Federal Register / Vol. 69, No. 232 / Friday, December 3, 2004 / Notices 70261

categories for the rating of the reference 

entity to three (investment grade, below 

investment grade, and not rated). 

The commenter stated that a bank’s 

credit risk on a credit derivative 

contract is to the counterparty and not 

to the reference entity (or underlying 

obligor), and that therefore, information 

on the reference entity may be 

misleading. However, this assertion is 

only true for protection purchased via 

credit default swaps. For protection sold 

via credit default swaps, a bank is, 

indeed, exposed to the credit risk of the 

underlying reference entity. In any case, 

as noted above, the purpose of this 

report is to understand the size and 

scope of global OTC derivatives 

markets, not individual banks’ credit 

exposures from credit derivatives 

contracts. 

The commenter also stated that many 

credit derivative transactions are 

entered into as a hedge on a bank’s 

loans and securities portfolios, but 

because the FR 2436 would not capture 

data on the loans or securities that are 

being hedged, the information reported 

may be misleading. However, as noted 

above, the purpose of this report is to 

understand the size and scope of global 

OTC derivatives markets, not individual 

banks’ credit exposures from credit 

derivatives contracts. 

Opt-Out of Filing the Report 

The commenter requested that the 

Federal Reserve consider giving banks a 

procedure to opt-out of filing the report 

or opt-out of filing individual schedules 

because the FR 2436 is a voluntary and 

statistical report and is not necessary for 

supervisory purposes. The report is 

collected from only the eight largest 

derivatives dealers (four banks and four 

investment banks) that are 

headquartered in the United States. The 

Federal Reserve feels the usefulness of 

the data would be substantially reduced 

if any of these reporters were to opt out 

of filing the report or a schedule from 

the report and therefore request that 

respondents submit all schedules of the 

FR 2436. As demonstrated in the 

responses to the commenter’s other 

suggestions, the Federal Reserve is 

taking several steps to reduce the 

burden of supplying these data. In 

addition, Federal Reserve staff will work 

with individual respondents, as needed, 

to make the process of providing this 

valuable information as smooth as 

possible, including extending the filing 

deadline in order to give them more 

time to address the revisions. 

Effective Date 

The commenter stated it would be 

very difficult for respondents to 

implement for the December 2004 report 

date, as originally proposed, because 

compiling the data are burdensome and 

because they must address revisions to 

a number of other reporting forms. The 

commenter requested an additional year 

to implement the proposal. In response, 

the Federal Reserve proposes to phasein the revisions, collecting more basic 

data for the December 2004 and June 

2005 report dates (phase 1) and 

collecting the remaining data (phase 2) 

as of December 2005. The basic data 

would include notional values for 

contracts bought and sold and gross 

positive and negative market values, for 

single-name and multi-name 

instruments, for three counterparty 

categories (reporting dealers, other 

financial institutions, and nonfinancial 

customers), and the notional value of 

contracts for three different maturity 

splits. The basic data would not include 

any detail on reference entities. 

Filing Deadline 

The commenter stated that the 60-day 

filing period has become increasingly 

burdensome for respondents because 

the filing period has been shortened for 

a number of supervisory reports. Also, 

the commenter noted that the data 

collection process is still manual at 

most institutions. The commenter asked 

for 90 days to file the report. In 

response, the Federal Reserve proposes 

to extend to 75 days, from 60 days, the 

report submission date.

Board of Governors of the Federal Reserve 

System, November 29, 2004. 

Jennifer J. Johnson, 

Secretary of the Board.

[FR Doc. 04–26610 Filed 12–2–04; 8:45 am] 

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and 

Mergers of Bank Holding Companies

The companies listed in this notice 

have applied to the Board for approval, 

pursuant to the Bank Holding Company 

Act of 1956 (12 U.S.C. 1841 et seq.) 

(BHC Act), Regulation Y (12 CFR Part 

225), and all other applicable statutes 

and regulations to become a bank 

holding company and/or to acquire the 

assets or the ownership of, control of, or 

the power to vote shares of a bank or 

bank holding company and all of the 

banks and nonbanking companies 

owned by the bank holding company, 

including the companies listed below.

The applications listed below, as well 

as other related filings required by the 

Board, are available for immediate 

inspection at the Federal Reserve Bank 

indicated. The application also will be 

available for inspection at the offices of 

the Board of Governors. Interested 

persons may express their views in 

writing on the standards enumerated in 

the BHC Act (12 U.S.C. 1842(c)). If the 

proposal also involves the acquisition of 

a nonbanking company, the review also 

includes whether the acquisition of the 

nonbanking company complies with the 

standards in section 4 of the BHC Act 

(12 U.S.C. 1843). Unless otherwise 

noted, nonbanking activities will be 

conducted throughout the United States. 

Additional information on all bank 

holding companies may be obtained 

from the National Information Center 

website at www.ffiec.gov/nic/.

Unless otherwise noted, comments 

regarding each of these applications 

must be received at the Reserve Bank 

indicated or the offices of the Board of 

Governors not later than December 27, 

2004.

A. Federal Reserve Bank of Kansas 

City (Donna J. Ward, Assistant Vice 

President) 925 Grand Avenue, Kansas 

City, Missouri 64198–0001:

1. Citizens Bancshares, Inc., ESOP, 

Edmond, Oklahoma; to acquire up to 40 

percent of the voting shares of Citizens 

Bancshares, Inc., Edmond, Oklahoma, 

and thereby indirectly acquire voting 

shares of The Citizens Bank of Edmond, 

Edmond, Oklahoma.

Board of Governors of the Federal Reserve 

System, November 29, 2004.

Robert deV. Frierson,

Deputy Secretary of the Board.

[FR Doc. 04–26625 Filed 12–2–04; 8:45 am]

BILLING CODE 6210–01–S

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Centers for Disease Control and 

Prevention 

[30Day–04–048X] 

Proposed Data Collections Submitted 

for Public Comment and 

Recommendations 

The Centers for Disease Control and 

Prevention (CDC) publishes a list of 

information collection requests under 

review by the Office of Management and 

Budget (OMB) in compliance with the 

Paperwork Reduction Act (44 U.S.C. 

Chapter 35). To request a copy of these 

requests, call the CDC Reports Clearance 

Officer at (404) 498–1210 or send an email to omb@cdc.gov. Send written 

comments to CDC Desk Officer, Human 

Resources and Housing Branch, New 

Executive Office Building, Room 10235, 

Washington, DC 20503 or by fax to (202)