12218 Federal Register / Vol. 60, No. 43 / Monday, March 6, 1995 / Notices

of residential mortgages, refundable

loan commitment fees, and stock

subscription payments.

The effective date for these proposed

changes, if approved, would be the

March 31, 1995, report date.

Board of Governors of the Federal Reserve

System, February 28, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95-5359 Filed 3-3-95; 8:45AM]

Billing Code 6210-01-F

Agency Forms Under Review

Background:

Notice is hereby given of the

submission of proposed information

collection to the Office of Management

and Budget (OMB) for its review and

approval under the Paperwork

Reduction Act (Title 44 U.S.C. Chapter

35) and under OMB regulations on

Controlling Paperwork Burdens on the

Public (5 CFR Part 1320). A copy of the

proposed information collection(s) and

supporting documents is available from

the agency clearance officer listed in the

notice. Any comments on the proposal

should be sent to the agency clearance

officer and to the OMB desk officer

listed in the notice.

DATES: Comments are welcome and

should be submitted on or before March

20, 1995.

FOR FURTHER INFORMATION CONTACT:

Federal Reserve Board Clearance

Officer—Mary M. McLaughlin—

Division of Research and Statistics,

Board of Governors of the Federal

Reserve System, Washington, D.C.

20551 (202-452-3829); for the hearing

impaired only, telecommunications

device for the deaf (TTD) (202-452-

3544), Dorothea Thompson, Board of

Governors of the Federal Reserve

System, Washington, D.C. 20551.

OMB Desk Officer—Milo Sunderhauf—

Office of Information and Regulatory

Affairs, Office of Management and

Budget, New Executive Office

Building, Room 3208, Washington,

D.C. 20503 (202-395-7340)

Request for OMB approval to revise

the following report:

1. Report title: Report of Assets and

Liabilities of U.S. Branches and

Agencies of Foreign Banks.

Agency form number: FFIEC 002.

OMB Docket number: 7100-0032.

Frequency: Quarterly.

Reporters: U.S. branches and agencies of

foreign banks.

Annual reporting hours: 49,350.

Estimated average hours per response:

22.15.

Number of respondents: 557.

Small businesses are affected.

General description of report: This

information collection is mandatory to

obtain or retain a benefit (12 U.S.C.

3105(b)(2)), 1817(a)(1) and (3), and

3102(b) and is given confidential

treatment (5 U.S.C. 552(b)(8).

SUMMARY: The proposed revisions to the

FFIEC 002 that have been submitted to

the Office of Management and Budget

for approval are mandated by the

Federal Financial Institutions

Examination Council (FFIEC).

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. The proposed

changes affect several existing

schedules.

The following revisions are proposed

for implementation as of March 31,

1995.

(1) On Schedule RAL, ‘‘Assets and

Liabilities,’’ item 1.c for ‘‘Other bonds,

notes, debentures, and corporate stock

(including U.S. state and local

securities) would be divided into

‘‘Securities of freign governmental

units’’ and ‘‘All other.’’

(2) On Schedule RAL, ‘‘Assets and

Liabilities’’, a new item would be added

for ‘‘Trading Liabilities’’ to disclose

further information on trading activities

(open short positions and revaluation

losses on derivatives).

(3) On Schedule RAL, ‘‘Memoranda,’’

five items would be added in which

branches and agencies would separately

report the amortized cost and fair value

of any ‘‘high-risk mortgage securities’’

and of any ‘‘structured notes’’ that are

held in either the held-to-maturity or

available-for-sale portfolios, and total

sales of mutual funds and annuities.

(4) On Schedule M, ‘‘Due from/Due to

Related Institutions in the U.S. and in

Foreign Countries,’’ a memorandum

item would be added for revaluation

gains and revaluation losses from the

marking-to-market of off-balance-sheet

derivatives contracts with related

parties that are held for trading

purposes.

(5) The banking agencies would add

three items to Schedule O, ‘‘Other Data

for Deposit Insurance Assessments,’’ in

order to identify the amount of the these

adjustments to reported demand

deposits of a branch or agency for

deposit insurance assessment purposes:

(i) Amount by which demand

deposits would be reduced if reciprocal

demand balances between the reporting

branch or agency and savings

associations were reported on a net

basis rather than a gross basis in

Schedule E,

(ii) Amount by which demand

deposits would be increased if

reciprocal demand balances between the

reporting branch or agency and U.S.

banks were reported on a gross basis

rather than a net basis in Schedule E,

and

(iii) Amount by which demand

deposits would be reduced if cash items

in process of collection were included

in the calculation of net reciprocal

demand balances between the reporting

branch or agency and U.S. banks savings

associations in Schedule E.

The following revisions are proposed

for implementation as of June 30, 1995.

(1) Notional Amounts/Par Values

At present, all branches and agencies

report notional amount/par value data

for interest rate, foreign exchange rate,

and other commodity and equity

contracts in items 2,3,4, and 9 of

Schedule L, ‘‘Commitments and

Contingencies,’’ for transactions with

non-related depository institutions, and

in items 2,3,4, and 9 of Schedule M, Part

V, ‘‘Commitments and Contingencies,’’

for transactions with related depository

institutions. The existing items would

be expanded to separate exchangetraded contracts from over-the-counter

contracts and to separate equity

derivative contracts from commodity

and other contracts. (Spot foreign

exchange contracts would also be

reported separately.) In addition, for

each of the four types of underlying risk

exposures (i.e., interest rate, foreign

exchange, equity, and commodity and

other), the total notional amount/par

value of contracts held for trading and

held for purposes other than trading

will be reported separately, with the

latter further divided between contracts

that are marked to market for FFIEC 002

reporting purposes and those that are

not.

