WASHINGTON, March 25. /TASS/: The United States Federal Reserve System, which acts as the country’s central bank, postponed the implementation of amendments to its payment system risk policy regarding the provision of intraday credit to US branches and agencies of foreign banking organizations due to the situation with the coronavirus. This is according to a statement on the regulator’s website.
"The Federal Reserve Board on Tuesday announced a six-month delay in the planned implementation of policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations (FBOs)," according to the statement.
The regulator’s press service recalled that on April 1, 2019, the board had approved the amendments regarding the maximum levels of intraday loans for these organizations.
"The changes were initially scheduled to become effective on April 1, 2020. In light of the challenges posed by the coronavirus, the Board is delaying implementation until October 1, 2020. This additional time will allow FBOs and the Federal Reserve Banks to focus on heightened priorities rather than establishing new arrangements for accessing intraday credit," the regulator said.
