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FIL-90-2000 Attachment B

[Federal Register: December 5, 2000 (Volume 65, Number 234)]

[Rules and Regulations]

[Page 75856-75859]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr05de00-2]



 

[[Page 75856]]


 

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DEPARTMENT OF THE TREASURY


 

Office of the Comptroller of the Currency


 

12 CFR Part 3


 

[Docket No. 00-28]

RIN 1557-AB14


 

FEDERAL RESERVE SYSTEM


 

12 CFR Parts 208 and 225


 

[Regulation H and Y; Docket No. R-1087]


 

FEDERAL DEPOSIT INSURANCE CORPORATION


 

12 CFR Part 325


 

RIN 3064-AC46


 

 

Risk-Based Capital Guidelines; Market Risk Measure; Securities

Borrowing Transactions


 

AGENCIES: Office of the Comptroller of the Currency, Treasury; Board of

Governors of the Federal Reserve System; and Federal Deposit Insurance

Corporation.


 

ACTION: Interim rule with request for comment.


 

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SUMMARY: The Office of the Comptroller of the Currency (OCC), the Board

of Governors of the Federal Reserve System (Board), and the Federal

Deposit Insurance Corporation (FDIC) (collectively, the Agencies) are

issuing an interim rule with a request for comment that amends their

market risk rules to revise the capital treatment for cash collateral

that is posted in connection with certain securities borrowing

transactions. The effect of the interim rule is to more appropriately

align the capital requirements for these transactions with the risk

involved and to provide a capital treatment for U.S. banking

organizations that is more in line with the capital treatment applied

to their domestic and foreign competitors.


 

DATES: This interim rule is effective January 4, 2001. U.S. banking

organizations may apply the provisions of this interim rule beginning

December 5, 2000. Comments must be received by January 19, 2001.


 

ADDRESSES: Comments should be directed to:

OCC: Written comments may be submitted electronically to

regs.comments@occ.treas.gov or by mail to Docket No. 00-28, Office of

the Comptroller of the Currency, Public Information Room, 250 E Street,

SW, Mail Stop 1-5, Washington, DC 20219. Comments will be available for

inspection and photocopying at that address.

Board: Comments, which should refer to Docket No. R-1087, may be

mailed to Ms. Jennifer J. Johnson, Secretary, Board of Governors of the

Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551,

or mailed electronically to regs.comments@federalreserve.gov. Comments

addressed to Ms. Johnson may be delivered to the Board's mailroom

between 8:45 a.m. and 5:15 p.m., and to the security control room

outside of those hours. Both the mailroom and the security control room

are accessible from the courtyard entrance on 20th Street between

Constitution Avenue and C Street, NW. Comments may be inspected in Room

MP-500 between 9 a.m. and 5 p.m. weekdays pursuant to Sec. 261.12,

except as provided in Sec. 261.14 of the Board's Rules Regarding

Availability of Information, 12 CFR 261.12 and 261.14.

FDIC: Written comments should be addressed to Robert E. Feldman,

Executive Secretary, Attention: Comments/OES, Federal Deposit Insurance

Corporation, 550 17th Street, NW, Washington, DC 20429. Comments may be

hand delivered to the guard station at the rear of the 550 17th Street

Building (located on F Street), on business days between 7 a.m. and 5

p.m. (Fax number: (202) 898-3838; Internet address: comments@fdic.gov).

Comments may be inspected and photocopied in the FDIC Public

Information Center, Room 100, 801 17th Street, NW, Washington, DC,

between 9 a.m. and 4:30 p.m. on business days.


 

FOR FURTHER INFORMATION CONTACT:

OCC: Roger Tufts, Senior Economic Advisor, Capital Policy (202)

874-5070, or Ron Shimabukuro, Senior Attorney, Legislative and

Regulatory Activities Division (202) 874-5090, Office of the

Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.

Board: Norah Barger, Assistant Director (202/452-2402), or David

Adkins, Supervisory Financial Analyst (202/452-5259), Division of

Banking Supervision and Regulation. For the hearing impaired only,

Telecommunication Device for the Deaf (TDD), Janice Simms (202/872-

4984), Board of Governors of the Federal Reserve System, 20th and C

Streets, NW, Washington, DC 20551.

