday, July 8, 2005 / Rules
and Regulations
[[Page 39411]]
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 July 8,
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 4.00 percent to 4.25
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 4.50 percent to 4.75
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 3.00 percent to 3.25 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. Although energy prices have risen further, the
expansion remains firm and labor market conditions continue to
improve gradually. Pressures on inflation have stayed elevated, but
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:
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston.............................. 4.25 June 30, 2005.
New York............................ 4.25 June 30, 2005.
Philadelphia........................ 4.25 June 30, 2005.
Cleveland........................... 4.25 June 30, 2005.
Richmond............................ 4.25 June 30, 2005.
Atlanta............................. 4.25 June 30, 2005.
Chicago............................. 4.25 June 30, 2005.
St. Louis........................... 4.25 July 1, 2005.
Minneapolis......................... 4.25 June 30, 2005.
Kansas City......................... 4.25 June 30, 2005.
Dallas.............................. 4.25 June 30, 2005.
San Francisco....................... 4.25 June 30, 2005.
------------------------------------------------------------------------
[[Page 39412]]
(b) Secondary credit. The interest rates for secondary credit
provided to depository institutions under 201.4(b) are:
------------------------------------------------------------------------
Federal Reserve Bank Rate Effective
------------------------------------------------------------------------
Boston.............................. 4.75 June 30, 2005.
New York............................ 4.75 June 30, 2005.
Philadelphia........................ 4.75 June 30, 2005.
Cleveland........................... 4.75 June 30, 2005.
Richmond............................ 4.75 June 30, 2005.
Atlanta............................. 4.75 June 30, 2005.
Chicago............................. 4.75 June 30, 2005.
St. Louis........................... 4.75 July 1, 2005.
Minneapolis......................... 4.75 June 30, 2005.
Kansas City......................... 4.75 June 30, 2005.
Dallas.............................. 4.75 June 30, 2005.
San Francisco....................... 4.75 June 30, 2005.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, July 5, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-13443 Filed 7-7-05; 8:45 am]
BILLING CODE 6210-02-P
