[Federal Register Volume 66, Number 230 (Thursday, November 29, 2001)]
[Corrections]
[Pages 59608-59611]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: C1-27779]
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FEDERAL RESERVE SYSTEM
[Docket No. R-1115]
Federal Reserve Bank Services
Correction
In notice document 01-27779 beginning on page 56310 in the issue of
Wednesday, November 7, 2001, make the following corrections:
1. On page 56310, in Table 1, the title should have appeared as
follows:
Table 1.--Pro Forma Cost and Revenue Performance \a\
2. On page 56315, in Table 5, in the fourth column, the column
title, ``Estimated growth 2001 (percent)'' should read, ``Estimated
2001 growth (percent)''.
3. On the same page, Table 7 should have appeared as follows:
Table 7.--Selected Check Fees
------------------------------------------------------------------------
2001 Current price
ranges 2002 price ranges
------------------------------------------------------------------------
Items: (per item) (per item)
Forward-processed
City................ $0.001 to 0.079..... $0.001 to 0.079
RCPC................ $0.003 to 0.200..... $0.003 to 0.300
Forward fine-sort
City................ $0.003 to 0.021..... $0.003 to 0.021
RCPC................ $0.003 to 0.036..... $0.004 to 0.036
Qualified returned
checks
City................ $0.08 to 0.85....... $0.08 to 0.85
RCPC................ $0.10 to 1.15....... $0.10 to 1.15
Raw returned checks
City................ $1.05 to 5.00....... $1.05 to 5.00
RCPC................ $1.05 to 5.00....... $1.05 to 5.00
Cash letters: (per cash letter) (per cash letter)
Forward-processed a..... $2.00 to 32.00...... $2.25 to 36.00
Forward fine-sort....... $3.00 to 14.00...... $3.50 to 14.00
Returned checks: raw/ $2.00 to 14.00...... $2.00 to 14.50
qualified.
Payor bank services:.... (Fixed) (per item) (Fixed) (per item)
MICR information.... $2-15 $0.0020-0.007 $2-15 $0.0030-0.011
0. 0
Electronic $1-11 $0.0005-0.010 $1-12 $0.0005-0.010
presentment. 0. 0
Truncation.......... $2-7 $0.0020-0.018 $2-7 $0.0040-0.0180
0.
Image capture....... $2-15 $0.0020-0.02. $2-15 $0.002-0.02
Image delivery...... Varies b $0.001-0.0 Varies b $0.002-0.0
08. 08
Image archive....... N/A $0.001-0.01.... N/A $0.001-0.01
Image retrieval..... N/A $0.3-5......... N/A $0.3-5
------------------------------------------------------------------------
Note: Bold indicates change from 2001 prices.
a Cash letter fees for forward-processed items transported on Check
Relay for 2001 and 2002 include a fifty-cent surcharge due to higher
fuel costs.
[[Page 59609]]
b Fixed fee varies by media type.
4. On page 56319, in Table 10, the line below the title, ``In
millions of dollars'' should read, ``[In millions of dollars]''.
5. On page 56321, in the second column, in the footnote, in the
second to the last line, ``shore'' should read, ``short''.
6. On page 56323, Table 13 should have appeared as follows:
Table 13.--Comparison of Pro Forma Balance Sheets for Federal Reserve
Priced Services
[Millions of dollars--average for year]
------------------------------------------------------------------------
2002 2001
------------------------------------------------------------------------
Short-term assets:
Imputed reserve requirement on $ 678.5 $ 742.4
clearing balances\27\..............
Investment in marketable 5,473.0 6,681.9
securities\27\.....................
Receivables......................... 81.7 77.3
Materials and supplies.............. 3.8 3.6
Prepaid expenses.................... 27.8 23.4
Items in process of collection\28\.. 4,102.8 3,606.7
-------------------------------
Total short-term assets......... 10,367.6 11,135.3
Long-term assets:
Premises\29\........................ 431.1 417.5
Furniture and equipment............. 177.7 185.5
Leasehold improvements and long-term 70.4 73.9
prepayments........................
