Board of Governors of the Federal Reserve System

Data Dictionary

Item Number J774

Call confidentiality applies to FFIEC 031/041.

Data Description:

The New York Reserve Bank, in carrying out the domestic policy directive adopted by the Federal Open Market Committee (FOMC), may be authorized to purchase or make repurchase agreements with dealers. Some repurchase agreements may be secured by bankers' acceptances and mature after a fixed period, usually one to seven days. Acceptances arise out of the shipment of goods between countries or within the United States or from the storage of goods within the United States pending marketing. All holdings of acceptances or repurchase agreements secured by acceptances are retained on the New York Bank's balance sheet and are not allocated to other Reserve Banks. When acceptances are purchased or sold, the net amount of the transaction is paid to or collected by the New York Bank from the dealer. Only the par value of this transaction is entered to this account. Other accounts that may be affected are interest accrued, premium on securities, discount on securities and, in the case of sales, profit and loss. The New York Reserve Bank has not engaged in transactions involving acceptances for several years.