[Federal Register Volume 61, Number 251 (Monday, December 30, 1996)]
[Notices]
[Pages 68748-68749]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-33162]


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FEDERAL RESERVE SYSTEM

Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice

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Background

    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act, as 
per 5 CFR 1320.16, to approve of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. 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. Board-
approved collections of information will be incorporated into the 
official OMB inventory of currently approved collections of 
information. A copy of the OMB 83-I and supporting statement and the 
approved collection of information instruments will be placed into 
OMB's public docket files. The following information collections, which 
are being handled under this delegated authority, have received initial 
Board approval and are hereby published for comment. At the end of the 
comment period, the proposed information collection, along with an 
analysis of comments and recommendations received, will be submitted to 
the Board for final approval under OMB delegated authority. Comments 
are invited on the following:
    a. Whether the proposed collections of information are necessary 
for the proper performance of the Federal Reserve's functions; 
including whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collections, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of information collections on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.
DATES: Comments must be submitted on or before February 28, 1997.

[[Page 68749]]

ADDRESSES: Comments, which should refer to the OMB control number (or 
agency form number), should be addressed to William W. Wiles, 
Secretary, Board of Governors of the Federal Reserve System, 20th and C 
Streets, N.W., Washington, DC 20551, or delivered to the Board's mail 
room between 8:45 a.m. and 5:15 p.m., and to the security control room 
outside of those hours. Both the mail room and the security control 
room are accessible from the courtyard entrance on 20th Street between 
Constitution Avenue and C Street, N.W. Comments received may be 
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as 
provided in section 261.8 of the Board's Rules Regarding Availability 
of Information, 12 CFR 261.8(a).
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Alexander T. Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the proposed forms and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other doucments that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Mary M. McLaughlin, Chief, Financial Reports Section (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact Dorothea Thompson (202-452-3544), 
Board of Governors of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the extension, 
with revision, of the following reports:
    1. Report title: Weekly Report of Eurodollar Liabilities Held by 
Selected U.S. Addressees at Foreign Offices of U.S. Banks
Agency form number: FR 2050
OMB control number: 7100-0068
Frequency: Weekly
Reporters: Large foreign branches and banking subsidiaries of U.S. 
banks
Annual reporting hours: 2,860
Estimated average hours per response: 1.0
Number of respondents: 54 branches, 1 subsidiary
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a)(2), 353 et seq., 461, 602, and 625) and is 
given confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: This report collects data on overnight and term 
Eurodollars held by certain U.S. residents in selected foreign branches 
and subsidiaries of U.S. commercial banks and Edge and agreement 
corporations. The data are used for the construction of the Eurodollar 
component of the monetary aggregates and for analysis of banks' 
liability management practices.
    Under the proposed revisions the reporting threshold would be 
raised from a weekly average of $200 million to $350 million in 
Eurodollar liabilities. Additions and deletions to the reporting panel 
would be made only annually. The number of data items collected would 
be reduced from 4 to 2. As a result of the redefinition of the M2 
monetary aggregate in February 1996, the overnight Eurodollar component 
of M2 was moved to the non-M2 component of M3, where the term component 
currently is included. Since the separation of the two nonnegotiable 
Eurodolllar items (overnight and term) is no longer necessary, they 
would be combined into a single item, and the memorandum item would be 
dropped from the report.
    The revised report would be implemented as of the reporting week 
ending Monday, March 31, 1997.
    2. Report title: Quarterly Report of Assets and Liabilities of 
Large Foreign Offices of U.S. Banks
Agency form number: FR 2502q
OMB control number: 7100-0079
Frequency: Quarterly
Reporters: Large foreign branches and banking subsidiaries of U.S. 
banks
Annual reporting hours: 7,266
Estimated average hours per response: 3.5
Number of respondents: 483 branches, 36 subsidiaries
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248(a)(2), 353 et seq., 461, 602, and 625) and is 
given confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: This report collects assets and liability information 
from foreign branches and subsidiaries of U.S. commercial banks and 
Edge and agreement corporations. A separate schedule collects 
information on Eurodollar liabilities payable to certain U.S. 
addressees. The data are used in the construction of the monetary 
aggregates and to monitor flows of funds between banks and their 
branches. The data also are combined with data from other sources to 
develop a profile of the total exposure of U.S. banks to individual 
countries. Together with data from the Department of the Treasury, the 
FR 2502q provides information that the Bank for International 
Settlements compiles from all G-10 countries on international banking 
market developments. In addition, data from the FR 2502q are used by 
the Department of Commerce to estimate the capital accounts portions of 
the balance of payments.
    Under the proposed revisions, the reporting threshold for branches 
would be raised from $150 million to $500 million in total assets. The 
number of data items collected on the Eurodollar schedule would be 
reduced from three to one, and updates and clarifications would be made 
to the reporting form and instructions.
    The revised report would be implemented on the March 31, 1997, as-
of date.
    Board of Governors of the Federal Reserve System, December 24, 
1996
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-33162 Filed 12-27-96; 8:45AM]
BILLING CODE 6210-01-F