Federal Register / Vol. 62, No. 178 / Monday, September 15, 1997 / Rules and Regulations 48177

TABLE II.—LUMP SUM VALUATIONS

[In using this table: (1) For benefits for which the participant or beneficiary is entitled to be in pay status on the valuation date, the immediate annuity rate shall apply; (2) For benefits for which the deferral period is y years (where y is an integer and 0 <y ≤n1), interest rate i1 shall apply

from the valuation date for a period of y years, and thereafter the immediate annuity rate shall apply; (3) For benefits for which the deferral

period is y years (where y is an integer and n1 1<y ≤n1 + n2), interest rate i2 shall apply from the valuation date for a period of y ¥ n1 years,

interest rate i1 shall apply for the following n1 years, and thereafter the immediate annuity rate shall apply; (4) For benefits for which the deferral period is y years (where y is an integer and y >n1 + n2), interest rate i3 shall apply from the valuation date for a period of y ¥ n1 ¥ n2

years, interest rate i2 shall apply for the following n2 years, interest rate i1 shall apply for the following n1 years, and thereafter the immediate

annuity rate shall apply.]

Rate set

For plans with a valuation

date Immediate

annuity rate

(percent)

Deferred annuities (percent)

On or after Before i1 i2 i3 n1 n2

* * * * * * *

48 10–1–97 11–1–97 4.75 4.00 4.00 4.00 7 8

Issued in Washington, D.C., on this 10th

day of September 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–24395 Filed 9–12–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Chapter V

Blocked Persons, Specially Designated

Nationals, Specially Designated

Terrorists, Specially Designated

Narcotics Traffickers, and Blocked

Vessels: Additional Designations and

Removal of Two Individuals

AGENCY: Office of Foreign Assets

Control, Treasury.

ACTION: Amendment of final rule.

SUMMARY: The Treasury Department is

adding to appendices A and B to 31 CFR

chapter V the name of one entity and

one individual who have been

determined to act for or on behalf of, or

to be owned or controlled by, the

Government of Libya. In addition, two

individuals previously designated as

specially designated narcotics traffickers

are being removed from the appendices.

EFFECTIVE DATE: September 9, 1997.

FOR FURTHER INFORMATION CONTACT:

Office of Foreign Assets Control,

Department of the Treasury,

Washington, DC 22201; tel.: 202/622–

2520.

SUPPLEMENTARY INFORMATION:

Electronic Availability

This document is available as an

electronic file on The Federal Bulletin

Board the day of publication in the

Federal Register. By modem, dial 202/

512–1387 and type ‘‘/GO FAC,’’ or call

202/512–1530 for disk or paper copies.

This file is available for downloading

without charge in WordPerfect 5.1,

ASCII, and Adobe Acrobat TM readable

(*.PDF) formats. For Internet access, the

address for use with the World Wide

Web (Home Page), Telnet, or FTP

protocol is: fedbbs.access.gpo.gov. The

document is also accessible for

downloading in ASCII format without

charge from Treasury’s Electronic

Library (‘‘TEL’’) in the ‘‘Business, Trade

and Labor Mall’’ of the FedWorld

bulletin board. By modem, dial 703/321-

3339, and select the appropriate selfexpanding file in TEL. For Internet

access, use one of the following

protocols: Telnet = fedworld.gov

(192.239.93.3); World Wide Web (Home

Page) = http://www.fedworld.gov; FTP

= ftp.fedworld.gov (192.239.92.205).

Additional information concerning the

programs of the Office of Foreign Assets

Control is available for downloading

from the Office’s Internet Home Page:

http://www.ustreas.gov/treasury/

services/fac/fac.html, or in fax form

through the Office’s 24-hour fax-ondemand service: call 202/622–0077

using a fax machine, fax modem, or

(within the United States) a touch-tone

telephone.

Background

Appendices A and B to 31 CFR

chapter V contain the names of blocked

persons, specially designated nationals,

specially designated terrorists, and

specially designated narcotics traffickers

designated pursuant to the various

economic sanctions programs

administered by the Office of Foreign

Assets Control (‘‘OFAC’’) (62 FR 34934,

June 27, 1997). Pursuant to the Libyan

Sanctions Regulations, 31 CFR part 550,

one Italian entity and one Italian

individual are added to the appendices

as persons who have been determined to

act for or on behalf of, or to be owned

or controlled by, the Government of

Libya (‘‘specially designated nationals’’

or ‘‘SDNs’’). Any property subject to the

jurisdiction of the United States in

which an SDN has an interest is

blocked, and U.S. persons are

prohibited from engaging in any

transaction or in dealing in any property

in which an SDN has an interest.

