[Federal Register Volume 60, Number 97 (Friday, May 19, 1995)]
[Notices]
[Page 26885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12348]
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FEDERAL RESERVE SYSTEM
Allied Irish Banks, p.l.c.; Notice to Engage in Nonbanking
Activities
This notice corrects a notice (FR Doc. 95-6868) published on page
14,942 of the issue for Tuesday, March 21, 1995. The entry for Allied
Irish Banks, p.l.c., Dublin, Ireland (Allied), is revised to include
providing, through AIB Investment Managers Limited, Dublin, Ireland
(Company), discretionary portfolio management services by purchasing
and selling foreign exchange, foreign exchange-related instruments, and
certain futures and options on futures on financial commodities for
customer accounts. Company would conduct the proposed activities
throughout the world.
Allied states that Company would not trade for its own account, but
only for the accounts of customers, and would only provide the proposed
services to institutional customers, as defined in Sec. 225.2(g) of
the Board's Regulation Y. Allied maintains that the Board previously
has determined by regulation that providing foreign exchange-related
discretionary portfolio management services is closely related to
banking. 12 CFR 225.25(b)(17). Allied has stated that Company's foreign
exchange-related advisory activities would comply with the limitations
contained in Sec. 225.25(b)(17) of the Board's Regulation Y. Allied
also maintains that the Board previously has determined that providing
discretionary portfolio management services in connection with the
purchase and sale of futures and options on futures on financial
commodities is closely related to banking. See Banque Nationale de
Paris, 81 Federal Reserve Bulletin 386 (1995) (BNP). Allied has stated
that unlike the proposal approved by the Board in BNP, Company would
purchase and sell over-the-counter instruments on behalf of managed
accounts. In order to address potential conflicts of interest and other
potential adverse effects, Allied has committed that Company would
observe the standards of care and conduct applicable to fiduciaries.
Any comments or requests for hearing should be submitted in writing
and received by William W. Wiles, Secretary, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, not later than June 22,
1995. Any request for a hearing on this notice must, as required by
Sec. 262.3(e) of the Board's Rules of Procedure (12 CFR 262.3(e)), be
accompanied by a statement of the reasons why 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.
This notice may be inspected at the offices of the Board of
Governors or the Federal Reserve Bank of Richmond.
Board of Governors of the Federal Reserve System, May 15, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-12348 Filed 5-18-95; 8:45 am]
BILLING CODE 6210-01-F
