Federal Register / Vol. 63, No. 110 /Tuesday, June 9, 1998 / Notices 31475

Dated: June 3, 1998.

Keith Todd,

Acting Executive Secretary, Federal Financial

Institutions Examination Council.

[FR Doc. 98–15231 Filed 6–8–98; 8:45 am]

BILLING CODE 6210–01–P 6720–01–P 4810–33–P 6714–

01–P

FEDERAL MARITIME COMMISSION

Notice of Agreement(s) Filed

The Commission hereby gives notice

of the filing of the following

agreement(s) under the Shipping Act of

1984.

Interested parties can review or obtain

copies of agreements at the Washington,

DC offices of the Commission, 800

North Capitol Street, NW., Room 962.

Interested parties may submit comments

on an agreement to the Secretary,

Federal Maritime Commission,

Washington, DC 20573, within 10 days

of the date this notice appears in the

Federal Register.

Agreement No.: 217–011624

Title: Lykes/TMM Space Charter

Agreement

Parties:

Transportacion Maritima Mexicana

S.A. de C.V. (‘‘TMM’’)

Lykes Lines Limited, LLC (‘‘Lykes’’)

Synopsis: The proposed Agreement

authorizes Lykes to charter space to

TMM and for the parties to enter into

related cooperative arrangements in

the trade between U.S. Gulf and South

Atlantic Coast ports and ports in

North Europe and Mexico

Dated: June 4, 1998.

By Order of the Federal Maritime

Commission.

Ronald D. Murphy,

Assistant Secretary.

[FR Doc. 98–15334 Filed 6–8–98; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Agency Information Collection

Activities: Proposed Collection;

Comment Request

AGENCY: Board of Governors of the

Federal Reserve System

SUMMARY: Background.

On June 15, 1984, the Office of

Management and Budget (OMB)

delegated to the Board of Governors of

the Federal Reserve System (Board) its

approval authority under the Paperwork

Reduction Act, as per 5 CFR 1320.16, to

approve of and assign OMB control

numbers to collection of information

requests and requirements conducted or

sponsored by the Board under

conditions set forth in 5 CFR 1320

Appendix A.1. Board-approved

collections of information are

incorporated into the official OMB

inventory of currently approved

collections of information. Copies of the

OMB 83-Is and supporting statements

and approved collection of information

instruments are placed into OMB’s

public docket files. The Federal Reserve

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 OMB control

number.

Request for comment on information

collection proposals.

The following information

collections, which are being handled

under this delegated authority, have

received initial Board approval and are

hereby published for comment. At the

end of the comment period, the

proposed information collections, along

with an analysis of comments and

recommendations received, will be

submitted to the Board for final

approval under OMB delegated

authority. Comments are invited on the

following:

a. Whether the proposed collections

of information are necessary for the

proper performance of the Federal

Reserve’s functions; including whether

the information has practical utility;

b. The accuracy of the Federal

Reserve’s estimate of the burden of the

proposed information collections,

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 August 10, 1998.

ADDRESSES: Comments, which should

refer to the OMB control number or

agency form number, should be

addressed to Jennifer J. Johnson,

Secretary, Board of Governors of the

Federal Reserve System, 20th and C

Streets, N.W., Washington, DC 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 261.14 of the

Board’s Rules Regarding Availability of

Information, 12 CFR 261.14(a).

A copy of the comments may also be

submitted to the OMB desk officer for

the Board: Alexander T. Hunt, Office of

Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Room 3208,

Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: A

copy of the proposed form and

instructions, the Paperwork Reduction

Act Submission (OMB 83-I), supporting

statement, and other documents that

will be placed into OMB’s public docket

files once approved may be requested

from the agency clearance officer, whose

name appears below.

Mary M. McLaughlin, Chief, Financial

Reports Section (202-452-3829),

Division of Research and Statistics,

Board of Governors of the Federal

Reserve System, Washington, DC 20551.

Telecommunications Device for the Deaf

(TDD) users may contact Diane Jenkins

(202-452-3544), Board of Governors of

the Federal Reserve System,

Washington, DC 20551.

