To: All Member Banks and Others Concerned in the Third Federal Reserve District

Attention: All Depository Institutions

Subject: Supplement No. 1 to Operating Circular No. 10 - Rate Schedule

Summary:

Effective May 3, 2005 this Bank has established the following new schedule of rates for credit extended to eligible borrowers under the Federal Reserve Act, as amended, and Regulation A of the Board of Governors of the Federal Reserve System:

     

Per Cent
Per Annum
 

(1) for short-term primary credit under Section 201.4 (a) of Regulation A

(2) for short-term secondary credit under Section 201.4 (b) of Regulation A

(3) for seasonal credit under Section 201.4 (c) of Regulation A:

A flexible rate that takes into account rates charged on market sources of funds is ordinarily established on the first business day of each two-week Reserve Maintenance Period.

  

4.00%

4.50%

This circular supersedes Supplement No. 1 to Operating Circular No.10 revised March 22, 2005 and should be placed in your binder containing the operating circulars of this Bank.

Signed,
ANTHONY M. SANTOMERO
President