- Jul 12, 2018
- 9,817
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OFFICE OF THE VICE CHAIR |
SECURE |
TO: Edward Murray, Chancellor of the Exchequer of the United Kingdom of Great Britain and Northern Ireland ( Jamie )
FROM: Avery Black, Vice Chair of The Board of Governors of The Federal Reserve System
Chancellor Murray,
The Federal Reserve System, which is the central bank of the United States, is presently accepting new Reserve Savings Accounts for sovereign governments, entities, and corporations. The United Kingdom is renowned for its financial stability and economic prowess and The Board of Governors firmly believes that Her Majesty's government would be an excellent client. At this time, we are currently offering a 3% interest rate per Bank Day for Reserve Savings Accounts (RSA). The minimum amount of money required for a RSA to collect interest is $1-billion. However, we would highly recommend that your government considers depositing $5-billion to create your first RSA. Not only do these savings accounts offer a safe and reliable way to build wealth, they also offer other benefits besides interest payments.
The United States normally charges 100% profit on any defense purchase. However, nations that have a RSA with $5-billion or more in the account are automatically given a discount so that they only pay a 50% margin on defense purchases. Nations that are allied to the United States, which the United Kingdom already is, are typically only charged a 40% margin on defense purchases. Allies who hold a RSA will have this margin further reduced to 32.5%.
I would be happy to give you more information, and talk to you over the phone, if you believe that your government may be interested in opening a RSA.
Best regards,
Avery Black
Vice Chair of The Federal Reserve System
[/TD][/TR][/TD][/TR]Chancellor Murray,
The Federal Reserve System, which is the central bank of the United States, is presently accepting new Reserve Savings Accounts for sovereign governments, entities, and corporations. The United Kingdom is renowned for its financial stability and economic prowess and The Board of Governors firmly believes that Her Majesty's government would be an excellent client. At this time, we are currently offering a 3% interest rate per Bank Day for Reserve Savings Accounts (RSA). The minimum amount of money required for a RSA to collect interest is $1-billion. However, we would highly recommend that your government considers depositing $5-billion to create your first RSA. Not only do these savings accounts offer a safe and reliable way to build wealth, they also offer other benefits besides interest payments.
The United States normally charges 100% profit on any defense purchase. However, nations that have a RSA with $5-billion or more in the account are automatically given a discount so that they only pay a 50% margin on defense purchases. Nations that are allied to the United States, which the United Kingdom already is, are typically only charged a 40% margin on defense purchases. Allies who hold a RSA will have this margin further reduced to 32.5%.
I would be happy to give you more information, and talk to you over the phone, if you believe that your government may be interested in opening a RSA.
Best regards,
Avery Black
Vice Chair of The Federal Reserve System
