67054 Federal Register / Vol. 60, No. 249 / Thursday, December 28, 1995 / Rules and Regulations

Secretary, Board of Governors of the

Federal Reserve System, 20th and C

Streets, N.W., Washington, DC 20551;

and to the Office of Management and

Budget, Paperwork Reduction Project

(7100–0107), Washington, DC 20503.

List of Subjects in 12 CFR Part 211

Exports, Federal Reserve System,

Foreign banking, Holding companies,

Investments, Reporting and

recordkeeping requirements.

For the reasons set out in the

preamble, the Board of Governors

amends 12 CFR Part 211 as set forth

below:

PART 211—INTERNATIONAL

BANKING OPERATIONS

(REGULATION K)

1. The authority citation for Part 211

is revised to read as follows:

Authority: 12 U.S.C. 221 et seq., 1818,

1841 et seq., 3101 et seq., 3901 et seq.

2. Section 211.2 is amended by

redesignating paragraphs (u) and (v) as

paragraphs (v) and (w), respectively,

and by adding new paragraphs (u) and

(x) to read as follows:

§ 211.2 Definitions.

* * * * *

(u) Strongly capitalized means:

(1) In relation to a parent member

bank, that the standards set out in 12

CFR 208.33(b)(1) are satisfied; and

(2) In relation to an Edge or

Agreement corporation or a bank

holding company, that it has a total riskbased capital ratio of 10.0 percent or

greater.

* * * * *

(x) Well managed means that the Edge

or Agreement corporation, its parent

member bank, if any, and the bank

holding company have each received a

composite rating of 1 or 2 at its most

recent examination or review and are

not subject to any supervisory

enforcement action.

3. Section 211.5 is amended by:

a. Redesignating paragraphs (c)(2) and

(c)(3) as paragraphs (c)(3) and (c)(4)

respectively and by adding a new

paragraph (c)(2); and

b. In newly designated paragraph

(c)(3), by removing the word ‘‘accepted’’

in the third sentence and adding in its

place the word ‘‘received’’.

The addition reads as follows:

§ 211.5 Investments and activities abroad.

* * * * *

(c) * * *

* * * * *

(2)(i) Expanded general consent for de

novo investments. Notwithstanding the

amount limitations of paragraph (c)(1) of

this section, but subject to the other

limitations of this section, the Board

grants expanded general consent

authority for investments in an

organization by an investor that is

strongly capitalized and well managed

if:

(A) The activities of the organization

are limited to activities in which a

national bank may engage directly or in

which a subsidiary may engage under

paragraph (d) of this section;

(B) In the case of an investor that is

an Edge corporation that is not engaged

in banking or an Agreement corporation,

the total amount invested in such

organization (in one transaction or a

series of transactions) does not exceed

the lesser of 20 percent of the investor’s

Tier 1 capital or 2 percent of the Tier 1

capital of the parent member bank;

(C) In the case of a bank holding

company or member bank investor, the

total amount invested in such

organization (in one transaction or a

series of transactions) directly or

indirectly does not exceed 2 percent of

the investor’s Tier 1 capital;

(D) All investments made, directly or

indirectly, by an Edge corporation not

engaged in banking or an Agreement

corporation during the previous 12-

month period under paragraph (c)(2) of

this section, when aggregated with the

proposed investment, would not exceed

the lesser of 50 percent of the total

capital of the Edge or Agreement

corporation, or 5 percent of the total

capital of the parent member bank;

(E) All investments made, directly or

indirectly, by a member bank or a bank

holding company during the previous

12-month period under paragraph (c)(2)

of this section, when aggregated with

the proposed investment, would not

exceed 5 percent of its total capital; and

(F) Both before and immediately after

the proposed investment the investor,

its parent member bank, if any, and any

parent bank holding company are

strongly capitalized and well managed.

(ii) Determining aggregate investment

limits. For purposes of determining

compliance with the aggregate

investment limits set out in paragraphs

(c)(2)(i)(D) and (E) of this section, an

investment by an investor in a

subsidiary shall be counted only once

notwithstanding that such subsidiary

may, within 12 months of the date of

making the investment, downstream all

or any part of such investment to

another subsidiary.

