New Reserves Training Reserves Simplifications
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1 Reserves Simplifications Background and Policy Reserves Simplification July, 2013
2 Agenda Brief Overview of Phase I Elimination of As-of Adjustments Elimination of Clearing Balances Phase II Common two-week maintenance period Penalty free band around reserve requirement Reserves Simplification July, 2013
3 Phase I Reserves Simplification July, 2013
4 Elimination of As-Of Adjustments Deposit report revisions Prior to the implementation of interest on reserves, reserve requirements effectively imposed a tax on depository institutions Revision related as-of adjustments were used to ensure fair application of reserve requirements Payment of interest effectively removes the implicit reserve requirement tax and eliminates the need for deposit revision as-of adjustments Reserves Simplification July, 2013
5 Elimination of As-Of Adjustments Transaction errors Being replaced with direct compensation Direct compensation reduces administrative burdens on both depository institutions and the Federal Reserve Bank Direct compensation provides the same economic value as an as-of adjustment Direct compensation can be administered more quickly than as-of adjustments Reserves Simplification July, 2013
6 Elimination of Clearing Balances Elimination simplifies reserves administration and the implementation of monetary policy Program is no longer necessary because the Reserve Banks pay explicit interest on balances maintained by eligible institutions Reserves Simplification July, 2013
7 Phase II Reserves Simplification July, 2013
8 Common Two-Week Maintenance Period Maintenance period is the period of time over which depository institutions maintain balances at a Federal Reserve, either directly or through a pass-through correspondent, to satisfy reserve balance requirements Begins on a Thursday and ends on a Wednesday First common two-week maintenance period began on 6/27/13 and ended on 7/10/13 Reserves Simplification July, 2013
9 Common Two-Week Maintenance Period Created to simplify the prior maintenance period structure Prior structure was unnecessarily complex for the implementation of monetary policy Two-week period was chosen so that depository institutions would at least retain, if not increase, the flexibility in meeting their reserve balance requirements Did not change the frequency or the amount of data an institution must report to the Federal Reserve Reserves Simplification July, 2013
10 Common Two-Week Maintenance Period Weekly FR2900 reporters already observed a two-week maintenance period Quarterly FR2900 reporters moved from a weekly maintenance period to a two-week period with the 6/27/13 to 7/10/13 period Quarterly reporters will maintain their reserves, based on their quarterly reports, for intervals of six or seven twoweek maintenance periods Reserves Simplification July, 2013
11 Located at: Scroll down to Reserve Maintenance Calendars and choose weekly Reserves Simplification July, 2013
12 Located at: Scroll down to Reserve Maintenance Calendars and choose quarterly Reserves Simplification July, 2013
13 Common Two-Week Maintenance Period Impact on annual reporters and non-reporters Paid interest on the average balances maintained over a two-week period, instead of a one-week period, at the interest rate on excess balances Reserves Simplification July, 2013
14 Common Two-Week Maintenance Period Reserve balance requirements for all depository institutions that report their deposits weekly and quarterly will be calculated roughly one week before the start of a maintenance period The reserve balance requirement calculation window is open for three full business days The window opens eight business days before the start of a maintenance period and closes six business days before the start of a maintenance period Reserves Simplification July, 2013
15 Common Two-Week Maintenance Period Reserves Central/Reserve Accounts Administration fetches FR2900, FR2900A, and FR2930 data for the relevant computation period Data are fetched after business hours of the window period Each day the calculation runs the application will retrieve the most current data for the relevant computation period After the third business day, all reserve balance requirement calculations for the upcoming maintenance period are final Reserves Simplification July, 2013
