[Federal Register Volume 59, Number 226 (Friday, November 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29042]


[[Page Unknown]]

[Federal Register: November 25, 1994]


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FEDERAL RESERVE SYSTEM
 

NationsBank Corporation; Notice of Application To Engage de Novo 
in Permissible Nonbanking Activities

    The company listed in this notice has filed an application under 
Sec.  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 Sec.  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 Sec.  
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 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 
December 9, 1994.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
    1. NationsBank Corporation, Charlotte, North Carolina; to engage de 
novo through its subsidiary Greyrock Capital Group Inc., Stamford, 
Connecticut (formerly Nations Financial Capital Corporation, Stamford, 
Connecticut (Company)) in making equity and debt investments in 
corporations or projects designed primarily to promote community 
welfare pursuant to Sec.  225.25(b)(6) of the Board's Regulation Y. 
Company will engage in the activities primarily through equity 
investments in entities which will own low-income housing projects as 
defined in Section 42(g)(1) of the Internal Revenue Code of 1986, or as 
designated by a Federal, State, or municipal agency or instrumentality, 
and in connection with which the owner is restricted as to rentals or 
occupancy charges for some or all of the units in the project. Company 
proposes to invest in some projects where only 20 percent of the units 
will be subject to rental or occupancy charge restrictions, which is 
the lowest threshold under Section 42(g)(1) of the Internal Revenue 
Code.

    Board of Governors of the Federal Reserve System, November 18, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-29042 Filed 11-23-94; 8:45 am]
BILLING CODE 6210-01-F