59704 Federal Register / Vol. 62, No. 213 / Tuesday, November 4, 1997 / Notices

TABLE 3.—EFFLUENT LIMITATIONS, PROHIBITIONS AND MONITORING REQUIREMENTS—Continued

Discharge

Regulated and

monitored discharged

parameter

Discharge limitation/prohibition

Monitoring requirement

Measurement

frequency

Sample type/method Recorded value(s)

Miscellaneous discharges of seawater

and freshwater to which treatment

chemicals have been added: excess

seawater which permits the continuous operation of fire control and utility lift pumps, excess seawater from

pressure maintenance and secondary recovery projects, water released during training of personnel

in fire protection, seawater used to

pressure test new piping and new

pipelines, ballast water, oncethrough non-contact cooling water,

desalinization unit discharge.

Treatment chemicals.Most stringent of:

EPA label registration, maximum manufacturers recommended

dose, or 500

mg/l

Free oil ................. No free oil ............ 1/week .................. Visible sheen ....... Number of days

sheen observed.

Toxicity ................. 48-hour average

min. NOEC and

monthly avg

minimum NOEC

(*12).

Rate Dependent

(*11).

Grab ..................... Lowest NOEC observed for either

of the two species.

Footnotes

*1 When discharging.

*2 When discharging and facility is manned. Monitoring shall be accomplished during times when observation of a visual sheen on the surface

of the receiving water is possible in the vicinity of the discharge.

*3 May be based on a single grab sample or the arithmetic average of four grab sample results collected in the 24 hr. period.

*4 No discharge of priority pollutants except in trace amounts. Information on the specific chemical composition shall be recorded but not reported unless requested by EPA.

*5 When discharging for cement at the seafloor and blowout preventer fluid. All other miscellaneous discharges: when discharging, discharge is

authorized only during times when visual sheen observation is possible, unless the static sheen method is used. Uncontaminated seawater

uncontaminated freshwater, source water and source sand, uncontaminated bilge water, and uncontaminated ballast water from platforms on

automatic purge systems may be discharged without monitoring from platforms which are not manned.

*6BOD5 and TSS limits only apply to discharges less than 2,500 gallons per day.

*7 Hach method CN–66 DPD approved. Minimum of 1 mg/l and maintained as close to this concentration as possible.

*8 Monitoring shall be accomplished during daylight by visual observation of the surface of the receiving water in the vicinity of sanitary and domestic waste outfalls. Observations shall be made following either the morning or midday meals at a time of maximum estimated discharge.

*9See Part I, section B.3.c. of this permit.

*10See Table 1, Appendix A.

*11 Once/year for discharges from 0 bbl/day to 499 bbl/day, once/quarter for discharges from 500 bbl/day to 4,599 bbl/day, and once/month for

discharges of 4,600 bbl/day and greater.

*12See Table 3, Appendix A.

[FR Doc. 97–29152 Filed 11–4–97; 8:45 am]

BILLING CODE 6560–50–P

FEDERAL RESERVE SYSTEM

Agency Information Collection

Activities: Proposed Collection;

Comment Request

AGENCY: Board of Governors of the

Federal Reserve System (Board)

ACTION: Notice and request for comment.

SUMMARY: In accordance with the

requirements of the Paperwork

Reduction Act of 1995 (44 U.S.C.

chapter 35), the Board, the Federal

Deposit Insurance Corporation (FDIC),

and the Office of the Comptroller of the

Currency (OCC) (the ‘‘Agencies’’) may

not conduct or sponsor, and the

respondent is not required to respond

to, an information collection that has

been extended, revised, or implemented

on or after October 1, 1995, unless it

displays a currently valid Office of

Management and Budget (OMB) control

number. Proposed revisions to the

following currently approved collection

of information have received approval

from the Federal Financial Institutions

Examination Council (FFIEC), of which

the Agencies are members, and are

hereby published for comment by the

Board on behalf of the Agencies. At the

end of the comment period, the

comments and recommendations

received will be analyzed to determine

the extent to which the proposed

revisions should be modified prior to

the Board’s submission of them to OMB

for review and approval. Comments are

invited on:

(a) Whether the proposed revisions to

the following collection of information

are necessary for the proper

performance of the Agencies’ functions,

including whether the information has

practical utility;

(b) The accuracy of the Agencies’

estimate of the burden of the

information collection as it is proposed

to be revised, including the validity of

the methodology and assumptions used;

(c) Ways to enhance the quality,

utility, and clarity of the information to

be collected; and

(d) Ways to minimize the burden of

information collection on respondents,

including through the use of automated

collection techniques or other forms of

information technology.

