[Federal Register Volume 59, Number 32 (Wednesday, February 16, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3539]


[[Page Unknown]]

[Federal Register: February 16, 1994]


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FEDERAL RESERVE SYSTEM

 

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 
11, 1994.
FOR FURTHER INFORMATION CONTACT: Mary M. McLaughlin, Federal Reserve 
Board Clearance Officer (202-452-3829), Division of Research and 
Statistics, Board of Governors of the Federal Reserve System. For the 
hearing impaired only, Telecommunications Device for the Deaf (TDD), 
Dorothea Thompson (202/452-3544), Board of Governors of the Federal 
Reserve System, Washington, DC 20551. Gary Waxman, OMB Desk Officer 
(202/395-7340), Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 3208, 
Washington, D.C. 20503.

SUPPLEMENTARY INFORMATION:

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: 44,045
Estimated average hours per response: 19.15
Number of respondents: 575
Small businesses are affected.

General description of report:

    This information collection is mandatory [12 U.S.C. 3105 (b)(2), 
1817(a)(1) and (3), and 3102(b)] and is given partial confidential 
treatment [5 U.S.C. 552(b)(8)].
    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 proposed changes are as follows:

    (1) Revisions to reflect the effect of Financial Accounting 
Standards Board Statement No. 115, ``Accounting for Certain Investments 
in Debt and Equity Securities'' (FASB 115), which agencies and branches 
of foreign banks must adopt for FFIEC 002 purposes for fiscal years 
beginning after December 15, 1993:

    (a) A new item would be added to Schedule RAL, ``Assets and 
Liabilities'', for ``Assets Held in Trading Accounts.''
    (b) In the Memorandum section of Schedule RAL, ``Assets and 
Liabilities'', Memorandum item 1, ``Market value of securities held'', 
would be deleted. Four new memoranda items would be added for ``Fair 
value of held-to-maturity securities'', ``Amortized cost of held-to-
maturity securities'', ``Fair value of available-for-sale securities'', 
and ``Amortized cost of available-for-sale securities.''
    (2) On Schedule RAL, ``Assets and Liabilities'', a memorandum item 
would be added to indicate the level of auditing work performed for the 
U.S. branch.
    (3) On Schedule C, ``Loans'', a new item would be added for ``Lease 
financing receivable (net of unearned income)'', with a split into 
separate subitems for U.S. addressees (domestic) and non-U.S. 
addressees (domestic).
    (4) On Schedule M, ``Duefrom/Due to Related Institutions in the 
U.S. and in Foreign Countries'', the title for Part IV, ``Allowance for 
loan losses'' would be retitled as ``Confidential Loan Information'', 
and a new item would be added for ``Other Real Estate Owned.''
    (5) On Schedule M, Part V, ``Commitments and contingencies with 
related depository institutions'', two new items would be added for 
``all other off-balance sheet contingent liabilities'' and ``all other 
off-balance sheet continent claims.''
    In addition, the general instructions to the FFIEC 002 would be 
modified to allow on-balance sheet amounts associated with conditional 
and exchange contracts (e.g., forwards, interest rate swaps, and 
options) to be offset in accordance with Financial Accounting Standards 
Board Interpretation No. 39. This would be an interim treatment pending 
clarification of an interpretive issue under Interpretation No. 39. 
However, consistent with existing instructions to the commercial bank 
Call Report, the instructions to the FFIEC 002 would be modified to 
indicate that the netting of assets and liabilities other than those 
arising from conditional and excange contracts will not be permitted 
unless specifically required by the instructions.
    The effective date for the proposed changes, if approved, would be 
the March 31, 1994, report date.

    Board of Governors of the Federal Reserve System, February 10, 
1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-3539 Filed 2-15-94; 8:45 am]
BILLING CODE 6210-01-F