FDIC: Stephen G. Pfeifer, Examination Specialist (202/898-8904),

Accounting Section, Division of Supervision; Michael B. Phillips,

Counsel, (202/898-3581), Legal Division, Federal Deposit Insurance

Corporation, 550 17th Street, NW, Washington, DC 20429.


 

SUPPLEMENTARY INFORMATION: Securities borrowing transactions were not

specifically addressed in the July 1988 agreement entitled

``International Convergence of Capital Measurement and Capital

Standards'' (Basel Accord), nor in the risk-based capital guidelines

adopted by the Agencies in 1989.\1\ At that time, the involvement of

U.S. banking organizations in corporate debt and equity securities

trading activities was limited. However, in recent years, U.S. banking

organizations have experienced a rapid growth of such activities, and

it is recognized that securities borrowing transactions serve an

important function in the operation of securities markets. Securities

borrowings are used in conjunction with short sales, securities fails

(securities sold but not made available for delivery on the settlement

date), and option and arbitrage positions. Securities are also borrowed

in order to be pledged against public fund deposits. Securities

borrowing enhances market efficiency and provides an important source

of liquidity to the securities markets.

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\1\ The Basel Accord was developed by the Basel Committee on

Banking Supervision and endorsed by the central bank governors of

the Group of Ten (G-10) countries. The Basel Accord provides a

framework for assessing the capital adequacy of a depository

institution by risk weighting its assets and off-balance sheet

exposures primarily based on credit risk. The Basel Committee on

Banking Supervision consists of representatives of the supervisory

authorities and central banks from the Group of Ten countries

(Belgium, Canada, France, Germany, Italy, Japan, Netherlands,

Sweden, Switzerland, United Kingdom, United States), and Luxembourg.

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In a typical securities borrowing transaction, a party (for

example, a banking organization) needing to borrow securities obtains

the securities from a securities lender and posts collateral in the

form of cash or highly marketable securities with the securities lender

(or an agent acting on behalf of the securities lender) in an amount

that fully covers the value of the securities borrowed plus an

additional margin, usually ranging from two to five percent. In

accordance with U.S. generally accepted accounting principles, cash

collateral posted with the securities lender is treated as a receivable

on the books of the securities borrower (that is, it is treated as a

cash loan from the securities borrower to the securities lender, who is

the obligor). Under the existing capital rules, the securities borrower

must hold capital against the full amount of this receivable, i.e., the

collateral posted. The borrowed securities generally remain on the

balance sheet of the securities lender, and, therefore, no additional

capital charge is incurred by


 

[[Page 75857]]


 

the securities borrower. Where a securities borrower posts collateral

in the form of securities that continue to be carried on the borrower's

books, the only capital charge incurred by the borrower under the

present guidelines is that associated with a direct holding of the

securities.

The Agencies recognize that securities borrowing is a long-

established financial activity that historically has resulted in an

exceedingly low level of losses. Applying a standard 100 percent risk

weight to the full amount of the cash collateral posted to support such

borrowings, the Agencies further recognize, results in a capital charge

that is inordinately high, not only in light of the risk involved in

the transactions, but also in comparison to the capital required by

other U.S. and non-U.S. regulators of financial firms for the same

transactions. Further, under the current capital rules, a banking

organization incurs no incremental capital charge when it borrows

securities and posts securities to collateralize the borrowing, even

though it is at risk for the amount by which the collateral exceeds the

value of the securities borrowed.

The Agencies are issuing an interim rule that better reflects the

low risk of securities borrowing and the posting of cash collateral in

connection with such transactions and brings the capital requirements

for U.S. banking organizations into better alignment with the capital

requirements of other U.S. and non-U.S. regulators of financial

institutions.

Specifically, the Agencies are adopting an interim rule that

permits banking organizations under the market risk rules to exclude

from risk-weighted assets receivables arising from the posting of cash

collateral associated with securities borrowing transactions to the

extent such receivables are collateralized by the market value of the

securities borrowed, subject to the following conditions:

1. The transaction is based on securities includable in the trading

book that are liquid and readily marketable;

2. The transaction is marked to market daily;

3. The transaction is subject to daily margin maintenance

requirements, and;

4. The transaction is a securities contract for the purposes of

section 555 of the Bankruptcy Code (11 U.S.C. 555), a qualified

financial contract for the purpose of section 11(e)(8) of the Federal

Deposit Insurance Act (12 U.S.C. 1821(e)(8)), or a netting contract

between or among financial institutions for the purposes of sections

401-407 of the Federal Deposit Insurance Corporation Improvement Act of

1991 (12 U.S.C. 4401-4407), or the Board's Regulation EE (12 CFR Part

231).

