[Federal Register Volume 67, Number 77 (Monday, April 22, 2002)]
[Notices]
[Pages 19617-19618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-9601]


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DEPARTMENT OF THE TREASURY


Departmental Offices; Proposed Collections; Comment Requests

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork burdens, invites the general public and 
other Federal agencies to comment on revisions of two information 
collections that are proposed for approval by the Office of Management 
and Budget. The Office of Program Services within the Department of the 
Treasury is soliciting comments concerning Treasury International 
Capital (TIC) Form BC/BC(SA), Report of U.S. Dollar Claims of 
Depository Institutions, Brokers, and Dealers on Foreigners; and 
Treasury International Capital (TIC) Form BL-1/BL-1(SA), Report of U.S. 
Dollar Liabilities of Depository Institutions, Brokers, and Dealers to 
Foreigners.

DATES: Written comments should be received on or before June 21, 2002 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
5457 MT, 1500 Pennsylvania Avenue NW., Washington DC 20220. In view of 
delays in mail delivery due to recent events, please also notify Mr. 
Wolkow by e-mail ([email protected]), FAX (202-622-7448) or 
telephone (202-622-1276).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and 
instructions are available on the Treasury's TIC Forms webpage, http://www.treas.gov/tic/forms.htm. Requests for additional information should 
be directed to Mr. Wolkow.

SUPPLEMENTARY INFORMATION:
    Titles: Treasury International Capital Form BC/BC(SA), Report of 
U.S. Dollar Claims of Depository Institutions, Brokers, and Dealers on 
Foreigners; and Treasury Capital Form BL-1/BL-1(SA), Report of U.S. 
Dollar Liabilities of Depository Institutions, Brokers, and Dealers to 
Foreigners.
    OMB Control Numbers: 1505-0017 and 1505-0019.
    Abstracts: Forms BC/BC(SA) and BL-1/BL-1(SA) are part of the 
Treasury International Capital (TIC) reporting system, which is 
required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 C.F.R. 
128) and is designed to collect timely information on international 
portfolio capital movements. Form BC is a monthly report (with a 
semiannual supplement) that covers own U.S. dollar claims of banks, 
other depository institutions, brokers and dealers vis-a-vis foreign 
residents. Form BL-1 is a monthly report (with a semiannual supplement) 
that covers own U.S. dollar liabilities of banks, other depository 
institutions, brokers and dealers vis-a-vis foreign residents. This 
information is necessary for compiling the U.S. balance of payments 
accounts, for calculating the U.S. international investment position, 
and for formulating U.S. international financial and monetary policies.
    Current Actions: (a) Bank Holding Companies and Financial Holding 
Companies (BHCs/FHCs) will each consolidate the BHC/FHC and all 
subsidiaries, OTHER THAN banking or broker or dealer subsidiaries, and 
file TIC Form CQ-1 (banks and brokers and dealers will continue to file 
TIC-B series reports). This treatment is designed to reduce reporting 
burdens since the TIC C reports are less detailed and are filed only 
quarterly. (b) Depository institutions, brokers and dealers will report 
most cross-border positions with affiliated foreigners (including 
affiliates of parent organizations) exclusive of positions in the form 
of long-term securities or derivative contracts. (c) The period of time 
a reporter has to submit reports once the exemption level is exceeded 
has been changed to the remainder of the current calendar year. (d) 
Additional guidance is provided to depository institutions on the 
reporting of claims on, and liabilities to, own foreign offices. (e) 
All reporters will have to report brokerage balances, according to a 
revised description of brokerage balances. (f) In Form BC, a new column 
will be added for separate reporting of short-term securities of all 
other foreigners. (g) In Form BC, the memorandum row for resale 
agreements will be deleted. (h) In Form BC, a new memorandum cell for 
negotiable CDs of foreign banks will be added. (i) In Form BC, a new 
column will be added for separate reporting of negotiable CDs and all 
short-term negotiable securities issued by foreign banks and foreign 
official institutions. (j) In Form BC, claims on own foreign offices 
will be included in either claims on foreign banks or claims on all 
other foreigners (depending on the counterparty), and in a separate 
memorandum column. (k) In Form BC, a memorandum column for foreign 
official institutions will replace the column for foreign public 
borrowers. (l) In Form BC, claims on foreign official institutions will 
be included in the column for claims on foreign banks and foreign 
official institutions. (m) In Form BL-1, the columns for demand 
deposits and non-transaction accounts will be combined. (n) In Form BL-
1, liabilities to own foreign offices will be included in either 
liabilities to foreign banks or liabilities to all other foreigners, 
and in a separate memorandum column. (o) In Form BL-1, the memorandum 
row for CDs will be deleted. (p) In Form BL-1, negotiable securities 
will be excluded from the BL-1 with the instructions that they should 
be reported instead on the Form BL-2. (q) In Form BL-1, the 
instructions will clarify that reporters' issuance of non-negotiable 
securities should be reported in the ``Other'' column. (r) In Form BL-
1, a row will be added for non-interest bearing liabilities. (This row 
will collect only information on non-interest bearing deposits and 
loans, except for liabilities to own foreign offices where all non-
interest bearing liabilities will be reported.) (s) These changes will 
be effective as of February 28, 2003.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations. Form 
BC/BC(SA) (1505-0017).
    Estimated Number of Respondents: 325 (semiannual 125).
    Estimated Average Time per Respondent: Nine and four/tenths (9.4) 
hours per respondent per filing. This average time varies from 17 hours 
for the approximately 30 major reporters to 8.5 hours for the other 
reporters.
    Estimated Total Annual Burden Hours: 38,845 hours, based on 12 
reporting periods per year.
    Form BL-1/BL-1(SA) (1505-0019).
    Estimated Number of Respondents: 405 (semiannual 185).
    Estimated Average Time per Respondent: Six and one/half (6.5) hours 
per respondent per filing. This average time varies from 12 hours for 
the approximately 30 major reporters to 6 hours for the other 
reporters.

[[Page 19618]]

    Estimated Total Annual Burden Hours: 33,900 hours, based on 12 
reporting periods per year.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the requests for OMB approval. 
All comments will become a matter of public record. The public is 
invited to submit written comments concerning: whether Forms BC/BC(SA) 
and BL-1/BL-1(SA) are necessary for the proper performance of the 
functions of the Office, including whether the information collected 
has practical uses; the accuracy of the above burden estimates; ways to 
enhance the quality, usefulness, and clarity of the information to be 
collected; ways to minimize the reporting and/or recordkeeping burdens 
on respondents, including the use of information technologies to 
automate the collection of the data; and estimates of capital or start-
up costs of operation, maintenance, and purchases of services to 
provide information.

Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 02-9601 Filed 4-19-02; 8:45 am]
BILLING CODE 4810-25-P