In addition, pursuant to the Narcotics

Trafficking Sanctions Regulations, 31

CFR part 536, and upon review of

compliance with and enforcement of

Executive Order 12978 of October 21,

1995, ‘‘Blocking Assets and Prohibiting

Transactions with Significant Narcotics

Traffickers,’’ the names of two

individuals previously designated as

specially designated narcotics traffickers

(‘‘SDNTS’’) are being removed from the

appendices. All real and personal

property of these individuals, including

all accounts not otherwise subject to

blocking in which they have any

interest, are unblocked; and all lawful

transactions involving U.S. persons and

these individuals are authorized.

Designations of foreign persons

blocked pursuant to the Order are

effective upon the date of determination

by the Director of the Office of Foreign

Assets Control, acting under authority

delegated by the Secretary of the

Treasury. Public notice of blocking is

effective upon the date of filing with the

Federal Register, or upon prior actual

notice.

Since this regulation involves a

foreign affairs function, the provisions

of Executive Order 12866 and the

Administrative Procedure Act (5 U.S.C.

553), requiring notice of proposed

rulemaking, opportunity for public

participation, and delay in effective

date, are inapplicable. Because no

notice of proposed rulemaking is

required for this rule, the Regulatory

Flexibility Act (5 U.S.C. 601–612) does

not apply.

For the reasons set forth in the

preamble, and under the authority of (1)

3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C.
48178 Federal Register / Vol. 62, No. 178 / Monday, September 15, 1997 / Rules and Regulations

1601-1641, 1701–1706; Pub. L. 101–410,

104 Stat. 890 (28 U.S.C. 2461 note); E.O.

12978, 60 FR 54579, 3 CFR, 1995

Comp., p. 415, with respect to the SDNT

entries, and (2) 3 U.S.C. 301; 18 U.S.C.

2332d; 22 U.S.C. 287c, 2349aa–8 and

2349aa–9; 31 U.S.C. 321(b); 49 U.S.C.

App. 1514; 50 U.S.C. 1601–1651, 1701–

1706; Pub. L. 101–410, 104 Stat. 890 (28

U.S.C. 2461 note); E.O. 12543, 51 FR

875, 3 CFR, 1986 Comp., p. 181; E.O.

12544, 51 FR 1235, 3 CFR, 1986 Comp.,

p. 183; E.O. 12801, 57 FR 14319, 3 CFR,

1992 Comp., p. 294, with respect to the

Libyan entries, appendices A and B to

31 CFR chapter V are amended as set

forth below:

1. Appendices A and B to 31 CFR

chapter V are amended by adding the

following names inserted in

alphabetical order (1) in appendix A,

section I, and (2) under the heading

‘‘Italy’’ in appendix B:

BORTOLOTTI PETROLI S.p.A., Via San

Desiderio, 11, 25020 Flero, Italy;

Magazzino con Vendita Ingrosso, Via

Garibaldi, 51, 25030 Paratico, Italy;

Deposito, Via Zette, 14/A, 25087 Salo,

Italy [SDN]

GIOVANNI IANORA, D.O.B. June 5, 1943,

Via A. Costa 17, Milan, Italy;

(individual)[SDN]

2. Appendices A and B to 31 CFR

chapter V are amended by (1) removing

the entries in the names ‘‘RODRIGUEZ

MORENO, Stephanie (Stethanine)’’ and

‘‘SANTACRUZ CASTRO, Sandra’’ from

appendix A and (2) under the heading

‘‘Colombia’’ in appendix B, removing

the entries in the names ‘‘RODRIGUEZ

MORENO, Stephanie (Stethanine); and

‘‘Santacruz Castro, Sandra’’.

Dated: August 22, 1997.

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

Approved: August 29, 1997.

James E. Johnson,

Assistant Secretary (Enforcement).

[FR Doc. 97–24276 Filed 9–9–97; 4:20 pm]

BILLING CODE 4810–25–P

PANAMA CANAL COMMISSION

35 CFR Part 104

RIN 3207–AA40

Vessel Transit Reservation System

AGENCY: Panama Canal Commission.

ACTION: Final rule.

SUMMARY: This document announces the

final rule constituting the Panama Canal

Vessel Transit Reservation System,

which allows vessels to reserve transit

slots in advance of arrival at the Panama

Canal and be moved through the Canal

on pre-assigned dates.