Under this treatment, the amount of the receivable created in

connection with the posting of cash collateral in a securities

borrowing transaction that would be excluded from the securities

borrower's adjusted risk-weighted assets is limited to the portion that

is collateralized by the market value of the securities borrowed. The

uncollateralized portion, which equals the difference between the

amount of cash collateral that the securities borrower posts in support

of the borrowing and the current market value of the securities

borrowed, would be assigned to the risk weight appropriate to the

obligor.

The Agencies note that the Basel Accord is currently under

revision. These revisions could result in a more risk-sensitive

treatment for securities borrowing transactions. Accordingly, banking

organizations should be aware that this capital treatment under the

market risk rules is subject to change pending the outcome of the Basel

revisions, which may call for higher capital charges for securities

borrowing and similar transactions.

The Agencies welcome comment on all aspects of this interim rule.

In particular, the Agencies request industry views on the capital

treatment of the posting of securities collateral associated with

securities borrowing transactions. Under the current capital rules and

the interim rule, the posting of securities collateral will continue to

not incur a capital charge even though the securities borrower is at

risk (as it is where cash is posted as collateral) for the amount by

which the securities collateral exceeds the value of the securities

borrowed. The Agencies recognize that a strong case can be made for

achieving a greater consistency between the treatment of the posting of

cash collateral and the posting of securities collateral by requiring a

capital charge on the amount by which the market value of the

securities posted as collateral exceeds the market value of securities

borrowed. This could be accomplished under the present capital

framework, for example, by requiring the difference in the market value

of the securities posted as collateral and that of the securities

borrowed to be treated as a securities lending transaction. Under such

a treatment, the difference would be converted at 100 percent to an on-

balance sheet credit equivalent amount and risk-weighted according to

the obligor. Industry views are sought on whether the Agencies should

seek to further equalize the capital treatment of cash and securities

collateral posted in support of a securities borrowing transaction.

In addition, the Agencies are specifically interested in whether

this revision to the calculation of the capital requirement for

securities borrowing transactions should be limited only to those

banking organizations that have implemented the market risk rules.

Under the interim rule, no reduction in the capital requirement for

these securities borrowing transactions is available to banking

organizations that have not implemented an approved value-at-risk

model. Accordingly, comment is sought on whether the capital treatment

of securities borrowing should be modified within the non-trading

portion of the risk-based capital calculation.


 

Regulatory Flexibility Act Analysis


 

Pursuant to section 605(b) of the Regulatory Flexibility Act, the

Agencies have determined that this interim rule would not have a

significant impact on a substantial number of small entities in accord

with the spirit and purposes of the Regulatory Flexibility Act (5

U.S.C. 601 et seq.). Accordingly, a regulatory flexibility analysis is

not required. The interim rule would reduce regulatory burden. The rule

will only affect banking organizations that operate under the market

risk rules which limits the applicability of the rule to organizations

with significant trading operations. The rule will reduce regulatory

burden for banking organizations that engage in securities borrowing

transactions.


 

Administrative Procedure Act


 

Pursuant to section 553 of the Administrative Procedure Act, 5

U.S.C. 553, the Agencies find good cause for issuing this interim rule

in advance of the receipt of comments from interested parties.

Currently, U.S. banking organizations are at a competitive disadvantage

versus certain foreign organizations because of differing capital

treatment for securities borrowing transactions. The Agencies find that

it is contrary to the public interest for U.S. banking organizations to

be subject to more stringent rules (resulting in higher regulatory

capital requirements) than direct competitor institutions outside of

the U.S. that have capital charges determined from rules that are

consistent with the interim rule. This rule relieves a restriction on

banking organizations and fosters consistency among international

institutions prior to year-end, but does not raise safety and soundness

concerns.


 

[[Page 75858]]


 

The Agencies are seeking public comment on the interim rule.


