§ 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 § 201.4(a) are:
Federal Reserve Bank
Rate
Effective
Boston
6.25
June 29, 2006.
New York
6.25
June 29, 2006.
Philadelphia
6.25
June 29, 2006.
Cleveland
6.25
June 29, 2006.
Richmond
6.25
June 29, 2006.
Atlanta
6.25
June 29, 2006.
Chicago
6.25
June 29, 2006.
St. Louis
6.25
June 30, 2006.
Minneapolis
6.25
June 29, 2006.
Kansas City
6.25
July 6, 2006.
Dallas
6.25
June 29, 2006.
San Francisco
6.25
June 29, 2006.
(b) Secondary credit. The interest rates for secondary credit provided to depository institutions under 201.4(b) are:
Federal Reserve Bank
Rate
Effective
Boston
6.75
June 29, 2006.
New York
6.75
June 29, 2006.
Philadelphia
6.75
June 29, 2006.
Cleveland
6.75
June 29, 2006.
Richmond
6.75
June 29, 2006.
Atlanta
6.75
June 29, 2006.
Chicago
6.75
June 29, 2006.
St. Louis
6.75
June 30, 2006.
Minneapolis
6.75
June 29, 2006.
Kansas City
6.75
July 6, 2006.
Dallas
6.75
June 29, 2006.
San Francisco
6.75
June 29, 2006.
(c) 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.
(d) 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.
[Reg. A, 67 FR 67787, Nov. 7, 2002, as amended at 68 FR 41054, July 10, 2003; 71 FR 39521, July 13, 2006]