16 Common Two-Week Maintenance Period Interest payments are now paid the day after the maintenance period ends Penalties for deficiencies are now assessed five business days after the end of the maintenance period Routine waivers for deficiencies have been eliminated All penalties, regardless of size, will be assessed Reserves Simplification July, 2013
17 Common Two-Week Maintenance Period Calendar Example Under The New Policy How to Tie It All Together June, 2013 July, Fetching window 14-day maintenance period Interest paid Deficiency penalties assessed Holidays and weekends Reserves Simplification July, 2013
18 Reserve Balance Requirement Penalty-Free Band A range on both sides of a reserve balance requirement within which an institution needs to maintain its average balance over the maintenance period in order to satisfy its reserve balance requirement Administration of a penalty-free band is more straightforward than the complex rules surrounding the application of carryover and routine penalty waivers Reserves Simplification July, 2013
19 Reserve Balance Requirement Penalty-Free Band For institution s maintaining balances directly with the Federal Reserve: Top and bottom of the band will be set as the greater of $50,000 or 10% of the institution s reserve balance requirement Bottom of the band cannot be below zero Reserves Simplification July, 2013
20 Reserve Balance Requirement Penalty-Free Band For pass-through correspondents: Top and bottom of the band will be set as an amount that is equal to the greater of $50,000 or 10% of the aggregate reserve balance requirement of the correspondent (if any) and all of its respondents Bottom of the band cannot be below zero Reserves Simplification July, 2013
21 Reserve Balance Requirement Penalty-Free Band Top of Penalty-Free Band = Plus greater of 50,000 or 10% of 7,426,000 (742,600) + Reserve Balance Requirement - Less greater of 50,000 or 10% of 7,426,000 (742,600) = Bottom of Penalty-Free Band 8,168,600 = 742, ,426, ,600 = 6,683,400 Reserves Simplification July, 2013
22 Reserve Balance Requirement Penalty-Free Band The calculations from the previous page match what is returned by RC/RAA Reserves Simplification July, 2013
23 Reserve Balance Requirement Penalty-Free Band Balances maintained within the band will be paid interest at the interest rate paid on balances maintained to satisfy the reserve balance requirement Balances maintained above the top of the penalty free band will be paid at the interest rate paid on excess balances An institution is considered deficient if they maintain an average balance that is less than the bottom of their penalty free band Reserves Simplification July, 2013
24 Reserve Requirements What it is and how to calculate it for your institution Reserve Requirements July, 2013
25 Agenda Why do institutions hold reserves at the Fed What is a reserve requirement How to calculate a reserve requirement For a weekly reporter For a quarterly reporter What is the difference between your reserve requirement and your reserve balance requirement Reserve Requirements July, 2013
26 Why Do Institutions Hold Reserves at the Fed The Federal Reserve Act of 1913 empowers the Federal Reserve to require Depository Institutions to hold a portion of their deposits as Reserves Regulation D is the section of the Act that pertains to reserve requirements for depository institutions This fractional reserve system is one of the tools used to implement monetary policy Reserves Simplification July, 2013
27 What is a Reserve Requirement The amount determined by applying the reserve ratios specified in Regulation D to an institution s reservable liabilities during the relevant computation period These ratios are updated annually by the Board of Governors Requirements are imposed on depository institutions for the purpose of facilitating the implementation of monetary policy by the Federal Reserve System An institution must satisfy its reserve requirement in the form of vault cash and/or balances maintained directly with a Reserve Bank or in a pass-through arrangement Reserve Requirements July, 2013
28 How to Calculate a Reserve Requirement Reserve Requirements July, 2013
29 Weekly Reporter Reserve Requirements July, 2013
30 Method 1: Reserve Maintenance Manual instructions Step 1: FR2900 Data Report Form FR2900 As-of Date 6/17/2013 Report Form Item Report Form Item Description Amount A.3 Total transaction accounts 1,068,382 AA.1 Ineligible acceptances and obligations issued by affiliates maturing in less than 7 days 0 B.1 Deduction from A.3 (Demand balances due from depository institution in the U.S.) 101,183 B.2 Deductions from A.3 (Cash items in process of collection) 71,616 E.1 Vault Cash 35 Reserve Requirements July, 2013