 

Paperwork Reduction Act


 

The Agencies have determined that this interim rule does not

involve a collection of information pursuant to the provisions of the

Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.).


 

OCC Unfunded Mandates Reform Act of 1995 Determinations


 

Section 202 of the Unfunded Mandates Reform Act of 1995, Public Law

104-4 (Unfunded Mandates Act) requires that an agency prepare a

budgetary impact statement before promulgating a rule that includes a

Federal mandate that may result in expenditure by State, local, and

tribal governments, in the aggregate, or by the private sector, of $100

million or more in any one year. If a budgetary impact statement is

required, section 205 of the Unfunded Mandates Act also requires an

agency to identify and consider a reasonable number of regulatory

alternatives before promulgating a rule. As discussed in the preamble,

this interim rule is limited to banking organizations subject to the

market risk rules and to securities borrowing transactions

collateralized with cash. The OCC, therefore, has determined that the

interim rule will not result in expenditures by State, local, or tribal

governments, or by the private sector of $100 million or more.

Accordingly, the OCC has not prepared a budgetary impact statement or

specifically addressed the regulatory alternatives considered.


 

List of Subjects


 

12 CFR Part 3


 

Administrative practice and procedure, Capital, National banks,

Reporting and recordkeeping requirements, Risk.


 

12 CFR Part 208


 

Accounting, Agriculture, Banks, banking, Confidential business

information, Crime, Currency, Federal Reserve System, Mortgages,

Reporting and recordkeeping requirements, Securities.


 

12 CFR Part 225


 

Administrative practice and procedure, Banks, banking, Federal

Reserve System, Holding companies, Reporting and recordkeeping

requirements, Securities.


 

12 CFR Part 325


 

Administrative practice and procedure, Bank deposit insurance,

Banks, banking, Capital adequacy, Reporting and recordkeeping

requirements, Savings associations, State non-member banks.


 

Department of Treasury


 

Office of the Comptroller of the Currency


 

12 CFR Chapter 1


 

Authority and Issuance


 

For the reasons set out in the joint preamble, part 3 of chapter I

of title 12 of the Code of Federal Regulations is amended as follows:


 

PART 3--MINIMUM CAPITAL RATIOS; ISSUANCE OF DIRECTIVES


 

1. The authority citation for part 3 continues to read as follows:



 

Authority: 12 U.S.C. 93a, 161, 1818, 1828(n), 1828 note, 1831n

note, 1835, 3907 and 3909.


 

2. In appendix A to part 3, in section 3:

a. Revise paragraph (a)(4) introductory text; and

b. Add a new footnote 12a.


 

Appendix A To Part 3--Risked-Based Capital Guidelines


 

* * * * *


 

Section 3. Risk Categories/Weights for On-Balance Sheet Assets and

Off-Balance Sheet Items


 

* * * * *

(a) * * *

(4) 100 percent risk weight. All other assets not specified

above,\12a\ including:

\12a\ A bank subject to the market risk capital requirements

pursuant to appendix B of this part 3 may calculate the capital

requirement for qualifying securities borrowing transactions

pursuant to section 3(a)(1)(ii) of appendix B of this part 3.

* * * * *



 

3. In appendix B to part 3, in section 3, revise paragraph (a)(1)

to read as follows:


 

Appendix B to Part 3--Risk-Based Capital Guidelines; Market Risk

Adjustment


 

(a) * * *

(1) Adjusted risk-weighted assets. (i) Covered positions.

Calculate adjusted risk-weighted assets, which equal risk-weighted

assets (as determined in accordance with appendix A of this part),

excluding the risk-weighted amount of all covered positions (except

foreign exchange positions outside the trading account and over-the-

counter derivatives positions).\7\

(ii) Securities borrowing transactions. In calculating adjusted

risk-weighted assets, a bank also may exclude a receivable that

results from the bank's posting of cash collateral in a securities

borrowing transaction to the extent that the receivable is

collateralized by the market value of the borrowed securities and

subject to the following conditions:

(A) The borrowed securities must be includable in the trading

account and must be liquid and readily marketable;

(B) The borrowed securities must be marked to market daily;

(C) The receivable must be subject to a daily margining

requirement; and

(D) The securities borrowing transaction must be a securities

contract for purposes of section 555 of the Bankruptcy Code (11

U.S.C. 555741(7)), a qualified financial contract for purposes of

section 11(e)(8) of the Federal Deposit Insurance Act (12 U.S.C.