DATES: Comments must be submitted on

or before January 5, 1998.

ADDRESSES: Interested parties are

invited to submit written comments to

the agency listed below. All comments,

which should refer to the OMB control

number, will be shared among the

Agencies.

Written comments should be

addressed to Mr. William W. Wiles,
Federal Register / Vol. 62, No. 213 / Tuesday, November 4, 1997 / Notices 59705

Secretary, Board of Governors of the

Federal Reserve System, 20th and C

Streets, N.W., Washington, D.C. 20551,

or delivered to the Board’s mail room

between 8:45 a.m. and 5:15 p.m., and to

the security control room outside of

those hours. Both the mail room and the

security control room are accessible

from the courtyard entrance on 20th

Street between Constitution Avenue and

C Street, N.W. Comments received may

be inspected in room M-P-500 between

9:00 a.m. and 5:00 p.m., except as

provided in section 261.8 of the Board’s

Rules Regarding Availability of

Information, 12 CFR 261.8(a).

A copy of the comments may also be

submitted to the OMB desk officer for

the Agencies: Alexander Hunt, Office of

Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Room 3208,

Washington, D.C. 20503.

FOR FURTHER INFORMATION CONTACT: A

copy of the proposed revisions to the

collection of information may be

requested from the agency clearance

officer whose name appears below.

Mary M. McLaughlin, Board

Clearance Officer, (202) 452-3829,

Division of Research and Statistics,

Board of Governors of the Federal

Reserve System, 20th and C Streets,

N.W., Washington, D.C. 20551.

Telecommunications Device for the Deaf

(TDD) users may contact Diane Jenkins,

(202) 452-3544, Board of Governors of

the Federal Reserve System, 20th and C

Streets, N.W., Washington, D.C. 20551.

SUPPLEMENTARY INFORMATION:

Proposal to revise the following

currently approved collection of

information:

Title: Report of Assets and Liabilities of

U.S. Branches and Agencies of Foreign

Banks

Form Number: FFIEC 002

OMB Number: 7100-0032.

Frequency of Response: Quarterly.

Affected Public: U.S. branches and

agencies of foreign banks.

Number of Respondents: 513

Total Annual Responses: 2,052

Estimated Time per Response: 23.25

burden hours.

Total Annual Burden: 47,709 burden

hours.

General Description of Report: This

information collection is mandatory: 12

U.S.C. 3105(b)(2), 1817(a)(1) and (3),

and 3102(b). Except for select sensitive

items, this information collection is not

given confidential treatment (5 U.S.C.

552(b)(8)).

Small businesses (that is, small U.S.

branches and agencies of foreign banks)

are affected.

Abstract: On a quarterly basis, all U.S.

branches and agencies of foreign banks

(U.S. branches) are required to file

detailed schedules of assets and

liabilities in the form of a condition

report and a variety of supporting

schedules. This balance sheet

information is used to fulfill the

supervisory and regulatory requirements

of the International Banking Act of

1978. The data are also used to augment

the bank credit, loan, and deposit

information needed for monetary policy

and other public policy purposes. The

report is collected and processed by the

Federal Reserve on behalf of all three

Agencies.

CURRENT ACTIONS:

The proposed revisions to the Report

of Assets and Liabilities of U.S.

Branches and Agencies of Foreign Banks

(FFIEC 002) that are the subject of this

notice have been approved by the FFIEC

for implementation as of the March 31,

1998, report date. Nonetheless, as is

customary for FFIEC 002 reporting

changes, U.S. branches are advised that,

for the March 31, 1998, report date,

reasonable estimates may be provided

for any new or revised item for which

the requested information is not readily

available.

The proposed revisions are

summarized as follows:

INVESTMENT SECURITIES WITH HIGH PRICE

VOLATILITY

In December 1991, the FFIEC

approved and the Agencies adopted a

Supervisory Policy Statement on

Securities Activities which became

effective on February 10, 1992 (57 FR

4029, February 3, 1992). Under this

policy statement, prior to purchase and

at subsequent testing dates, U.S.

branches must test mortgage derivative

products to determine whether they are

‘‘high-risk’’ or ‘‘non high-risk.’’ These

tests measure the expected weighted

average life, average life sensitivity, and

price sensitivity of mortgage derivative

securities for specified changes in

interest rates. During 1994, the Agencies

issued supervisory guidance concerning

U.S. branch investments in ‘‘structured

notes’’ which, in general, are debt

securities (other than mortgage-backed

securities) whose cash flow

characteristics (coupon rate, redemption

amount, or stated maturity) depend

upon one or more indices and/or that

have embedded forwards or options.