31 Method 1: Reserve Maintenance Manual instructions Step 1: FR2900 Data Report Form FR2900 As-of Date 6/24/2013 Report Form Item Report Form Item Description Amount A.3 Total transaction accounts 1,143,817 AA.1 Ineligible acceptances and obligations issued by affiliates maturing in less than 7 days 0 B.1 Deduction from A.3 (Demand balances due from depository institution in the U.S.) 100,731 B.2 Deductions from A.3 (Cash items in process of collection) 67,217 E.1 Vault Cash 35 Reserve Requirements July, 2013
32 Method 1: Reserve Maintenance Manual instructions Step 2: Calculations Worksheet 1A Worksheet 1B. Weekly reporting of 14-day averages from FR2900 FR2900 Data Items Weekly total Computation 14-day Week 1 Week 2 period total average A.3 Total transaction accounts 1,068,382 1,143,817 2,212, ,014 AA.1 Ineligible acceptances and obligations issued by affiliates maturing in less than seven days B.1 Demand balances due from depository institutions in the U.S. 101, , ,914 14,422 B.2 Cash items in process of collection 71,616 67, ,833 9,917 E.1 Vault Cash Reserve Requirements July, 2013
33 Method 1: Reserve Maintenance Manual instructions Step 2: Calculations Worksheet 2A Worksheet 2A. Net transaction accounts Value (in thousands of dollars) 1 Enter 14-day average amount of A.3, Total transaction accounts calculated in Worksheet 1 158,014 2 Enter 14-day average level of AA.1, Ineligible acceptances and obligations issued by affiliates maturing in less than seven days calculated in Worksheet Calculate Gross transaction account as line 1 plus line 2 158,014 4 Enter 14-day average level of B.1, Demand balances due from depository institutions in the U.S. 14,422 5 Enter 14-day average of B.2, Cash items in process of collection 9,917 6 Calculate Total deductions as line 4 plus line 5 24,339 7 Calculate Net transaction accounts as line 3 minus line 6 133,675 Reserve Requirements July, 2013
34 Method 1: Reserve Maintenance Manual instructions Step 2: Calculations Worksheet 2B Worksheet 2B. Allocation of exemption and tranche Value (in thousands of dollars) 8 Enter Exemption amount 12,400 9 Enter Low reserve tranche 79, Calculate Adjusted low reserve tranche as Low reserve tranche (line 9) minus Exemption amount (line 8) 67, Calculate Net transaction accounts, adjusted for Exemption amount as line 7 minus line 8 121,275 Reserve Requirements July, 2013
35 Method 1: Reserve Maintenance Manual instructions Step 2: Calculations Worksheet 2C Worksheet 2C. Reserve requirement 12 Calculate Amount Reserved at 3 percent If Net transaction accounts, adjusted (line 11) is less than or equal to Adjusted low reserve tranche (line 10), the Amount Reserved at 3% is equal to Net transaction accounts, adjusted (line 11) multiplied by 3% Value (in thousands of dollars) 2,013 If Net transaction accounts, adjusted (line 11) is greater than Adjusted low reserve tranche (line 10), the Amount Reserved at 3% is equal to Adjusted low reserve tranche (line 10) multiplied by 3% 13 Calculate Amount Reserved at 10 percent Net transaction accounts, adjusted (line 11) less the Adjusted low reserve tranche (line 10) multiplied by 10% or ,418 If the result of this calculation is negative then set Amount Reserved at 10% to zero. 14 Calculate total Reserve requirement as the sum of the Amount Reserved at 3% (line 12) and the Amount Reserved at 10% (line 13). Reserve Requirements July, ,431
36 Method 1: Reserve Maintenance Manual instructions Step 2: Calculations Worksheet 2D Worksheet 2D. Reserve balance requirement calculation, reserve balance requirement Value (in thousands of dollars) 15 Enter 14-day average of E.1, Vault Cash as calculated in Worksheet Calculate Reserve balance requirement as the Reserve requirement (Worksheet 2C, line 14) minus Vault cash (line 15 above). If the result of this calculation is negative, then set Reserve balance requirement to zero 7,426 Reserve Requirements July, 2013
37 Method 2 Create a spreadsheet Week 1 Week 2 A.3 1,068,382 1,143,817 1,871,452 B.1 101, ,731 Less /14 Number of days of information B.2 71,616 67,217 less 133,675 Daily average 895, ,869 12,400 Less exemption = 121,275 1,871,452 67,100 Less adjusted tranche 54,175 E ,013 Amount reserved at 3% (67,100 x 0.03) = 5,418 Amount reserved at 10% (54,1745 x 0.10) 70 7,431 Reserve Requirement /14 5 Less Usable Vault Cash 5 7,426 Reserve Balance Requirement Reserve Requirements July, 2013