Proposal to approve under OMB

delegated authority the extension for

three years, with revision, of the

following report:

1. Report title: Bank Holding Company

Report of Changes in Investments and

Activities

Agency form number: FR Y-6A

OMB control number: 7100-0124

Frequency: on occasion

Reporters: bank holding companies

Annual reporting hours: 9,233

Estimated average hours per response:

0.85

Number of respondents: 2,263

Small businesses are not affected.

General description of report: This

information collection is mandatory (12

U.S.C. 1844(b) and (c)) and is not

routinely given confidential treatment.

However, confidential treatment for the

report information can be requested, in

whole or part, in accordance with the

instructions to the form.

Abstract: The Bank Holding Company

Report of Changes in Investments and

Activities is an event-generated report

filed by top-tier bank holding

companies to report changes in

regulated investments and activities

made pursuant to the Bank Holding

Company Act and Regulation Y. The

report collects information relating to

acquisitions, divestitures, changes in

activities, and legal authority. The

number of FR Y-6As submitted varies

depending on the reportable activity

engaged in by each bank holding

company.

The Federal Reserve proposes the

following revisions to the FR Y-6A: (1)
31476 Federal Register / Vol. 63, No. 110 /Tuesday, June 9, 1998 / Notices

simplify the method in which

investments are reported to provide

only one legal code for the forty-six

exempt nonbank activities permissible

under Section 4(c)8 of the Bank Holding

Company Act, eliminating 45 codes; (2)

remove the regulatory provision field

from the Investments/Activities

Schedule and add a new field to this

schedule to capture the accounting

method used (‘‘Pooling of Interest’’ or

‘‘Purchase or Assumption’’) for mergers

when the survivor is a bank; (3) make

minor formatting changes to the cover

page and the Investments/Activities

Schedule; and (4) clarify the

instructions for reporting general

partnerships, limited partnerships, and

non-voting equity investments.

Proposal to approve under OMB

delegated authority the extension for

three years, without revision, of the

following reports:

1. Report title: Report of Foreign (NonU.S.) Currency Deposits

Agency form number: FR 2915

OMB control number: 7100-0237

Frequency: quarterly

Reporters: depository institutions

Annual reporting hours: 390

Estimated average hours per response:

0.5

Number of respondents: 195

Small businesses are affected.

General description of report: This

information collection is mandatory (12

U.S.C. 248(a)(2) and 3105(b)(2)) and is

given confidential treatment (5 U.S.C.

552(b)(4)).

Abstract: The FR 2915 collects weekly

averages of the amounts outstanding for

foreign (non-U.S.) currency deposits

held at U.S. offices of depository

institutions, converted to U.S. dollars

and included in the FR 2900 (OMB No.

7100-0087), the principal deposits

report that is used for the calculation of

required reserves and for the

construction of the monetary aggregates.

Foreign currency deposits are subject to

reserve requirements and, therefore, are

included in the FR 2900. However,

foreign currency deposits are not

included in the monetary aggregates.

The FR 2915 data are used to back

foreign currency deposits out of the FR

2900 data for construction and

interpretation of the monetary

aggregates. The FR 2915 data also are

used to monitor the volume of foreign

currency deposits.

2. Report title: Written Security Program

for State Member Banks

Agency form number: FR 4004

OMB control number: 7100-0112

Frequency: on occasion

Reporters: state member banks

Annual reporting hours: 47

Estimated average hours per response:

0.5

Number of respondents: 94

Small businesses are affected.

General description of report: This

recordkeeping requirement is

mandatory (12 U.S.C. 1882, 248(a)(1),

and 325). Because written security

programs are maintained at state

member banks, no issue of

confidentiality under the Freedom of

Information Act arises.

Abstract: The FR 4004 information

collection is a recordkeeping

requirement contained in the Board’s

Regulation P (12 CFR 216), which

implements the Bank Protection Act of

1968. Each state member bank must

develop and implement a written

security program and maintain it in the

bank’s records. There is no formal

reporting form and the information is

not submitted to the Federal Reserve.

3. Report title: Annual Report on Status

of Disposition of Assets Acquired in

Satisfaction of Debts Previously

Contracted

Agency form number: FR 4006

OMB control number: 7100-0129

Frequency: annual

Reporters: bank holding companies

Annual reporting hours: 3,000

Estimated average hours per response:

5

Number of respondents: 600

Small businesses are affected.