Beginning in 1995, U.S. branches began

to report the fair value and the

amortized cost of their investment

portfolio holdings of high-risk mortgage

securities (Schedule RAL, Memoranda

items 5 and 6) and structured notes

(Schedule RAL, Memoranda items 7 and

8).

With regard to structured notes,

supervisory attention has primarily

focused on ensuring that institutions

understand and evaluate the market

risks associated with these instruments.

Instruments that have high market value

or fair value sensitivity to changes in

interest rates or other appropriate

market risk factors, such as foreign

exchange rates, have been the primary

targets of such attention. However, some

of the structured notes currently

reported in Schedule RAL, Memoranda

items 7 and 8, may not have high market

risk profiles and, in some cases, may

have lower market risk volatility

profiles than generic U.S. Treasury and

U.S. Government agency securities. As a

consequence, the Agencies are

considering revising the information

collected on these instruments for

supervisory purposes to reflect

information based on significant price

volatility under specific interest rate or

major factor scenarios, e.g., an estimated

change in value of 20 percent or more

due to an immediate and sustained

parallel shift in the yield curve of plus

or minus 300 basis points. When the

Agencies develop the specific tests for

significant price volatility, existing

Memorandum items 7 and 8 on

Schedule RAL would be replaced with

revised items requesting the amortized

cost and fair value of securities (other

than mortgage-backed securities backed

by closed-end first lien 1-4 family

residential mortgages) whose price

volatility exceeds the specified

threshold level under the specified

interest rate or major factor scenario.

For consistency, Schedule RAL,

Memoranda items 5 and 6, which

currently collect information on ‘‘highrisk’’ mortgage securities would be

similarly replaced with items requesting

the amortized cost and fair value of

mortgage-backed securities backed by

closed-end first lien 1-4 family

residential mortgages whose price

volatility exceeds a specified threshold

level under a specified interest rate or

major factor scenario. These mortgagebacked securities would be either the

same as, or a subset of, the mortgagebacked securities currently reported in

Schedule RAL, Memorandum items 5

and 6.

If the Agencies’ specific tests for

significant price volatility have not been

developed in time to implement this

proposed reporting change as of the

March 31, 1998, report date, this FFIEC

002 revision would take effect at a

report date later in 1998 (or thereafter)

after the volatility tests have been

devised.

BALANCES DUE FROM BANKS IN HOME

COUNTRY AND HOME COUNTRY CENTRAL

BANK
59706 Federal Register / Vol. 62, No. 213 / Tuesday, November 4, 1997 / Notices

The Agencies use various quantitative

screens to identify U.S. branches with

potentially significant liquidity risk

exposure. These screens primarily rely

on data collected in the FFIEC 002. The

Agencies have determined that the

existing data collected on Schedule A,

item 4.b, for balances due from banks in

foreign countries and foreign central

banks is not adequate for assessing U.S.

branches liquidity exposure associated

with their involvement with home

country banks. The Agencies are

therefore proposing to breakout balances

due from banks in the U.S. branches

home country from balances due from

banks in other foreign countries.

The existing data collected in item

4.b. on balances due from Other banks

in foreign countries and foreign central

banks would be modified to exclude

data on balances due from banks in the

U.S. branches home country. This

modified data would be collected in

renumbered item 4.c. A new item 4.b.

for balances due from Banks in home

country and home country central bank

would be added to collect the

information needed for liquidity

analysis. The Agencies believe that the

proposed break out will improve their

ability to assess significant liquidity

exposures without adding undue

reporting burden on U.S. branches.

PLEDGED SECURITIES

The Agencies are also proposing to

add a new memorandum item to

Schedule RAL for pledged securities.