38 Method 3 Use the new application to view your Reserve Balance Requirement Our tools should be used to verify your own calculations Click on the Reserve Balance Requirement displayed to view the underlying calculation Reserve Requirements July, 2013
39 Reserve Requirements July, 2013
40 Quarterly Reporter Reserve Requirements July, 2013
41 Step 2: Calculations Worksheet 1B Quarterly reporters can either use the same report week data twice and divide by 14 or use the report week data once and divide by 7 to calculate the daily averages to use 1 2 FR2900 Data Items Weekly Total Seven-day average A.3 Total transaction accounts 264,528 37,790 AA.1 Ineligible acceptances and obligations issued by affiliates maturing 0 0 in less than seven days B.1 Demand balances due from depository institutions in the U.S. 7,205 1,029 B.2 Cash items in process of collection E.1 Vault Cash Reserve Requirements July, 2013
42 Step 2: Calculations Worksheet 2A The remainder of the calculation is exactly the same Worksheet 2A. Net transaction accounts Value (in thousands of dollars) 1 Enter seven-day average amount of A.3, Total transaction accounts calculated in Worksheet 1 37,390 2 Enter seven-day average level of AA.1, Ineligible acceptances and obligations issued by affiliates maturing in less than seven days calculated in Worksheet Calculate Gross transaction account as line 1 plus line 2 37,790 4 Enter seven-day average level of B.1, Demand balances due from depository institutions in the U.S. 1,029 5 Enter seven-day average of B.2, Cash items in process of collection 16 6 Calculate Total deductions as line 4 plus line 5 1,045 7 Calculate Net transaction accounts as line 3 minus line 6 36,745 Reserve Requirements July, 2013
43 Step 2: Calculations Worksheet 2B Worksheet 2B. Allocation of exemption and tranche Value (in thousands of dollars) 8 Enter Exemption amount 12,400 9 Enter Low reserve tranche 79,500 1 Calculate Adjusted low reserve tranche as Low reserve tranche (line 9) minus 67,100 0 Exemption amount (line 8) 1 Calculate Net transaction accounts, adjusted for Exemption amount as line 7 24,345 1 minus line 8 Reserve Requirements July, 2013
44 Step 2: Calculations Worksheet 2C Worksheet 2C. Reserve requirement 12 Calculate Amount Reserved at 3 percent If Net transaction accounts, adjusted (line 11) is less than or equal to Adjusted low reserve tranche (line 10), the Amount Reserved at 3% is equal to Net transaction accounts, adjusted (line 11) multiplied by 3% Value (in thousands of dollars) 730 If Net transaction accounts, adjusted (line 11) is greater than Adjusted low reserve tranche (line 10), the Amount Reserved at 3% is equal to Adjusted low reserve tranche (line 10) multiplied by 3% 13 Calculate Amount Reserved at 10 percent Net transaction accounts, adjusted (line 11) less the Adjusted low reserve tranche (line 10) multiplied by 10% or If the result of this calculation is negative then set Amount Reserved at 10% to zero. 14 Calculate total Reserve requirement as the sum of the Amount Reserved at 3% (line 12) and the Amount Reserved at 10% (line 13). Reserve Requirements July,
45 Step 2: Calculations Worksheet 2D Worksheet 2D. Reserve balance requirement calculation, reserve balance requirement Value (in thousands of dollars) 15 Enter 14-day average if E.1, Vault Cash as calculated in Worksheet Calculate Reserve balance requirement as the Reserve requirement (Worksheet 2C, line 14) minus Vault cash (line 15 above). If the result of this calculation is negative, then set Reserve balance requirement to zero 360 Reserve Requirements July, 2013
46 Method 2 the spreadsheet Week 1 A.3 264, ,214 B.1 7,205 Less /7 Number of days of information B Less 36,745 Daily average 257,214 12,400 Less exemption 24,345 67,100 Less adjusted tranche -42,755 (Set to zero due to negative amount) E.1 2, Amount reserved at 3% (24,345 x 0.03) /7 0 Amount reserved at 10% (0 x 0.10) Reserve Requirement 370 Less Usable Vault Cash 360 Reserve Balance Requirement Reserve Requirements July, 2013
47 Method 3 the application Reserve Requirements July, 2013
48 Reserve Requirements July, 2013
49 Reserves Central/Reserve Account Administration Welcome to the new application RC/RAA July, 2013
50 Agenda How to access the application How to maneuver through the application What information is contained in the application RC/RAA July, 2013
51 How to access the application Method 1 RC/RAA July, 2013
52 How to access the application Method 1 RC/RAA July, 2013
