Change in Minimum Fee Rate for SOMA Securities Lending Program

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Statement

Change in Minimum Fee Rate for SOMA Securities Lending Program

December 17, 2008

Effective December 18, the Federal Reserve Bank of New York’s Open Market Trading Desk is making the following temporary change to the System Open Market Account (SOMA) securities lending program:

The minimum fee rate will be decreased to 0.01 percent from 0.10 percent. All other program terms remain unchanged.

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