The new item would identify the

amount of U.S. government securities

included in Schedule RAL items 1.b.(1),

U.S. Treasury securities, and 1.b.(2),

U.S. Government agency obligations,

that are pledged to secure deposits,

repurchase transactions, borrowings, or

for any other purpose. Based on a

review of the manner in which

information on pledged securities

collected in the domestic bank Call

Report has been used, the Agencies

believe that this data would assist in

determining whether securities held by

a U.S. branch represent an actual source

of liquidity to pay depositors or

creditors or are already pledged to

secure other branch obligations. The

Agencies believe that the proposed item

will improve their ability to assess

significant liquidity exposures without

adding undue reporting burden on U.S.

branches.

REQUEST FOR COMMENT

Comments submitted in response to

this Notice will be summarized or

included in the Board’s request for OMB

approval. All comments will become a

matter of public record. Written

comments should address the accuracy

of the burden estimates and ways to

minimize burden including the use of

automated collection techniques or the

use of other forms of information

technology as well as other relevant

aspects of the information collection

request.

Comments also are requested on the

expected effects on information

currently reported in the FFIEC 002

report resulting from the

implementation of those portions of

Financial Accounting Standards Board

Statement No. 125, ‘‘Accounting for

Transfers and Servicing of Financial

Assets and Extinguishments of

Liabilities,’’ that have had their effective

date delayed until after December 31,

1997. The agencies are evaluating the

need for additional data in this area.

These portions of Statement No. 125

address collateral and secured

borrowings, repurchase agreements,

dollar-rolls, securities lending, and

similar transactions.

In addition, comments are requested

on the extent to which U.S. branches are

engaged in guaranteed certificate of

deposit and confirmation certificate of

deposit transactions. Guaranteed

certificates of deposit are certificates of

deposit issued by non-U.S. branches

that are guaranteed payable by U.S.

branches. In contrast, confirmation

certificates of deposit are certificates of

deposit issued by U.S. branches that are

guaranteed payable by the non-U.S.

branches. The agencies are interested in

obtaining information on the volume

and prevalence of such transactions

among U.S. branches.

Insured U.S. branches should note

that the FDIC is considering

amendments to its regulations on the

deposit insurance assessment base (12

CFR Part 327) which may require

certain changes to the FFIEC 002.

Should the FDIC adopt amendments

that necessitate changes to the FFIEC

002 in 1998, those changes will be

separately published for public

comment as required under the

Paperwork Reduction Act of 1995.

Board of Governors of the Federal Reserve

System, October 30, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–29148 Filed 11–3–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies

The notificants listed below have

applied under the Change in Bank

Control Act (12 U.S.C. 1817(j)) and §

225.41 of the Board’s Regulation Y (12

CFR 225.41) to acquire a bank or bank

holding company. The factors that are

considered in acting on the notices are

set forth in paragraph 7 of the Act (12

U.S.C. 1817(j)(7)).

The notices are available for

immediate inspection at the Federal

Reserve Bank indicated. The notices

also will be available for inspection at

the offices of the Board of Governors.

Interested persons may express their

views in writing to the Reserve Bank

indicated for that notice or to the offices

of the Board of Governors. Comments

must be received not later than

November 18, 1997.

A. Federal Reserve Bank of San

Francisco (Pat Marshall, Manager of

Analytical Support, Consumer

Regulation Group) 101 Market Street,

San Francisco, California 94105-1579:

1. Eugene Dale Fortner, Dolores

Fortner, and the Eugene D. and Dolores

Fortner Family Trust, Glendale,

California; to acquire additional voting

shares of Verdugo Banking Company,

Glendale, California.

Board of Governors of the Federal Reserve

System, October 29, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–29084 Filed 11–4–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies

The notificants listed below have

applied under the Change in Bank

Control Act (12 U.S.C. 1817(j)) and §

225.41 of the Board’s Regulation Y (12

CFR 225.41) to acquire a bank or bank

holding company. The factors that are

considered in acting on the notices are

set forth in paragraph 7 of the Act (12

U.S.C. 1817(j)(7)).

The notices are available for

immediate inspection at the Federal

Reserve Bank indicated. The notices

also will be available for inspection at

the offices of the Board of Governors.

Interested persons may express their

views in writing to the Reserve Bank

indicated for that notice or to the offices

of the Board of Governors. Comments

must be received not later than

November 19, 1997.

A. Federal Reserve Bank of Atlanta

(Lois Berthaume, Vice President) 104

Marietta Street, N.W., Atlanta, Georgia

30303-2713:

1. Annie Ruth Williams, Covington,

Georgia; to retain voting shares of

Newton Financial Management