DATES: The effective time and date of

the final rule is 12:00 Midnight (2400

hrs) (Panama time), September 30, 1997.

FOR FURTHER INFORMATION CONTACT:

Chief of the Economic Research and

Market Development Division, Panama

Canal Commission, Unit 2300, APO AA

34011–2300, Telephone 011–507–272–

3586; Fax 011–507–272–1622; E-mail:

pcc.epem@pananet.com

SUPPLEMENTARY INFORMATION: On April

15, 1997, the Panama Canal Commission

(PCC) published in the Federal Register

(Volume 62, Number 72, Pages 18275–

18277), an interim rule to test a revised

vessel transit reservation system, which

test commenced at 2:00 P.M. (1400 hrs),

April 21, 1997. The 120-day test period

ended on August 20, 1997. The test

comment period, however, pursuant to

Marine Director’s Notice To Shipping

Nos. N–7–97, Rev. 3 (dtd 8/8/97) and N–

7–97, Rev. 4 (dtd 8/22/97), was

extended to close of business,

September 5, 1997.

Throughout the comment period, PCC

received both formal and informal

comments, in writing and orally, from

ship agents, owners and operators and

maritime industry trade groups. These

comments included proposals that PCC

abolish the vessel transit reservation

system and revert to a first come-first

serve system, that PCC delay full

implementation of the system for cruise

line customers, complaints about

various components of the test system,

and suggestions and proposals to

improve and facilitate implementation

of the test system on a permanent basis.

During the test, PCC gained valuable

hands-on experience with all

operational aspects of the test system.

The empirical, statistical and other data

gathered during the test was beneficial

in assessing the actual impact of the test

system on a representative cross-section

of Canal customers.

Specifically, the test revealed that

overall utilization of the 21 reserved

transit slots available for all three

booking periods did not appreciably

change in the second and third booking

periods. The (new) first booking period

was utilized principally by passenger

vessels. The test also revealed that,

based on current Canal capacity, 21

reserved transit slots is the maximum

number that the system can

accommodate, consistent with safe and

efficient operation of the Canal. On the

other hand, allocation of the 21 reserved

transit slots among the three booking

periods is an area in which operational

considerations afford PCC some

flexibility. PCC, therefore, will continue

to monitor and, where appropriate, may

periodically change the number of

reserved transit slots allocated among

the three booking periods, as well as

allocations among various vessel types.

Any such changes will be announced in

future Marine Director’s notices to

shipping.

Changing the number of days that

comprise each of the three booking

periods, as some customers urged,

would not have any foreseeable adverse

impact on Canal operations. Any such

changes, however, while no doubt

benefiting some customers, would

negatively impact others. Balancing

fairness and equity for all Canal

customers, the final rule does not

change the length of any of the three

booking periods.

Missing from the interim rule was

criteria for canceling transit ‘‘condition

3’’, which triggers the additional

booking fee whenever the total number

of vessels awaiting transit at both

termini of the Canal is projected by

Canal authorities to be, within 2 days,

90 or more vessels for at least 2

consecutive days (hereafter, ‘‘premium

booking fee’’). Seesaw declarations and

cancellations of condition 3 in response

to fluctuating vessel arrivals/departures

disrupted orderly operation of the

system and, on occasion, resulted in

hardship for some customers required to

pay the premium fee. PCC, therefore,

will adopt an implementation provision

(to be announced in a Marine Director’s

notice to shipping), stating that,

following invocation, Canal authorities

will revoke condition 3 whenever the

number of vessels awaiting transit is

projected to be reduced to 80 or fewer

vessels.

Concerning the premium booking fee,

this feature of the test, by far, generated

the most comment and criticism from

Canal customers. Consideration was

given to eliminating or reducing the

amount of the fee. After careful review

and reconsideration, however, PCC

reaffirms its original assessment, made

on the basis of objective economic data,

that payment of the current premium

booking fee to secure expeditious transit

of the Canal during periods when

condition 3 is in effect, affords

customers who utilize this service

tangible economic benefits, when

compared to the high costs of transit

delays of uncertain duration during

such periods. Nevertheless, PCC is

sensitive to customer complaints that

the factors which cause condition 3 to

be invoked are largely beyond their

control. Consequently, PCC will

redouble efforts to schedule

maintenance, Canal improvement

projects and other activities that

adversely impact transit operations, to

the extent practicable, so as to minimize