1821(e)(8)), or a netting contract between or among financial

institutions, for purposes of sections 401-407 of the Federal

Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C.

4401-4407) or Regulation EE (12 CFR Part 231).

* * * * *

\7\ Foreign exchange positions outside the trading account and

all over-the-counter derivative positions, whether or not in the

trading account, must be included in adjusted risk-weighted assets

as determined in appendix A of this part 3.


 

Dated: November 20, 2000.

John D. Hawke, Jr.,

Comptroller of the Currency.


 

Federal Reserve System


 

12 CFR Chapter 11


 

Authority and Issuance


 

For the reasons set forth in the joint preamble, part 208 of

chapter II of title 12 of the Code of Federal Regulations is amended as

set forth below:


 

PART 208--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL

RESERVE SYSTEM (REGULATION H)


 

1. The authority citation for part 208 continues to read as

follows:



 

Authority: 12 U.S.C. 24, 36, 92a, 93a, 248(a), 248(c), 321-338a,

371d, 461, 481-486, 601, 611, 1814, 1816, 1818, 1820(d)(9), 1823(j),

1828(o), 1831, 1831o, 1831p-1, 1831r-1, 1835a, 1882, 2901-2907,

3105, 3310, 3331-3351, and 3906-3909; 15 U.S.C. 78b, 78l(b), 78l(g),

78l(i), 78o-4(c)(5), 78q, 78q-1, and 78w, 6801, and 6805; 31 U.S.C.

5318; 42 U.S.C. 4012a, 4104a, 4104b, 4106, and 4128.



 

2. In appendix E to part 208, under section 3, paragraph (a)(1) is

revised to read as follows:


 

Appendix E to part 208--Capital Adequacy Guidelines for State

Member Banks; Market Risk Measure


 

* * * * *


 

Section 3 Adjustments to the Risk-Based Capital Ratio Calculations


 

(a) * * *


 

[[Page 75859]]


 

(1) Adjusted risk-weighted assets. Calcuate adjusted risk-

weighted assets, which equals risk-weighted assets (as determined in

accordance with appendix A of this part), excluding the risk-

weighted amounts of all covered positions (except foreign exchange

positions outside the trading account and over-the counter

derivative positions) \7\ and receivables arising from the posting

of cash collateral that is associated with securities borrowing

transactions to the extent the receivables are collateralized by the

market value of the borrowed securities, provided that the following

conditions are met:

(i) The transaction is based on securities includable in the

trading book that are liquid and readily marketable,

(ii) The transaction is marked to market daily,

(iii) The transaction is subject to daily margin maintenance

requirements,

(iv) The transaction is a securities contract for the purposes

of section 555 of the Bankruptcy Code (11 U.S.C. 555), a qualified

financial contract for the purposes of section 11(e)(8) of the

Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)), or a netting

contract between or among financial institutions for the purposes of

sections 401-407 of the Federal Deposit Insurance Corporation

Improvement Act of 1991 (12 U.S.C. 4401-4407), or the Board's

Regulation EE (12 CFR part 231).

* * * * *

\7\ Foreign exchange positions outside the trading account and

all over-the-counter derivative positions, whether or not in the

trading account, must be included in the adjusted risk weighted

assets asdetermined in appendix A of this part.

* * * * *


 

PART 225--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL

(REGULATION Y)


 

1. The authority citation for part 225 continues to read as

follows:



 

Authority: 12 U.S.C. 1817(j)(13), 1818, 1828(o), 1831i, 1831p-1,

1843(c), 1844(b), 1972(1), 3106, 3108, 3310, 3331-3351, 3907. and

3909; 15 U.S.C. 6801 and 6805.