(2) Gross Fair Values of Derivative

Contracts

For branches and agencies with $100

million or more in total assets that file

the FFIEC 002 reporting forms,

Schedule L and Schedule M, Part V,

would also be expanded to include

gross fair value data for derivatives. For

each of the four types of underlying risk

exposures, the gross positive and gross

negative fair values will be reported

separately for
Federal Register / Vol. 60, No. 43 / Monday, March 6, 1995 / Notices 12219

(i) Contracts held for trading

purposes,

(ii) Contracts held for purposes other

than trading that are marked to market,

and

(iii) Contracts held for purposes other

than trading that are not marked to

market. When reporting gross fair

values, no netting of contracts would be

permitted.

Board of Governors of the Federal Reserve

System, February 28, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95-5369 Filed 3-3-95; 8:45AM]

Billing Code 6210-01-F

Bank of Colorado Holding Company, et

al.; Formations of; Acquisitions by;

and Mergers of Bank Holding

Companies

The companies listed in this notice

have applied for the Board’s approval

under section 3 of the Bank Holding

Company Act (12 U.S.C. 1842) and §

225.14 of the Board’s Regulation Y (12

CFR 225.14) to become a bank holding

company or to acquire a bank or bank

holding company. The factors that are

considered in acting on the applications

are set forth in section 3(c) of the Act

(12 U.S.C. 1842(c)).

Each application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application 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 to the

Reserve Bank or to the offices of the

Board of Governors. Any comment on

an application that requests a hearing

must include a statement of why a

written presentation would not suffice

in lieu of a hearing, identifying

specifically any questions of fact that

are in dispute and summarizing the

evidence that would be presented at a

hearing.

Unless otherwise noted, comments

regarding each of these applications

must be received not later than March

30, 1995.

A. Federal Reserve Bank of Kansas

City (John E. Yorke, Senior Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198:

1. Bank of Colorado Holding

Company, Vail, Colorado; to merge with

Snow Bankcorp, Inc., Dillon, Colorado,

and thereby indirectly acquire Snow

Bank, N.A., Dillon, Colorado.

B. Federal Reserve Bank of Dallas

(Genie D. Short, Vice President) 2200

North Pearl Street, Dallas, Texas 75201-

2272:

1. FirstBank Group, Inc., Los Fresnos,

Texas; to merge with Raymondville

State Bancshares, Inc., Raymondville,

Texas, and thereby indirectly acquire

First Valley Bank, Raymondville, Texas.

In connection with this application

FirstBank Group, Inc., Los Fresnos,

Texas; also has applied to acquire 100

percent of the voting shares of First

Valley Delaware Financial Corporation,

Dover, Delaware, and First Valley Bank,

Raymondville, Texas.

Board of Governors of the Federal Reserve

System, February 28, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95-5363 Filed 3-3-95; 8:45 am]

BILLING CODE 6210-01-F

Executive Auto Lease, Inc.; Formation

of, Acquisition by, or Merger of Bank

Holding Companies; and Acquisition

of Nonbanking Company

The company listed in this notice has

applied under § 225.14 of the Board’s

Regulation Y (12 CFR 225.14) for the

Board’s approval under section 3 of the

Bank Holding Company Act (12 U.S.C.

1842) to become a bank holding

company or to acquire voting securities

of a bank or bank holding company. The

listed company has also applied under

§ 225.23(a)(2) of Regulation Y (12 CFR

225.23(a)(2)) for the Board’s approval

under section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to acquire or

control voting securities or assets of a

company engaged in a nonbanking

activity that is listed in § 225.25 of

Regulation Y as closely related to

banking and permissible for bank

holding companies, or to engage in such

an activity. Unless otherwise noted,

these activities will be conducted

throughout the United States.

The application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application 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 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.’’ 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.

Comments regarding the application

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than March 20,

1995.

A. Federal Reserve Bank of Boston

(Robert M. Brady, Vice President) 600

Atlantic Avenue, Boston, Massachusetts

02106:

1. Executive Auto Lease, Inc.,

Andover, Massachusetts; to become a

bank holding company by acquiring 100

percent of the voting shares of Fidelity

Bank and Trust Company, Salem, New

Hampshire, a de novo bank, whose

name will be changed to Southern New

Hampshire Bank & Trust Company,

Salem, New Hampshire.

In connection with this application,

Applicant also has applied to engage

directly in leasing real or personal

property, pursuant to § 225.25(b)(5) of

the Board’s Regulation Y.

Board of Governors of the Federal Reserve

System, February 28, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–5361 Filed 3–3–95; 8:45 am]

BILLING CODE 6210–01–F

Sidell Bancorp, Inc.; Notice of

Application to Engage de novo in

Permissible Nonbanking Activities

The company listed in this notice has

filed an application under § 225.23(a)(1)

of the Board’s Regulation Y (12 CFR

225.23(a)(1)) for the Board’s approval

under section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to commence or to

engage de novo, either directly or

through a subsidiary, in a nonbanking

activity that is listed in § 225.25 of

Regulation Y as closely related to

banking and permissible for bank

holding companies. Unless otherwise

noted, such activities will be conducted

throughout the United States.

The application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application 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 consummation of the

proposal can ‘‘reasonably be expected to