[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] ----------------------------------------------------------------------- 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