General description of report: This

information collection is mandatory (12

U.S.C. 1842(a), 1843(c)(2), and 1844(c))

and may be given confidential treatment

upon request (5 U.S.C. 552(b)(4)).

Abstract: Bank holding companies

that have acquired assets or shares

through foreclosure in the ordinary

course of collecting a debt previously

contracted are required to submit the

report for assets or shares that have been

held beyond two years from the

acquisition date. The report does not

have a required format; bank holding

companies submit the information in a

letter. The letter contains information

on the progress made to dispose of such

assets or shares and allows the bank

holding company to request an

extension of time for holding such

assets or shares.

4. Report title: Notice of Branch Closure

Agency form number: FR 4031

OMB control number: 7100-0264

Frequency: on occasion

Reporters: state member banks

Annual reporting hours: 783

Estimated average hours per response:

reporting: 2; disclosure: 1;

recordkeeping: 8

Number of respondents: reporting and

disclosure: 226; recordkeeping: 13

Small businesses are affected.

General description of report: This

information collection is mandatory (12

U.S.C. 1831r-1) and may be given

confidential treatment upon request (5

U.S.C. 552(b)(4)).

Abstract: These reporting,

recordkeeping, and disclosure

requirements regarding the closing of

any branch of an insured depository

institution are imposed by section 228

of the Federal Deposit Insurance

Corporation Improvement Act of 1991.

There is no reporting form associated

with the reporting portion of this

information collection; state member

banks notify the Federal Reserve by

letter prior to closing a branch. The

Federal Reserve uses the information to

fulfill its statutory obligation to

supervise state member banks.

5. Report title: Survey to Obtain

Information on the Relevant Market in

Individual Merger Cases

Agency form number: FR 2060

OMB control number: 7100-0232

Frequency: on occasion

Reporters: small businesses and

consumers

Annual reporting hours: 55 hours

Estimated average hours per response:

10 minutes for small businesses, 6

minutes for consumers

Number of respondents: 25 small

businesses and 50 consumers per survey

Small businesses are affected.

General description of report: This

information collection is voluntary (12

U.S.C. 1817(j), 1828(c), and 1841 et seq.)

and is given confidential treatment (5

U.S.C. 552(b)(4) and (b)(6)).

Abstract: This telephone survey is

designed to determine from what

sources small businesses and consumers

obtain financial services. The

information is needed for specific

merger and acquisition applications to

determine relevant banking markets in

the analysis of local market competition.

Proposal to approve under OMB

delegated authority the implementation

of the following report:

1. Report title: Selected Balance Sheet

Items for Discount Window Borrowers

Agency form number: FR 2046

OMB control number: 7100-0289

Frequency: on occasion

Reporters: depository institutions

Annual reporting hours: 3,091

Estimated average hours per response:

.75 hours for adjustment or extended

credit borrowers; .25 hours for seasonal

credit borrowers

Number of respondents: 424

adjustment credit borrowers and 316

seasonal credit borrowers, based on

1996 borrowing. There was no extended

credit borrowing during 1996, which

was representative of most recent years.

Small businesses are affected.

General description of report: This

information collection is mandatory (12
Federal Register / Vol. 63, No. 110 /Tuesday, June 9, 1998 / Notices 31477

1 Copies of the Minutes of the Federal Open

Market Committee meeting of March 31, 1998,

which include the domestic policy directive issued

at that meeting, are available upon request to the

Board of Governors of the Federal Reserve System,

Washington, D.C. 20551. The minutes are published

in the Federal Reserve Bulletin and in the Board’s

annual report.

U.S.C. §§ 347b and 248(a)(2) and (i))

and is given confidential treatment (5 §

U.S.C. 552(b)(4)).

Abstract: The Federal Reserve’s

Regulation A, ‘‘Extensions of Credit by

Federal Reserve Banks,’’ (12 CFR 201)

requires that Reserve Banks review

balance sheet data in order to guard

against inappropriate discount window

borrowing situations. Currently,

borrowers are requested to report certain

balance sheet data for a period that

encompasses the dates of borrowing.

