§ 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank. ³

1. (a) Primary credit. The interest rates for primary credit provided to depository institutions under § 201.4(a) are:

   Federal reserve bank	Rate	Effective
   Boston	1.00	December 17, 2015.
   New York	1.00	December 17, 2015.
   Philadelphia	1.00	December 17, 2015.
   Cleveland	1.00	December 17, 2015.
   Richmond	1.00	December 17, 2015.
   Atlanta	1.00	December 17, 2015.
   Chicago	1.00	December 17, 2015.
   St. Louis	1.00	December 17, 2015.
   Minneapolis	1.00	December 17, 2015.
   Kansas City	1.00	December 17, 2015.
   Dallas	1.00	December 17, 2015.
   San Francisco	1.00	December 17, 2015.

2. (b) Secondary credit. The interest rates for secondary credit provided to depository institutions under § 201.4(b) are:

   Federal reserve bank	Rate	Effective
   Boston	1.50	December 17, 2015.
   New York	1.50	December 17, 2015.
   Philadelphia	1.50	December 17, 2015.
   Cleveland	1.50	December 17, 2015.
   Richmond	1.50	December 17, 2015.
   Atlanta	1.50	December 17, 2015.
   Chicago	1.50	December 17, 2015.
   St. Louis	1.50	December 17, 2015.
   Minneapolis	1.50	December 17, 2015.
   Kansas City	1.50	December 17, 2015.
   Dallas	1.50	December 17, 2015.
   San Francisco	1.50	December 17, 2015.

3. (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.

4. (d) Primary credit rate in a financial emergency.

   1. (1) The primary credit rate at a Federal Reserve Bank is the target federal funds rate of the Federal Open Market Committee if:

      1. (i) In a financial emergency the Reserve Bank has established the primary credit rate at that rate; and
      2. (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. (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.

5. (e) Term auction facility. The interest rate on advances to depository institutions made pursuant to an auction under § 201.4(e) is the rate at which all bids at that auction may be fulfilled, up to the maximum auction amount and subject to any minimum bid rate and other conditions as set by the Board.

   Editorial Note:For Federal Register citations affecting § 201.51, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at www.fdsys.gov.

³ 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.

[Reg. A, 67 FR 67787, Nov. 7, 2002]