53 How to access the application Method 1 RC/RAA July, 2013
54 How to access the application Method 1 Once you reach the application, bookmark the page RC/RAA July, 2013
55 How to access the application Method 2 RC/RAA July, 2013
56 How to access the application Method 2 RC/RAA July, 2013
57 How to access the application Method 2 RC/RAA July, 2013
58 How to maneuver through the application Current Maintenance Period This institution is a Master Account meaning they have a direct account with the Federal Reserve and hold only their own Reserve Requirement in that account RC/RAA July, 2013
59 How to maneuver through the application Current Maintenance Period Clicking on either link will take you to the same underlying data RC/RAA July, 2013
60 How to maneuver through the application Current Maintenance Period 1. Associated maintenance period 2. Report form 3. Report date 4. Scroll bar to retrieve additional information RC/RAA July, 2013
61 How to maneuver through the application Current Maintenance Period Scrolling down shows the second week of data used for a weekly reporter RC/RAA July, 2013
62 How to maneuver through the application Current Maintenance Period This is the same information for a quarterly reporter - denoted by the Report Form FR2900Q Only one week of data is used RC/RAA July, 2013
63 How to maneuver through the application Current Maintenance Period Beginning on the second day of the maintenance period, daily balance information is available RC/RAA July, 2013
64 How to maneuver through the application Current Maintenance Period RC/RAA July, 2013
65 How to maneuver through the application Current Maintenance Period Use this information to calculate your position Average end-of-day balances 21,633 minus - Reserve Balance Requirement 360 equals = Position 21,273 If the result is positive you are running in excess. If the result is negative you are running deficient. If the result is zero you are exactly meeting your reserve balance requirement. RC/RAA July, 2013
66 How to maneuver through the application Current Maintenance Period - Correspondent 1 = This institution is a correspondent. They hold their own RBR plus the RBR of all of their respondents in their account with the Federal Reserve 2 = The correspondent s own RBR 3 = The combined RBR for the correspondent and all of their respondents Clicking on either RBR link will return the same information RC/RAA July, 2013
67 How to maneuver through the application Current Maintenance Period - Correspondent 1 = Correspondent s own RBR 2 = The RBR of all of their respondents 3 = The combined RBR of the correspondent and their respondents 4 = Additional information is available RC/RAA July, 2013
68 How to maneuver through the application Current Maintenance Period - Correspondent These are the individual requirements and balance requirements for each of the respondents separated by report type weekly or quarterly This is the only information the correspondent can see If you would like them to see more, such as the data and calculations, you need to grant access using the form on the next page RC/RAA July, 2013
69 Additional Information The form is available at: ms Scroll down to Third Party Access Consent Form Access is granted at the individual level RC/RAA July, 2013
70 How to maneuver through the application Past Maintenance Period Two options: Select a maintenance period from the drop down box and click View or Click on the View Prior Periods button RC/RAA July, 2013
71 How to maneuver through the application Past Maintenance Period If you select a specific maintenance period, information for that period is returned Depending on when you view, you will be able to see the interest payment and/or any deficiency charge that may have been assessed RC/RAA July, 2013
72 How to maneuver through the application Past Maintenance Period If you click on the View Prior Period button, recaps of all prior periods will be returned This screen will eventually contain up to 100 prior periods RC/RAA July, 2013
73 How to maneuver through the application Past Maintenance Period Beginning the day after the maintenance period ends you will be able to view the interest earned Clicking on the interest amount will provide detailed information concerning the calculation RC/RAA July, 2013
74 How to maneuver through the application Past Maintenance Period Currently the same rate of interest, 25 basis points, is paid on all balances held This screen was built with flexibility for the future when interest could possibly be paid at two or even three different rates RC/RAA July, 2013
