How does an excess balance account differ from the pass-through correspondent/respondent relationship that a participant may already have with a correspondent?

The Board’s Regulation D provides that balances in a pass-through correspondent’s account at a Federal Reserve Bank represent a liability of the Federal Reserve Bank to that pass-through correspondent, even though the account may contain funds that are attributable to one or more of the pass-through correspondent’s respondent institutions. Balances in an excess balance account represent a liability of the Federal Reserve Bank to the participants alone, not to the agent. More.

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