(iii) Additional investments. An

investor that makes investments under

paragraph (c)(2)(i) of this section may

also make additional investments in an

organization under the standards set

forth in paragraphs (c)(1)(ii), (c)(1)(iii)

and (c)(1)(iv) of this section.

(iv) Ineligible investments. The

following investments are not eligible

for the general consent under paragraph

(c)(2)(i) of this section:

(A) An investment in a foreign

country where the investor does not

have an affiliate or a branch;

(B) The establishment or acquisition

of an initial subsidiary bank in a foreign

country;

(C) Investments in general

partnerships or unlimited liability

companies; and

(D) An acquisition of shares or assets

of an organization that is not an affiliate

or joint venture of the investor.

(v) Post-investment notice. By the end

of the month following the month in

which the investment is made, the

investor shall provide the Board with

the following information relating to the

investment:

(A) If the investment is in a joint

venture, the respective responsibilities

of the parties to the joint venture;

(B) Projections for the organization in

which the investment is made for the

first year following the investment; and

(C) Where the investment is made in

an organization that incurred a loss in

the last year, a description of the

reasons for the loss and the steps taken

to address the problem.

* * * * *

By order of the Board of Governors of the

Federal Reserve System, December 21, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–31362 Filed 12–27–95; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL DEPOSIT INSURANCE

CORPORATION

12 CFR Part 327

Assessments

AGENCY: Federal Deposit Insurance

Corporation (FDIC).

ACTION: Final rule; correction.

SUMMARY: The FDIC published a final

rule (60 FR 42680, August 16, 1995) that

established a new assessment rate

schedule of 4 to 31 basis points for

institutions whose deposits are subject

to assessment by the Bank Insurance

Fund (BIF); widened the assessment rate

spread from 8 to 27 points; and

established a procedure for adjusting the

rate schedule semiannually as necessary

to maintain the designated reserve ratio

at 1.25 percent. This document corrects

three typographical errors in the final

rule.
Federal Register / Vol. 60, No. 249 / Thursday, December 28, 1995 / Rules and Regulations 67055

EFFECTIVE DATE: September 15, 1995.

FOR FURTHER INFORMATION CONTACT:

Jenetha M. Hickson, Alternate Liaison

Officer, (202) 898–3807.

SUPPLEMENTARY INFORMATION: In

preparing the final rule for publication

in the Federal Register, typographical

errors were inadvertently made.

Accordingly, the final rule is corrected

as follows:

§ 327.9 [Corrected]

1. On page 42741, second column, in

§ 327.9, in the fifth line of paragraph

(b)(3)(i), ‘‘paragraph (c)(2)(i) through

(iv)’’ is corrected to read ‘‘paragraph

(b)(2)(i) through (iv)’’.

2. On page 42741, third column, in

§ 327.9:

a. In the second line of paragraph

(c)(2) introductory text ‘‘§ 327.7(a)(3)’’ is

corrected to read ‘‘§ 327.7(a)(2)’’; and

b. In the second line of paragraph

(c)(3), ‘‘§ 327.7(b)(3)’’ is corrected to

read ‘‘§ 327.7(b)(2)’’.

Dated: December 22, 1995.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Deputy Executive Secretary.

[FR Doc. 95–31412 Filed 12–27–95; 8:45 am]

BILLING CODE 6714–02–M

DEPARTMENT OF THE TREASURY

Customs Service

19 CFR Part 101

[T.D. 96–4]

Name Change for Consolidated Port of

Philadelphia

AGENCY: Customs Service, Treasury.

ACTION: Final rule.

SUMMARY: This document amends the

Customs Regulations to change the

name of the Consolidated Port of

Philadelphia to the Consolidated Port of

the Delaware River and Bay, and to

identify the participating ports within

the consolidated port. This change is

being made to more clearly reflect that

the port encompasses Wilmington,

Delaware and other cities and territory

as well as Philadelphia, Pennsylvania.

EFFECTIVE DATE: January 29, 1996.

FOR FURTHER INFORMATION CONTACT: A.

Donald Gilman, Office of Congressional

and Public Affairs, (202) 927–1169.

