[Federal Register Volume 62, Number 48 (Wednesday, March 12, 1997)]
[Notices]
[Page 11455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6165]


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FEDERAL RESERVE SYSTEM

Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies that are Engaged in Permissible 
Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation      Y, (12 CFR Part 225) to engage de novo, or to acquire 
or control voting securities or assets of a company that engages either 
directly or through a subsidiary or other company, in a nonbanking 
activity that is listed in Sec.  225.25 of Regulation Y (12 CFR 225.25) 
or that the Board has determined by Order to be closely related to 
banking and permissible for bank holding companies. Unless otherwise 
noted, these activities will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. Once the notice 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 the proposal complies with the standards of section 4 
of the BHC Act.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than March 26, 1997.
    A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Lloyds TSB Group PLC and Lloyds Bank PLC, both of London, 
England; to retain indirectly all the voting shares of IAI Holdings 
Inc., and its subsidiaries, including Investment Advisers, Inc., IAI 
Securities, Inc., IAI Trust Company, IAI Ventures, Inc., and Itasca 
Ventures, LLC, all of Minneapolis, Minnesota, and thereby engage in the 
following nonbanking activities: (i) performing functions or activities 
that may be conducted by a trust company, pursuant to 12 CFR 
225.25(b)(3) of the Board's Regulation Y; (ii) providing investment 
advisory services, pursuant to 12 CFR 225.25(b)(4) of the Board's 
Regulation Y; (iii) providing full-service brokerage services, pursuant 
to 12 CFR 225.25(b)(15) of the Board's Regulation Y; (iv) providing 
foreign exchange execution and advisory services Banco Commerciale 
Italiano S.p.A., 76 Fed. Res. Bull. 649 (1990); (v) providing advice on 
futures contracts and options on futures contracts based on certain 
financial commodities, pursuant to 12 CFR 225.25(b)(19) of the Board's 
Regulation Y; Caisse Nationale de Credit Agricole, S.A., 82 Fed. Res. 
Bull. 754 (1996); Security Pacific Corporation, 74 Fed. Res. Bull. 820 
(1988); and providing investment advisory and administrative services 
to open-end investment companies (``mutual funds'') Mellon Bank 
Corporation, 79 Fed. Res. Bull. 626 (1993); Bank of Ireland, 82 Fed. 
Res. Bull. 1129 (1996). Notificants would engage in these activities in 
accordance with the limitations and conditions previously established 
by the Board by regulation or order, with certain exceptions relating 
to the proposed provision of advisory and administrative services to 
mutual funds that are discussed in the notice.

    Board of Governors of the Federal Reserve System, March 6, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-6165 Filed 3-11-97; 8:45 am]
BILLING CODE 6210-01-F