[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
