60246 Federal Register / Vol. 62, No. 216 / Friday, November 7, 1997 / Notices

1 62 FR 45295 (1997).

banking system as a whole. These

estimates also are used in constructing

the bank credit component of the

domestic non-financial debt aggregate

monitored by the Federal Open Market

Committee.

The Board proposes to eliminate two

items, ‘‘Commercial paper outstanding

issued by related institutions of the

reporting bank, issued through

commercial paper brokers and dealers’’

(Memorandum item 7.a) and

‘‘Commercial paper outstanding issued

by related institutions of the reporting

bank, issued directly’’ (Memorandum

item 7.b). The information collected in

these two items is now obtained by the

Federal Reserve from another source,

eliminating the need to maintain them

on the FR 2416. The revisions would be

effective with data as-of January 7, 1998.

2. Report title: Consolidated Financial

Statements for Bank Holding Companies

Agency form number: FR Y-9C

OMB control number: 7100-0128

Frequency: Quarterly

Reporters: Bank holding companies

Annual reporting hours: 196,462

Estimated average hours per response:

Ranges from 5 to 1,250 hours

Number of respondents: 1,457

Small businesses are affected.

General Information: Under the Bank

Holding Company Act of 1956, as

amended, the Board is responsible for

the supervision and regulation of all

bank holding companies. The FR Y-9

series of reports has historically been,

and continues to be, the primary source

of financial information on bank

holding company activities between onsite inspections. Financial information,

as well as ratios developed from these

reports, are used to detect emerging

financial problems, to review

performance for pre-inspection analysis,

to evaluate bank holding company

mergers and acquisitions, and to analyze

holding companies overall financial

condition and performance as part of

the Federal Reserve System’s overall

supervisory responsibilities.

General description of report: The

information collection is mandatory 12

U.S.C. 1844(b) and (c) and 12 CFR

225.5(b). Confidential treatment is not

routinely given to the data in these

reports. However, confidential treatment

for the reporting information, in whole

or in part, can be requested in

accordance with the instructions to the

form.

Data reported on the FR Y-9C,

Schedule HC-H, Column A, requiring

information on ‘‘assets past due 30

through 89 days and still accruing’’ and

memoranda item 2 are confidential

pursuant to Section (b)(8) of the

Freedom of Information Act 5 U.S.C.

552(b)(8).

The FR Y-9C consolidated financial

statements are currently filed by top-tier

bank holding companies with total

consolidated assets of $150 million or

more and by lower-tier bank holding

companies that have total consolidated

assets of $1 billion or more. In addition,

all multibank bank holding companies

with debt outstanding to the general

public or engaged in certain nonbank

activities, regardless of size, must file

the FR Y-9C. The following bank

holding companies are exempt from

filing the FR Y-9C, unless the Board

specifically requires an exempt

company to file the report: bank holding

companies that are subsidiaries of

another bank holding company and

have total consolidated assets of less

than $1 billion; bank holding companies

that have been granted a hardship

exemption by the Board under section

4(d) of the Bank Holding Company Act;

and foreign banking organizations as

defined by section 211.23(b) of

Regulation K.

The report includes a balance sheet,

income statement, and statement of

changes in equity capital with

supporting schedules providing

information on securities, loans, riskbased capital, deposits, average

balances, off-balance sheet activities,

past due loans, and loan charge-offs and

recoveries.

On August 27, 1997, the Federal

Reserve announced in the Federal

Register1 modifications to the prudential

limits or firewalls that currently apply

to bank holding companies engaged in

securities underwriting and dealing

activities through section 20

subsidiaries. The modifications are

effective October 31, 1997.

The Federal Reserve announced that

as one of its modifications to the

firewalls, it was eliminating the

required capital deductions that related

to the section 20 subsidiary in

determining capital adequacy. The

Federal Reserve stated that ‘‘the capital

deductions (and resulting

deconsolidation for regulatory capital

purposes) are inconsistent with

generally accepted accounting

principles (GAAP) and have therefore

created confusion and imposed costs by

requiring bank holding companies to

prepare financial statements on two

bases.’’ Therefore, the Federal Reserve is

proposing to grant prompt reporting

relief to bank holding companies with

section 20 subsidiaries by eliminating

Schedule HC-J from the FR Y-9C

effective with the December 31, 1997,

reporting date.

The estimated time per response is an

average of all bank holding companies

filing this report. The response time for

a given bank holding company varies

depending on the size and the types of

activities in which they are engaged.

The time per response for a bank

holding company is estimated to range

from 5 to 1,250 hours, depending on

individual circumstances. Although the

proposed revisions will provide

significant reporting relief for the 26

bank holding companies with section 20

subsidiaries that must currently

complete Schedule HC-J, the effect on

the average burden of all FR Y-9C

respondents is only an estimated

reduction of 15 minutes per response.

Board of Governors of the Federal Reserve

System, November 3, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–29437 Filed 11–6–97; 8:45AM]

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 21, 1997.

A. Federal Reserve Bank of Chicago

(Philip Jackson, Applications Officer)

230 South LaSalle Street, Chicago,

Illinois 60690-1413:

1. Paul H. and Neva M. Johnson,

Algona, Iowa; to acquire voting shares of

Mid-Iowa Bancshares Company, Algona,

Iowa, and thereby indirectly acquire

Iowa State Bank, Algona, Iowa.

Board of Governors of the Federal Reserve

System, November 3, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–29406 Filed 11–6–97; 8:45 am]

BILLING CODE 6210–01–F