[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