[Federal Register Volume 62, Number 27 (Monday, February 10, 1997)]
[Notices]
[Pages 5989-5990]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-3166]


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FEDERAL RESERVE SYSTEM

Notice of Proposals To Engage in Permissible Nonbanking 
Activities or To Acquire Companies That are Engaged in Permissible 
Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation      Y, (12 CFR Part 225) to engage de novo, or to acquire 
or control voting securities or assets of a company that engages either 
directly or through a subsidiary or other company, in a nonbanking 
activity that is listed in Sec.  225.25 of Regulation Y (12 CFR 225.25) 
or that the Board has determined by Order to be closely related to 
banking and permissible for bank holding companies. Unless otherwise 
noted, these activities will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. Once the notice has been accepted for processing, it will 
also be available for inspection at the offices of the Board of 
Governors. Interested persons may express their views in writing on the 
question whether the proposal complies with the standards of section 4 
of the BHC Act, including whether consummation of the proposal can 
``reasonably be expected to produce benefits to the public, such as 
greater convenience, increased competition, or gains in efficiency, 
that outweigh possible adverse effects, such as undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices'' (12 U.S.C. 1843). Any request for a hearing 
on this question must be accompanied by a statement of the reasons a 
written presentation would not suffice in lieu of a hearing, 
identifying specifically any questions of fact that are in dispute, 
summarizing the evidence that would be presented at a hearing, and 
indicating how the party commenting would be aggrieved by approval of 
the proposal.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than February 24, 1997.
    A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Creditanstalt-Bankverein, Vienna, Austria; to engage de novo in 
making equity investments either directly or through a wholly-owned 
U.S. subsidiary in diversified partnerships, limited liability 
companies, corporations, and investment funds that engage in activities 
designed to promote community welfare, including developing, and/or 
acquiring and owning interest in, certain affordable rental housing 
properties, pursuant to Sec.  225.25(b)(6) of the Board's Regulation Y.
    2. The Toronto-Dominion Bank, Toronto, Canada, and Waterhouse 
Investor Services, Inc. New York, New York; to engage through their 
wholly-owned subsidiary, Waterhouse Securities, Inc., New York, New 
York (``Company''), in the purchase and sale of securities on the order 
of customers as riskless principal. See The Bank of New York Company, 
Inc., 82 Fed. Res. Bull. 748 (1996); Bankers Trust New York 
Corporation, 75 Fed. Res. Bull. 829 (1989). Company would conduct this 
activity in accordance with the framework of limitations established in 
the Board's prior orders. See Order Revising the Limitations Applicable 
to Riskless Principal Activities, 82 Fed. Res. Bull. 759 (1996).
    B. Federal Reserve Bank of San Francisco (Kenneth R. Binning, 
Director, Bank Holding Company) 101

[[Page 5990]]

Market Street, San Francisco, California 94105-1579:
    1. Philippine Commercial International Bank, Manila, The 
Philippines; to engage de novo through its subsidiary, PCI Express 
Padala, Inc., Los Angeles, California, in expanding, nationwide, the 
geographic scope of previously-approved money transmitting activities. 
See Philippine Commercial International Bank, 77 Fed. Res. Bull. 270, 
at 271 (1991).

    Board of Governors of the Federal Reserve System, February 4, 
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-3166 Filed 2-7-97; 8:45 am]
BILLING CODE 6210-01-F