[Federal Register Volume 61, Number 49 (Tuesday, March 12, 1996)]
[Notices]
[Pages 9991-9992]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5754]



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FEDERAL RESERVE SYSTEM

Agency information collection activities: Submission to OMB Under 
Delegated Authority

Background

    Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 C.F.R. 1320.16 
(OMB Regulations on Controlling Paperwork Burdens on the Public). The 
Federal Reserve 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 OMB control number.
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, DC 20551 (202-452-3829)
OMB Desk Officer--Milo Sunderhauf--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 3208, Washington, DC 20503 (202-395-7340)
    Final approval under OMB delegated authority of the extension, with 
revision, of the following report:
    1. Report title: Report of Condition for Foreign Subsidiaries of 
U.S. Banking Organizations and Financial Information for Foreign 
Subsidiaries of U.S. Banking Organizations
Agency form number: FR 2314a, b and c
OMB Control number: 7100-0073
Frequency: Quarterly and annually
Reporters: Foreign subsidiaries of U.S. banks, bank holding companies, 
and Edge and agreement corporations
Annual reporting hours: 5,459
Estimated average hours per response: 1.5 to 10.5
Number of respondents: 1,165
Small businesses are not affected.
    General description of report: This information collection is 
mandatory [12 U.S.C. 324, 602, 625, and 1844(c)] and is given 
confidential treatment [5 U.S.C. 552(b)(4) and (b)(8)].
    Abstract: The FR 2314 reports collect information annually from all 
direct or indirect foreign subsidiaries of U.S. member banks, bank 
holding companies, and Edge or agreement corporations. The FR 2314a 
collects information on assets, liabilities, contingent liabilities, 
and eleven supporting schedules, including income and expenses. The FR 
2314b collects the same information on assets, liabilities, contingent 
liabilities, and income and expenses. The FR 2314c collects information 
on total assets, equity capital, off-balance-sheet items, and net 
income. Subsidiaries with significant asset size or volume of foreign 
exchange trading report the FR 2314a quarterly.
    The data are used to monitor the growth and activities of the 
subsidiaries and to supervise the overall operation of the parent 
organization. The approved revisions will make the FR 2314 reports

[[Page 9992]]
more consistent with the parent organizations' reports of condition and 
income and will improve the Federal Reserve's surveillance of overseas 
banking operations. The revised reports will be effective as of the 
March 31, 1996, reporting date.
    The Board approved several changes to the FR 2314a and FR 2314b 
reports, summarized as follows.
    (1) Revisions to the reporting criteria for filing the FR 2314a and 
the FR 2314b. Currently subsidiaries file the FR 2314a quarterly if 
they have total assets of at least $2 billion or commitments to 
purchase foreign currencies and U.S. dollar exchange of at least $5 
billion. The instruction will be revised to include subsidiaries that 
have at least $5 billion in off-balance-sheet activity measured by the 
sum of commitments to purchase foreign currencies and U.S. dollar 
exchange, all other futures and forwards contracts, written option 
contracts, purchased option contracts, notional value of interest rate 
swaps, notional value of exchange swaps, and the notional value of 
other swaps. In addition the reporting criteria for filing the FR 2314a 
on an annual basis will be raised to include respondents with total 
assets greater than $250 million, up from $100 million. Subsidiaries 
with total assets of $50 million or more but not more than $250 million 
will file the FR 2314b.
    (2) Additions to allow for compliance with Financial Accounting 
Board (FASB) Statement No. 115. Subsidiaries will report a new schedule 
for securities that will provide information on available-for-sale 
securities and held-to-maturity securities, and new items to collect 
information on the net unrealized holding gains (losses) on available-
for-sale securities and information on the change in net unrealized 
holding gains (losses) in available-for-sale securities.
    (3) Additions to allow for compliance with FASB Interpretation 
Number (FIN) 39. Subsidiaries will report new items for
    (a) trading liabilities,
    (b) assets held in trading accounts, and
    (c) revaluation gains on interest rate, foreign exchange rate, and 
other commodity and equity contracts.
    (4) Additions to capture income from trading account activity. 
Subsidiaries will report new items for
    (a) interest income and dividends form assets held in trading 
accounts, and
    (b) gains (losses) and fees from trading assets and liabilities.
    (5) Deletions of selected items. Subsidiaries will no longer report 
separately the items for
    (a) dividends on stock,
    (b) cash dividends declared reported on Schedule I, and
    (c) net retained income. Dividends on stock will be added to the 
item for interest on bonds, notes, and debentures.
    Board of Governors of the Federal Reserve System, March 6, 1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-5754 Filed 3-11-96; 8:45AM]
Billing Code 6210-01-F