The Federal Reserve's seasonal credit program is designed to assist small depository institutions in managing significant seasonal swings in their loans and deposits. Seasonal credit is available to depository institutions that can demonstrate a clear pattern of recurring intra-yearly swings in funding needs. Eligible institutions are usually located in agricultural or tourist areas. The interest rate applied to seasonal credit is a floating rate based on market rates. Under the seasonal program, borrowers may obtain longer-term funds from the Discount Window during periods of seasonal need so that they can carry fewer liquid assets during the rest of the year and make more funds available for local lending. To become eligible for seasonal credit, an institution must establish a seasonal qualification with its Reserve Bank. An institution that anticipates a possible need for seasonal credit is encouraged to contact its Reserve Bank to ascertain its eligibility and make arrangements in advance. Making arrangements does not obligate the institution to borrow. Critically undercapitalized institutions are not eligible for seasonal credit. Undercapitalized or significantly undercapitalized institutions may be eligible, but only after careful review of their condition and prospects.
Effective February 2, 1984, reserve computation and maintenance periods have been changed from weekly to bi-weekly. Series with data prior to February 2, 1984 have different values reported from one week to the next. After February 2, 1984, the value repeats for 2 consecutive weeks.
Board of Governors of the Federal Reserve System (US), Borrowings from the Federal Reserve, Seasonal [SEABORRW], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SEABORRW, June 23, 2018.