There is considerable variation across

Districts in the specific data elements

collected, in the time periods for which

data are requested, and in the formats in

which data are reported. The proposed

FR 2046 would standardize these

aspects of data collection across Reserve

Banks.

Board of Governors of the Federal Reserve

System, June 3, 1998.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 98–15273 Filed 6–8–98; 8:45AM]

Billing Code 6210–01–F

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, including the

companies listed below, that engages

either directly or through a subsidiary or

other company, in a nonbanking activity

that is listed in § 225.28 of Regulation

Y (12 CFR 225.28) 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.

The notice also will 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.

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 June 24, 1998.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63102-

2034:

1. Farmers Bancshares, Inc.,

Hardinsburg, Kentucky; to acquire

Leitchfield Deposit Bancshares

Insurance, Inc., Leitchfield, Kentucky,

and thereby engage in acting as

principal, agent, or broker for insurance

that is directly related to an extension

of credit by the bank holding company

or any of its subsidiaries pursuant, to §

225.28(b)(11) of Regulation Y.

Board of Governors of the Federal Reserve

System, June 4, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–15301 Filed 6–8–98; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of March 31,

1998.

In accordance with § 271.5 of its rules

regarding availability of information (12

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on March 31, 1998.1

The directive was issued to the Federal

Reserve Bank of New York as follows:

The information reviewed at this

meeting suggests that economic activity

continued to grow rapidly during the

early months of 1998. Nonfarm payroll

employment increased sharply further

in January and February, and the

civilian unemployment rate, at 4.6

percent in February, equaled its low for

the current economic expansion.

However, growth in manufacturing

payroll employment was down over the

first two months of the year, and factory

output decelerated appreciably.

Consumer spending has risen

considerably further since year-end, and

housing activity also has strengthened

in recent months. Available indicators

point to a sharp rebound in business

fixed investment following a small

decline in the fourth quarter.

Fragmentary data on nonfarm

inventories suggest a slower rate of

accumulation early in the year. The

nominal deficit on U.S. trade in goods

and services widened substantially in

January from its average monthly rate in

the fourth quarter. Despite indications

of persisting pressures on employment

costs associated with tight labor

markets, price inflation has abated

further, primarily as a consequence of

large declines in energy prices.

Interest rates generally have risen

somewhat on balance over the

intermeeting period. Share prices in

U.S. equity markets have moved up

substantially further over the period. In

foreign exchange markets, the value of

the dollar has increased somewhat over

the period in relation to the currencies

of other major industrial nations, but it

has depreciated relative to the

currencies of most emerging market

economies in Asia.

Growth of M2 and M3 picked up

somewhat in the first quarter from

already robust rates in the fourth

quarter. Expansion of total domestic

nonfinancial debt also has strengthened

over recent months.

The Federal Open Market Committee

seeks monetary and financial conditions

that will foster price stability and

promote sustainable growth in output.

In furtherance of these objectives, the

Committee at its meeting in February

established ranges for growth of M2 and

M3 of 1 to 5 percent and 2 to 6 percent

respectively, measured from the fourth

quarter of 1997 to the fourth quarter of

1998. The range for growth of total

domestic nonfinancial debt was set at 3

to 7 percent for the year. The behavior

of the monetary aggregates will continue

to be evaluated in the light of progress

toward price level stability, movements

in their velocities, and developments in

the economy and financial markets.

In the implementation of policy for

the immediate future, the Committee

seeks conditions in reserve markets

consistent with maintaining the federal

funds rate at an average of around 5-1/

2 percent. In the context of the

Committee’s long-run objectives for

price stability and sustainable economic

growth, and giving careful consideration

to economic, financial, and monetary

developments, a somewhat higher

federal funds rate would or a slightly

lower federal funds rate might be

acceptable in the intermeeting period.

The contemplated reserve conditions

are expected to be consistent with

considerable moderation in the growth

in M2 and M3 over coming months.

By order of the Federal Open Market

Committee, May 29, 1998.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 98–15272 Filed 6–8–98; 8:45 am]

BILLING CODE 6210–01–F