Federal Register: October 28, 2003 (Volume 68, Number 208)
DOCID: FR Doc 03-27125
DEPARTMENT OF THE TREASURY
DOCUMENT ACTION: Notice.
Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book-Entry System
EFFECTIVE DATES: January 2, 2004.
The Department of the Treasury is announcing a new fee schedule for the transfer of bookentry securities maintained on the National BookEntry System (NBES). This fee schedule will take effect on January 2, 2004. The basic fee for the transfer of a Treasury book entry security will be $.21, unchanged from fees in effect since July 1, 2003. The Federal Reserve funds movement fee will be decreasing from $.05 to $.04, resulting in a combined fee of $.25 for each Treasury securities transfer.
In addition to the basic fee, offline transfers have a surcharge. The surcharge for an offline Treasury bookentry transfer in CY 2004 will be increasing from $25.00 to $28.00.
Treasury book-entry securities held on National Book Entry System, transfer; fee schedule,
On October 1, 1985, the Department of the Treasury established a fee structure for the transfer of Treasury book entry securities maintained on NBES.
Effective January 2, 2004, the basic fee will be $.21 for each Treasury securities transfer and reversal sent and received, unchanged from fees in effect since July 1, 2003. The surcharge for an offline Treasury bookentry transfer will increase from $25.00 to $28.00.
The basic transfer fee assessed to both sends and receives is reflective of costs associated with the processing of a security transfer. The offline surcharge reflects the additional processing costs associated with the manual processing of offline securities transfers.
The Treasury does not charge a fee for account maintenance, the
stripping or reconstitution of Treasury securities, wires associated with original issues, or
interest and redemption payments. The Treasury currently absorbs these costs and will continue to do so.
The fees described in this notice apply only to the transfer of Treasury bookentry securities held on NBES. Information concerning bookentry transfers of government agency securities, which are priced by the Federal Reserve System, is set out in a separate Federal Register notice published elsewhere in this issue by the Board of Governors of the Federal Reserve System [Docket OP1165].
The following is the Treasury fee schedule that will take effect on January 2, 2004, for the bookentry transfers on NBES:
TREASURYNBES FEE SCHEDULE \1\
[Effective January 2, 2004, (in dollars)]
Funds \2\ Transfer type Basic fee Offline movement Total fee surcharge fee
Online transfer originated. .21 .00 .04 .25 Online transfer received... .21 .00 .04 .25 Online reversal transfer .21 .00 .04 .25 originated.................
Online reversal transfer .21 .00 .04 .25 received...................
Offline transfer originated .21 28.00 .04 28.25 Offline transfer received.. .21 28.00 .04 28.25 Offline account switch .21 .00 .04 .25 received...................
Offline reversal transfer .21 28.00 .04 28.25 originated.................
Offline reversal transfer .21 28.00 .04 28.25 received...................
\1\ The Treasury does not charge a fee for account maintenance, the stripping and reconstituting of Treasury securities, or the wires associated with original issues, or interest and redemption payments. The Treasury currently absorbs these costs and will continue to do so. \2\ The funds movement fee is not a Treasury fee, but is charged by the Federal Reserve for the cost of moving funds associated with the transfer of a Treasury bookentry security.
Authority: 31 CFR 357.45.
Dated: October 17, 2003.
Donald V. Hammond,
Fiscal Assistant Secretary.
[FR Doc. 0327125 Filed 102703; 8:45 am]
BILLING CODE 481039P
FOR FURTHER INFORMATION CONTACT
Edward C. Leithead, Director, Primary & Secondary Market Fixed Income Securities (Financing), Bureau of the Public Debt, c/o Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 100450001, telephone (212) 7202883.
John M. Lilly, Financial Systems Analyst, Bureau of the Public Debt, Room 510, 999 E Street, NW., Washington, DC 202390001, telephone (202) 6913550.