[Federal Register Volume 60, Number 97 (Friday, May 19, 1995)]
[Notices]
[Page 26885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12348]



=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Allied Irish Banks, p.l.c.; Notice to Engage in Nonbanking 
Activities

    This notice corrects a notice (FR Doc. 95-6868) published on page 
14,942 of the issue for Tuesday, March 21, 1995. The entry for Allied 
Irish Banks, p.l.c., Dublin, Ireland (Allied), is revised to include 
providing, through AIB Investment Managers Limited, Dublin, Ireland 
(Company), discretionary portfolio management services by purchasing 
and selling foreign exchange, foreign exchange-related instruments, and 
certain futures and options on futures on financial commodities for 
customer accounts. Company would conduct the proposed activities 
throughout the world.
    Allied states that Company would not trade for its own account, but 
only for the accounts of customers, and would only provide the proposed 
services to institutional customers, as defined in Sec.  225.2(g) of 
the Board's Regulation Y. Allied maintains that the Board previously 
has determined by regulation that providing foreign exchange-related 
discretionary portfolio management services is closely related to 
banking. 12 CFR 225.25(b)(17). Allied has stated that Company's foreign 
exchange-related advisory activities would comply with the limitations 
contained in Sec.  225.25(b)(17) of the Board's Regulation Y. Allied 
also maintains that the Board previously has determined that providing 
discretionary portfolio management services in connection with the 
purchase and sale of futures and options on futures on financial 
commodities is closely related to banking. See Banque Nationale de 
Paris, 81 Federal Reserve Bulletin 386 (1995) (BNP). Allied has stated 
that unlike the proposal approved by the Board in BNP, Company would 
purchase and sell over-the-counter instruments on behalf of managed 
accounts. In order to address potential conflicts of interest and other 
potential adverse effects, Allied has committed that Company would 
observe the standards of care and conduct applicable to fiduciaries.
    Any comments or requests for hearing should be submitted in writing 
and received by William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, Washington, D.C. 20551, not later than June 22, 
1995. Any request for a hearing on this notice must, as required by 
Sec.  262.3(e) of the Board's Rules of Procedure (12 CFR 262.3(e)), be 
accompanied by a statement of the reasons why 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.
    This notice may be inspected at the offices of the Board of 
Governors or the Federal Reserve Bank of Richmond.
    Board of Governors of the Federal Reserve System, May 15, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-12348 Filed 5-18-95; 8:45 am]
BILLING CODE 6210-01-F