63526 Federal Register / Vol. 60, No. 237 / Monday, December 11, 1995 / Notices

at which these shares are reportable,

from 25 percent to 5 percent.

The burden estimate for the existing

FR Y-7 is 19.5 hours per response.

Based on that estimate, along with net

new burden, the Federal Reserve

estimates that the collective burden for

the FR Y-7 and FR Y-7A increased by

one hour, to 20.5 hours per response.

Considered separately, burden for the

FR Y-7 is 12.0 hours and the FR Y-7A

is 8.5 hours. The burden estimate for the

FR 2068 is unchanged from 20.5 hours

per response.

Final approval under OMB delegated

authority of the extension, without

revision, of the following report:

2. Report title: Notification Pursuant

to Section 211.23(h) of Regulation K on

Acquisitions by Foreign Banking

Organizations

Agency form number: FR 4002

OMB Docket number: 7100-0110

Frequency: On occasion

Reporters: Foreign Banking

Organizations

Annual reporting hours: 80

Estimated average hours per response:

0.5

Number of respondents: 160

Small businesses are not affected.

General description of report: This

information collection is mandatory [12

U.S.C. §§1844(c), 3106, and 3108(a)].

This report is required within thirty

days of the end of a quarter during

which an FBO acquires shares of a

company that engages, directly or

indirectly, in business in the United

States, or during which a foreign

subsidiary of the FBO commences direct

activity in the United States.

Abstract: The Federal Reserve, in its

original proposal to revise the FR Y-7

and FR 2068, proposed to eliminate the

FR 4002, because proposed changes to

the FR Y-7 would have made the FR

4002 redundant. (See Vol. 60, FR 1779,

January 5, 1995.) After review of public

comments, the Federal Reserve

modified the originally proposed

revisions to the FR Y-7 such that it

became necessary to retain the FR 4002.

Board of Governors of the Federal Reserve

System, December 5, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95–30036 Filed 12–8–95; 8:45 am]

Billing Code 6210–01–F

Proposed Agency Information

Collection Activities; Comment

AGENCY: Board of Governors of the

Federal Reserve System (Board).

ACTION: Notice and request for comment.

BACKGROUND: In accordance with the

requirements of the Paperwork

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

chapter 35), the Board 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 collections of

information have received approval

from the Federal Financial Institutions

Examination Council (FFIEC), of which

the Board is a member, and are hereby

published for comment. 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 agencies’

submission of them to OMB for review

and approval. Comments are invited on:

(a) Whether the proposed revisions to

the following collections 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 collections as they are

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 February 9, 1996.

ADDRESSES: Interested parties are

invited to submit written comments the

agency listed below. All comments

should refer to the OMB control

number.

Written comments should be

addressed to Mr. William W. Wiles,

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: Milo Sunderhauf, 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

collections of information may be

requested from the agency clearance

officers 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. For the

hearing impaired only,

Telecommunications Device for the

Deaf (TDD), Dorothea Thompson,

(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.

Estimated Number of Respondents: 557

Estimated Time per Response: 22.40

burden hours.

Estimated Total Annual Burden: 49,907

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 (i.e., 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

purposes. The report is collected and

processed by the Federal Reserve on

behalf of all three federal bank

regulatory agencies (i.e., the Board, the

Office of the Comptroller of the
Federal Register / Vol. 60, No. 237 / Monday, December 11, 1995 / Notices 63527

Currency, and the Federal Deposit

Insurance Corporation).

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,

1996, report date. Nonetheless, as is

customary for FFIEC 002 reporting

changes, U.S. branches are advised that,

for the March 31, 1996, 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:

New Items

FFIEC 002 items in the following

areas would be added:

(1) Trading Assets and Liabilities

When off-balance-sheet derivative

contracts held by U.S. branches for

trading purposes are periodically

marked to market (or the lower of cost

or market, as appropriate), this process

results in the recording of the fair values

of derivatives that are in gain and loss

positions as on-balance-sheet assets and

liabilities, respectively. In order to

monitor the magnitude of these fair

values and changes therein, new items

would be added for the reporting of

these two amounts in the Memoranda

section of Schedule RAL, ‘‘Assets and

Liabilities.’’

(2) Past Due Derivatives

The FFIEC 002 does not currently

require disclosures about off-balance

sheet derivative contracts where the

counterparty is not performing in

accordance with the contractual terms.