 

2. In appendix E to part 225, under section 3, paragraph (a)(1) is

revised to read as follows:


 

Appendix E to Part 225--Capital Adequacy Guidelines for Bank

Holding Companies; Market Risk Measure


 

* * * * *


 

Section 3. Adjustments to the Risk-Based Capital Ratio Calculations


 

(a) * * *

(1) Adjusted risk-weighted assets. Calculate adjusted risk-

weighted assets, which equals risk-weighted assets (as determined in

accordance with appendix A of this part), excluding the risk-

weighted amounts of all covered positions (except foreign exchange

positions outside the trading account and over-the-counter

derivative positions) \7\ and receivables arising from the posting

of cash collateral that is associated with securities borrowing

transactions to the extent the receivables are collateralized by the

market value of the borrowed securities, provided that the following

conditions are met:

(i) The transaction is based on securities includable in the

trading book that are liquid and readily marketable,

(ii) The transaction is marked to market daily,

(iii) The transaction is subject to daily margin maintenance

requirements,

(iv) The transaction is a securities contract for the purposes

of section 555 of the Bankruptcy Code (11 U.S.C. 555), a qualified

financial contract for the purposes of section 11(e)(8) of the

Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)), or a netting

contract between or among financial institutions for the purposes of

sections 401-407 of the Federal Deposit Insurance Corporation

Improvement Act of 1991 (12 U.S.C. 4401-4407), or the Board's

Regulation EE (12 CFR Part 231).

* * * * *

\7\ Foreign exchange positions outside the trading account and

all over-the-counter derivative positions, whether or not in the

trading account, must be included in the adjusted risk weighted

assets as determined in appendix A of this part.



 

By order of the Board of Governors of the Federal Reserve

System, November 24, 2000.

Jennifer J. Johnson,

Secretary of the Board.


 

Federal Deposit Insurance Corporation


 

12 CFR Chapter III


 

Authority and Issuance


 

For the reasons set forth in the joint preamble, part 325 of

chapter III of title 12 of the Code of Federal Regulations is amended

as follows:


 

PART 325--CAPITAL MAINTENANCE


 

1. The authority citation for part 325 continues to read as

follows:


 

Authority: 12 U.S.C. 1815(a), 1815(b), 1816, 1818(a), 1818(b),

1818(c), 1818(t), 1819(Tenth), 1828(c), 1828(d), 1828(i), 1828(n),

1828(o), 1831o, 1835, 3907, 3909, 4808; Pub. L. 102-233, 105 Stat.

1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. L. 102-242, 105 Stat.

2236, 2355, 2386 (12 U.S.C. 1828 note).


 

2. In appendix C to part 325, under section 3, paragraph (a)(1) is

revised to read as follows:


 

Appendix C to Part 325--Risk-Based Capital for State Non-Member

Banks: Market Risk


 

* * * * *


 

Section 3. Adjustments to the Risk-Based Capital Ratio Calculations


 

(a) * * *

* * * * *

(1) Adjusted risk-weighted assets. Calculate adjusted risk-

weighted assets, which equals risk-weighted assets (as determined in

accordance with appendix A of this part), excluding the risk-

weighted amounts of all covered positions (except foreign exchange

positions outside the trading account and over-the-counter

derivative positions) \7\ and receivables arising from the posting

of cash collateral that is associated with securities borrowing

transactions to the extent the receivables are collateralized by the

market value of the borrowed securities, provided that the following

conditions are met:

(i) The transaction is based on securities includable in the

trading book that are liquid and readily marketable,

(ii) The transaction is marked to market daily,

(iii) The transaction is subject to daily margin maintenance

requirements,

(iv) The transaction is a securities contract for the purposes

of section 555 of the Bankruptcy Code (11 U.S.C. 555), a qualified

financial contract for the purposes of section 11(e)(8) of the

Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)), or a netting

contract between or among financial institutions for the purposes of

sections 401-407 of the Federal Deposit Insurance Corporation

Improvement Act of 1991 (12 U.S.C. 4401-4407), or the Board's

Regulation EE (12 CFR Part 231).

* * * * *

\7\ Foreign exchange positions outside the trading account and

all over-the-counter derivative positions, whether or not in the

trading account, must be included in the adjusted risk weighted

assets as determined in appendix A of this part.



 

Dated at Washington, DC, this 21st day of November, 2000.


 

By order of the Board of Directors.


 

Federal Deposit Insurance Corporation.

James D. LaPierre,

Deputy Executive Secretary.

[FR Doc. 00-30748 Filed 12-4-00; 8:45 am]

BILLING CODE 4810-33-P 6210-01-P 6714-01-P

Last Updated: March 24, 2024