Meanwhile, Reserve has suspended checking, debit card and automated clearing house withdrawals on 10 state municipal money market funds.
The seven funds to receive all of their payments are: the Connecticut Municipal Money Market Fund, Michigan Municipal Money Market Fund, Minnesota Municipal Money Market Fund, New York Municipal Money Market Fund, Ohio Municipal Money Market Fund, U.S. Government Fund and Virginia Municipal Money-Market Fund.
Partial payments will be made on: the California Municipal Money Market Fund, Florida Municipal Money Market Fund, New Jersey Municipal Money Market Fund, Yield Plus Fund and Interstate Tax-Exempt Fund.
The payments range between $1.5 million for the Virginia Municipal Money Market Fund to $570 million for the Yield Plus Fund. In total, Reserve will be returning $837.5 million, with a remaining $886.5 million to be repaid.
At the present time, Reserve does not expect delays, but said if there are problems with reconciliations, that could happen.