75 Additional Information Two possible future interest rate scenarios Over Top of Penalty-Free Band Top of Penalty-Free Band over 8,168,600 8,168,600 Reserve Balance Requirement 7,426,000 Bottom of Penalty-Free Band 6,683, to Bottom of Penalty-Free Band 0 RC/RAA July, 2013
76 Additional Information (Average balance x interest rate x days in MP) / 360 = interest payment (169,916,000 x x 14) / 360 = 16, (161,597,000 x.0025 x 14) /360 = 15, (1,513,000 x.0025 x 14) / 360 = (6,806,000 x.0025 x 14) / 360 = RC/RAA July, 2013 = 16,519.61
77 How to maneuver through the application Past Maintenance Period Deficiency charges are assessed, and available for viewing, five business days after the maintenance period ends Even if an institution is deficient, they are still paid interest on the balances held in their account for the maintenance period Clicking on either the charge or the interest payment will return information on the calculations of the both RC/RAA July, 2013
78 How to maneuver through the application Past Maintenance Period Interest Deficiency RC/RAA July, 2013
79 Targeting What to do without the balance calculator Targeting July, 2013
80 Agenda Why the balance calculator was eliminated How to target without the balance calculator Targeting July, 2013
81 Why the balance calculator was eliminated Two variables that made targeting difficult As-of Adjustments Carry-over Both variables have been eliminated As-of adjustments with phase one Carry-over eliminated with phase two Targeting July, 2013
82 How to target without the balance calculator Step 1: Determine aggregate balances needed for the maintenance period Account Account Number Account Type Reserve Balance Requirement Maintenance Period 7/11/2013 to 7/24/2013 Today is day 6 of the 14 day Maintenance Period Own Reserve Balance Requirement 3,099 Bottom of Penalty-Free Band Top of Penalty-Free Band Average Balance Master 3,099 2,789 3,409 3,589 *Adjusted by FRB Amounts in Thousands of Dollars 3,099 Reserve Balance Requirement X 14 x Number of days in the maintenance period 43,386 Aggregate balances needed to meet RBR Targeting July, 2013
83 How to target without the balance calculator Step 2: Determine aggregate balances held thus far Account Account Number Account Type Reserve Balance Requirement Maintenance Period 7/11/2013 to 7/24/2013 Today is day 6 of the 14 day Maintenance Period Own Reserve Balance Requirement 3,099 Bottom of Penalty-Free Band Top of Penalty-Free Band Drill down from here Average Balance Master 3,099 2,789 3,409 3,589 *Adjusted by FRB Amounts in Thousands of Dollars Targeting July, 2013
84 How to target without the balance calculator Date Maintenance Period Day Balance 7/11/ ,454, /12/ ,796, /13/ ,796, /14/ ,796, /15/ ,101, Sum of Daily Balances 17,944, Average Balance 3,589 From 7/11/2013 through 7/24/2013 (Amount in thousands) Reserves Simplification July, 2013
85 How to target without the balance calculator Step 3: Determine aggregate balances still needed 43,386 Aggregate balances needed to meet RBR (from Step 1) 17,944 Sum of daily balances held thus far (from application) 25,442 Aggregate balances still needed to meet RBR If your answer here is a negative number, you have already met your Reserve Balance Requirement for the maintenance period Targeting July, 2013
86 How to target without the balance calculator Step 4: Determine daily balances still needed Account Account Number Account Type Reserve Balance Requirement Maintenance Period 7/11/2013 to 7/24/2013 Today is day 6 of the 14 day Maintenance Period Own Reserve Balance Requirement 3,099 Bottom of Penalty-Free Band Top of Penalty-Free Band If today is day 6, 5 days have elapsed and 9 days remain Average Balance Master 3,099 2,789 3,409 3,589 *Adjusted by FRB Amounts in Thousands of Dollars Targeting July, 2013
87 How to target without the balance calculator 25,442 Aggregate balances still needed to meet RBR (from step 3) /9 Number of days remaining in the maintenance period 2,827 Daily balances needed to meet RBR This is your target for the remaining days in the maintenance period Reserves Simplification July, 2013
88 Term Deposit Facility (TDF) Term Deposit Facility July, 2013
89 As the Term Deposit Facility continues to evolve, please follow the link below for the most up-to-date information concerning this resource. Reserves Simplification July, 2013
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