SUPPLEMENTARY INFORMATION:

Background

Section 101.3, Customs Regulations

(19 CFR 101.3), lists as one of Customs

ports of entry Philadelphia-Chester, Pa.

and Wilmington, De. This port includes

the named cities and includes Camden,

Gloucester City and Salem, New Jersey

and territory described in T. D. 84–195.

The port of entry is popularly known as

the Consolidated Port of Philadelphia.

After a meeting with trade community

representatives from both Wilmington,

Delaware and Philadelphia,

Pennsylvania, Customs proposed in a

document published in the Federal

Register (60 FR 47505) on September

13, 1995, that the name of the

consolidated port should be changed to

the Consolidated Port of the Delaware

River and Bay. The name change would

reflect that the port encompasses

Wilmington, Delaware and other cities

and territory as well as Philadelphia,

Pennsylvania. As noted in the proposal,

the Wilmington, Delaware trade

community strongly favors such a name

change, and the Philadelphia trade

community has not expressed any

objection to that suggestion.

Comments Received

A total of seven entities responded to

the proposal. All seven were in favor of

the name change.

Conclusion

After review of the comments and

further consideration, Customs has

determined to proceed with changing

the name of the port.

Accordingly, Customs is amending

section 101.3, Customs Regulations (19

CFR 101.3) to change the name of the

port of Philadelphia-Chester, Pa. and

Wilmington, De., popularly known as

the Consolidated Port of Philadelphia,

to the Consolidated Port of the Delaware

River and Bay, and to identify the

participating ports within the

consolidated port.

Territory of the Consolidated Port

The geographical limits of the

consolidated port are as follows:

The ports of Philadelphia,

Pennsylvania (comprising the territory

within the corporate limits of

Philadelphia, Pennsylvania, and

Camden, Gloucester City, and Salem,

New Jersey; the territory within the

limits of the Boroughs of Brooklawn,

National Park, and Paulsboro, and the

Townships of West Deptford and

Greenwich, all in New Jersey; the

Borough of Folcroft and the Townships

of Darby and Tinicum, all in

Pennsylvania; and the territory between

the Delaware River and U. S. Highway

No. 13, in Bucks County, Pennsylvania,

from the corporate limits of

Philadelphia to and including

Morrisville, Pennsylvania; and the

territory between the Delaware River

and U. S. Highway No. 130 and U. S.

Highway No. 206, in Camden,

Burlington, and Mercer Counties, New

Jersey, from the corporate limits of

Camden, New Jersey, to and including

Trenton, New Jersey); Chester,

Pennsylvania (comprising the territory

within the corporate limits of Chester,

Pennsylvania; the territory within the

limits of the Boroughs of Marcus Hook,

Trainer, Upland, Parkside, and

Eddystone, and the Townships of Lower

Chichester and Ridley, all in

Pennsylvania; and the territory

extending along the Pennsylvania side

of the Delaware River from Darby Creek

to the Delaware State line, a distance of

approximately 10 miles); and

Wilmington, Delaware (comprising the

territory within the corporate limits of

Wilmington, Delaware; the territory

within the limits of New Castle,

Newport, and Claymont, Delaware; the

territory within the limits of Carneys

Point and Deep Water Point, New

Jersey; and the territory lying between

U. S. Highway No. 13 and the Delaware

River, from the corporate limits of

Wilmington to the Chesapeake and

Delaware Canal, Delaware.)

Regulatory Flexibility Act

Although this document was issued

for public comment, it is not subject to

the notice and public procedure

requirements of 5 U.S.C. 553 because it

relates to agency management and

organization. Accordingly, the

document is not subject to the

regulatory analysis requirements of 5

U.S.C. 603 and 604.

Executive Order 12866

Agency organization matters such as

this are exempt from Executive Order

12866.

Drafting Information

The principal author of this document

was Janet L. Johnson, Regulations

Branch. However, personnel from other

offices participated in its development.

List of Subjects in Part 101

Customs duties and inspection,

Harbors, Organization and functions

(Government agencies), Seals and

insignia, Vessels.

Amendments to the Regulations

For the reasons set forth in the

preamble, part 101 of the Customs

Regulations (19 CFR 101) is amended as

set forth below.

PART 101—GENERAL PROVISIONS

1. The general authority citation for

Part 101 and the relevant specific