The trust bank currently provides asset securitisation-related services for corporate clients, including asset trustee, cash management and fiscal agency services
The Federal Reserve is responsible for conducting monetary policy, supervising and regulating certain financial institutions, promoting the efficiency and integrity of the payments system, and providing fiscal agency services to the Treasury and other government agencies at their direction.
Our fiscal agency services, which comprise another one-sixth of the Reserve Banks' total budget, are provided at the direction of the Treasury and other federal government agencies for whom we provide these services and whose reimbursements to us are made primarily with appropriated funds.
Notable developments have occurred in recent years in both depository and fiscal agency services
. In the payments area, work is progressing toward automation of tax payments and letter-of-credit operations.
A particularly noteworthy initiative in 1990 is the enhancement of fiscal agency services
for the U.S.
Depository institutions benefit from production efficiencies that result when the facilities and expertise required to provide these fiscal agency services
are used to produce other similar services for depository institutions.