Prepaid pension costs............... 800.1 718.5
-------------------------------
Total long-term assets.......... 1,479.3 1,395.4
-------------------------------
Total assets.................... $11,846.9 $12,530.7
===============================
Short-term liabilities:
Clearing balances and balances $ 7,377.5 $ 7,424.3
arising from early credit of
uncollected items..................
Deferred credit items\28\........... 3,509.8 3,606.7
Short-term debt\30\................. 0.0 18.9
Short-term payables................. 103.9 85.4
-------------------------------
Total short-term liabilities.... 10,991.2 11,135.3
Long-term liabilities:
Postemployment/retirement benefits.. 263.4 251.9
Long-term debt\30\.................. 0.0 479.1
-------------------------------
Total long-term liabilities..... 263.4 731.0
-------------------------------
Total liabilities 11,254.6 11,866.3
Equity 592.3 664.4
-------------------------------
Total liabilities and equity.... $11,846.9 $12,530.7
===============================
------------------------------------------------------------------------
\27\Funded with clearing balances.
\28\Represents float costs that are directly estimated at the service
level.
\29\Includes allocations of Board of Governors' assets to priced
services of $1.1 million for 2002 and $0.7 million for 2001.
\30\No debt is imputed in 2002 because clearing balances are used as an
available funding source.
[[Page 59610]]
7. On page 56324, Table 14 should have appeared as follows:
Table 14.--Portion of clearing balances used to fund priced services assets in 2002
[Dollar amounts in millions]
A. Short-term asset funding:
Short-term assets to be funded:
Receivables......................................................... $81.7
Materials and supplies.............................................. 3.8
Prepaid expenses.................................................... 27.8
------------
Total short-term assets to be funded............................ .......... 113.3
Short-term funding sources:
Short-term payables................................................. .......... 103.9
------------
Portion of short-term assets funded with imputed short-term debt or non- .......... .......... 9.4
core clearing balances\31\.............................................
B. Long-term asset funding:
Long-term assets to be funded:
Premises............................................................ $431.1
Furniture and equipment............................................. 177.7
Leasehold improvements and long-term prepayments.................... 70.4
Prepaid pension cost................................................ 800.1
------------
Total long-term assets to be funded............................. .......... $1,479.3
Long-term funding sources:
Postemployment/retirement benefits liability........................ 263.4
Imputed equity \32\................................................. 592.3
------------
855.7
------------
Portion of long-term assets funded with imputed long-term debt or core .......... .......... 623.6
clearing balances\31\..................................................
-----------
C. Total clearing balances used for funding priced-services assets.......... .......... .......... $633.0
\31\ Clearing balances shown on table 13 are available for funding priced-services assets. Using these balances
reduces the amount available for investment in Treasury bills for the net income on clearing balances
calculation. Short-term assets are funded with non-core clearing balances. Long-term assets are funded with
core clearing balances; a total of $4 billion in balances is available for this purpose. No short- or long-
term debt is imputed.
\32\ See table 16 for calculation of required imputed equity amount.
8. On page 56325, in Table 15, under the Total column, in the first
entry, ``$78.5'' should read, ``$678.5''.
9. On the same page, in Table 16, the title should have appeared as
follows:
Table 16.--Derivation of the 2002 and 2001 PSAF
[Dollar amounts in millions]
10. On page 56326, in the continued Table 16, in the first entry,
omit ``Total equity''.
11. On the same page, in Table 17, in the Weighted assests column,
in the first entry, ``0.0'' should read, ``$0.0''.
12. On page 56328, in the ``Noncash Collection Fee Schedule--
Continued'' table, in the fees column, `` \52\40.00'' should read,
``40.00\52\''.
13. On page 56329, the table title should appear as follows:
Test and Contingency Options\61\
[[Page 59611]]
[FR Doc. C1-27779 Filed 11-28-01; 8:45 am]
BILLING CODE 1505-01-D
