[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