Although the number of such contracts

is believed to be limited, the disclosure

of exposures associated with such

contracts will highlight, for supervisory

purposes, the most immediate risks

faced by a U.S. branch from its

involvement with off-balance-sheet

derivatives. Information about these

past due derivatives would be added to

the Memoranda section of Schedule N,

‘‘Past Due, Nonaccrual, and

Restructured Loans.’’ Amounts would

be separately reported for derivatives

that are past due 30 through 89 days and

for those past due 90 days or more.

Reported amounts associated with

derivatives that are past due 90 days or

more would also include information

about derivatives that, while not

technically past due, are with

counterparties that are not expected to

pay the full amounts owed to the

institution under the derivative

contracts. As with the information U.S.

branches currently report in Schedule

N, individual U.S. branch information

on derivatives for which payments are

delinquent would be treated as

confidential.

In these new items, U.S. branches

would first report the book value of any

amounts carried as assets on the balance

sheet that are related to those offbalance sheet derivatives for which any

required payment from the counterparty

is either past due 30 through 89 days or

past due 90 days or more. In addition,

in order to indicate the relative size and

volume of those contracts where the

counterparty is not performing, separate

Memoranda items would be provided

for reporting the current replacement

cost (if positive) for those contracts that

are past due 30 through 89 days and for

those that are past due 90 days or more.

Instructional Changes

Changes, which may affect how some

banks report certain information on the

FFIEC 002, would be made to the

instructions as follows.

(1) The FFIEC 002 Glossary entry for

‘‘Trading Account’’ would be revised to

incorporate parallel changes to the

FFIEC 031 instructions regarding report

changes implemented since 1994 on

trading assets and liabilities and the

treatment of off-balance-sheet

derivatives held for trading purposes. In

addition, the Glossary entry’s discussion

of the accounting for transfers to or from

a trading account would be brought into

conformity with FASB Statement no.

115, ‘‘Accounting for Certain

Investments in Debt and Equity

Securities.’’

(2) The instructions for the reporting

of commercial and industrial loans with

remaining maturity of

(i) one year or less and

(ii) of more than one year in the loan

schedule (Schedule C), would be

clarified to exclude nonaccrual status

loans in a manner consistent with the

reporting of maturity and repricing data

for loans and leases on the FFIEC 031.

Clarifications or other conforming

changes would also be made to several

other instructions.

Request for Comment

Comments submitted in response to

this Notice will be summarized or

included in the agencies’ requests 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.

Board of Governors of the Federal Reserve

System, December 5, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95–30037 Filed 12–8–95; 8:45 am]

Billing Code 6210–01–F

Caisse Nationale de Credit Agricole,

S.A.; Notice to Engage in Certain

Nonbanking Activities

Caisse Nationale de Credit Agricole,

S.A., Paris, France (Notificant), has

provided notice pursuant to section

4(c)(8) of the Bank Holding Company

Act (12 U.S.C. 1843(c)(8)) (BHC Act) and

section 225.23(a)(3) of the Board’s

Regulation Y (12 CFR 225.23(a)(3)), to

engage through CAL FP (US), Inc., New

York, New York (Company), in the

following activities:

1. Acting as agent in the private

placement of securities;

2. Acting as riskless principal in the

purchase and sale of all types of

securities on behalf of customers;

3. Providing securities brokerage

services pursuant to 12 CFR

225.25(b)(15)(i) and (ii);

4. Providing investment advisory

services pursuant to 12 CFR

225.25(b)(4);

5. Acting as broker or agent and

providing advisory services with respect

to interest rate and currency swaps and

swap derivative products, and swaps,

swap derivative products and over-thecounter options linked to certain

commodities, stock, bond or commodity

indices, a hybrid of interest rates and

such commodities or indices, a specially

tailored basket of securities selected by

the parties, or single equity securities;

6. Providing advisory services,

including discretionary portfolio

management services, with respect to

futures and options on futures on

financial and nonfinancial commodities;

and

7. Providing foreign exchange

advisory and transactional services

pursuant to 12 CFR 225.25(b)(17).

Notificant has stated that it

anticipates that an affiliate of Company

would act as principal in transactions

with respect to which Company has

provided advisory and/or transactional

services. Company would provide the

proposed services throughout the world.

Company is an indirect subsidiary of

Credit Agricole Lazard Financial

Products Limited, London, England

(CALFP Holding). Notificant owns 75

percent of the capital of CALFP

Holding, and Three Houses Investment

Company, Limited, London, England