[Federal Register Volume 62, Number 116 (Tuesday, June 17, 1997)]
[Notices]
[Pages 32811-32812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15812]
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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 CFR 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:
Chief, Financial Reports Section--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--Alexander T. Hunt--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following report:
1. Report title: Report of Repurchase Agreements (RPs) on U.S.
Government and Federal Agency Securities with Specified Holders
Agency form number: FR 2415
OMB Control number: 7100-0074
Effective Date: reporting week ending June 30, 1997
Frequency: weekly, quarterly, or annually
Reporters: U.S.-chartered commercial banks, U.S. branches and agencies
of foreign banks, and thrift institutions
Annual reporting hours: 4,037
Estimated average hours per response: 0.5
Number of respondents: 120 weekly, 208 quarterly, and 1,002 annually
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 248(a)(2)) and is given confidential treatment (5
U.S.C. 552(b)(4)).
Abstract: Since 1980, the Federal Reserve has collected two reports
providing detailed data on nonreservable borrowings (primarily federal
funds and repurchase agreement (RP) transactions) from large commercial
banks for construction of
[[Page 32812]]
the RP components of the monetary aggregates and for other analytical
purposes. Over time, three other sample reports have been added to this
reporting framework to provide RP data from other depository
institutions for the construction of the monetary aggregates. The
Federal Reserve is instituting a complete overhaul of this reporting
framework, resulting in a simplified reporting system and significant
reductions in item coverage. The revised framework will be implemented
as of the end of June 1997.
Under the revised reporting system, the Federal Reserve will
collect a single report containing a single item: RPs in denominations
of $100,000 or more, in immediately-available funds, on U.S. government
and federal agency securities, transacted with specified holders.
Respondents submit the report weekly, quarterly, or annually based on
the level of their RP activity as measured by the RP reports themselves
or from more broadly defined items on quarterly reports of condition
that are used as indicators of possible RP activity. The Federal
Reserve estimates that revised reporting system will reduce annual
respondent burden by 16,890 hours and annual respondent costs by
approximately $338 thousand.
On March 25, 1997, the Board granted initial approval to the
proposed restructuring of the RP reports. Notice of the proposal was
published in the Federal Register; the comment period expired on May
30, 1997. The Board received one comment letter, from a large bank
holding company. The commenter recommended first that the proposed FR
2415 collect information on RPs of all sizes, not just those of
$100,000 or more, noting that programming would be required to break
out large RPs. Second, the commenter recommended that the FR 2415
collect RPs net of sales of securities under agreements to repurchase,
as now allowed by GAAP on the quarterly condition report.
The Board made no changes to the proposed item definition in
response to the comment letter because such changes would require
redefining the monetary aggregates. The FR 2415 data are collected for
the purpose of constructing the RP component of M3. The definition of
the non-M2 portion of M3 includes RPs issued by depository institutions
without any netting of RP investments of those institutions, and it
excludes RPs of less than $100,000 (which are included in the small
time deposit component of M2). In contrast, the condition reports use
GAAP reporting treatment because they focus on the balance sheet,
rather than the monetary aggregates.
At the same time, the final panel selection criteria differ
slightly from the original proposal. As a result of further study, the
Federal Reserve has refined the panel selection criteria with respect
to cutoffs applied to quarterly condition report data. The Federal
Reserve will evaluate over the course of the next year the efficacy of
the panel selection criteria.
Board of Governors of the Federal Reserve System, June 11, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-15812 Filed 6-16-97; 8:45 am]
BILLING CODE 6210-01-F
