International Banking, 20704-20706 [05-7983]
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20704
Federal Register / Vol. 70, No. 76 / Thursday, April 21, 2005 / Rules and Regulations
Environmental Impact Statement
This document has been reviewed in
accordance with 7 CFR part 1940,
subpart G, ‘‘Environmental Program.’’ It
is the determination of RHS that the
proposed action does not constitute a
major Federal action significantly
affecting the quality of the environment
and in accordance with the National
Environmental Policy Act of 1969,
Public Law 91–190, an Environmental
Impact Statement is not required.
Executive Order 13132, Federalism
The policies contained in this rule do
not have any substantial direct effect on
States, on the relationship between the
National Government and the States, or
on the distribution of power and
responsibilities among the various
levels of government. Nor does this rule
impose a substantial direct compliance
cost on State and local governments.
Therefore, consultation with the States
is not required.
List of Subjects in Part 1955
Government acquired property,
Government property management.
I Accordingly, Chapter XVIII, Title 7,
Code of Federal Regulations, is amended
as follows:
PART 1955—PROPERTY
MANAGEMENT
1. The authority citation for part 1955
continues to read as follows:
I
Authority: 5 U.S.C. 301; 7 U.S.C. 1989; 42
U.S.C. 1480.
Subpart B—Management of Property
2. Section 1955.65 is amended by
revising paragraph (c)(3) to read as
follows:
I
§ 1955.65 Management of inventory and/or
custodial real property.
*
*
*
*
*
(c) * * *
(3) Specification of services. All
management contracts will provide for
termination by either the contractor or
the Government upon 30 days written
notice. Contracts providing for
management of multiple properties will
also provide for properties to be added
or removed from the contractor’s
assignment whenever necessary, such as
when a property is acquired or taken
into custody during the period of a
contract or when a property is sold from
inventory. If a contractor prepares repair
specifications, that contractor will be
excluded from the solicitation for
making the repairs to avoid a conflict of
interest.
If a management contract calls for
specification writing services, a clause
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must be inserted in the contract
prohibiting the preparer or his/her
associates from doing the repair work.
*
*
*
*
*
FEDERAL DEPOSIT INSURANCE
CORPORATION
Dated: April 4, 2005.
Gilbert Gonzalez,
Under Secretary, Rural Development.
Dated: April 11, 2005.
J.B. Penn,
Under Secretary, Farm and Foreign
Agricultural Service.
[FR Doc. 05–7982 Filed 4–20–05; 8:45 am]
RIN 3064–AC85
BILLING CODE 3410–XV–P
FEDERAL RESERVE SYSTEM
12 CFR Part 225
[Regulation Y]
Bank Holding Companies and Change
in Bank Control
Board of Governors of the
Federal Reserve System (Board).
AGENCY:
ACTION:
Final rule; correction.
SUMMARY: This correction amends a
footnote reference in the text of 12 CFR
part 225, Appendix A.
DATES:
Effective on April 21, 2005.
John
F. Connolly, Senior Supervisory
Financial Analyst (202–452–3621 or
john.f.connolly@frb.gov), Division of
Banking Supervision and Regulation.
For users of Telecommunications
Device for the Deaf (TDD) only, contact
202–263–4869.
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
In part 225, Appendix A, Section III,
D.1.b., footnote reference 52 in the text
should be redesignated as footnote
reference 55. The correction reads as
follows:
I
Appendix A to Part 225—Capital
Adequacy Guidelines for Banking
Holding Companies: Risk-Based
Measure [Corrected]
III. * * *
D. * * *
1. * * *
b. * * * 55 * * *
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International Banking
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule; correction.
AGENCY:
SUMMARY: The Federal Deposit
Insurance Corporation published in the
Federal Register of April 6, 2005, a final
rule amending parts 303, 325, and 327
and revising subparts A and B of part
347. The regulations contained in
subpart C of part 347 were not included
in the publication. This document
corrects the final rule by adding the
regulations in subpart C of part 347 to
the regulatory text.
DATES: Effective on July 1, 2005.
FOR FURTHER INFORMATION CONTACT:
Rodney D. Ray, Counsel, Legal Division,
(202) 898–3556 or rray@fdic.gov,
Federal Deposit Insurance Corporation,
550 17th Street, NW., Washington, DC
20429.
The
Federal Deposit Insurance Corporation
published in the Federal Register of
April 6, 2005, a final rule amending
parts 303, 325, and 327 and revising
subparts A and B of part 347. Although
the regulations in subpart C of part 347
were listed in the Table of Contents for
part 347, the regulatory text of subpart
C was not contained in the final rule.
This document corrects the final rule by
adding the regulations in subpart C of
part 347 to the regulatory text.
I In the final rule published on April 6,
2005, (70 FR 17550) make the following
correction. On page 17572, in the third
column after section 347.216, add
Subpart C to read as follows:
SUPPLEMENTARY INFORMATION:
Subpart C—International Lending
§ 347.301
Purpose, authority, and scope.
Under the International Lending
Supervision Act of 1983 (Title IX, Pub.
L. 98–181, 97 Stat. 1153) (12 U.S.C.
3901 et seq.) (ILSA), the Federal Deposit
Insurance Corporation prescribes the
regulations in this subpart relating to
international lending activities of banks.
§ 347.302
By order of the Board of Governors of the
Federal Reserve System, April 15, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05–8020 Filed 4–20–05; 8:45 am]
BILLING CODE 6210–01–P
12 CFR Part 347
Definitions.
For the purposes of this subpart:
(a) Administrative cost means those
costs which are specifically identified
with negotiating, processing and
consummating the loan. These costs
include, but are not necessarily limited
to: legal fees; costs of preparing and
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Federal Register / Vol. 70, No. 76 / Thursday, April 21, 2005 / Rules and Regulations
processing loan documents; and an
allocable portion of salaries and related
benefits of employees engaged in the
international lending function. No
portion of supervisory and
administrative expenses or other
indirect expenses such as occupancy
and other similar overhead costs shall
be included.
(b) Banking institution means an
insured state nonmember bank.
(c) Federal banking agencies means
the Board of Governors of the Federal
Reserve System, the Office of the
Comptroller of the Currency, and the
Federal Deposit Insurance Corporation.
(d) International assets means those
assets required to be included in
banking institutions’ ‘‘Country Exposure
Report’’ form (FFIEC No. 009).
(e) International loan means a loan as
defined in the instructions to the
‘‘Report of Condition and Income’’ for
the respective banking institution
(FFIEC Nos. 031, 032, 033 and 034) and
made to a foreign government, or to an
individual, a corporation, or other entity
not a citizen of, resident in, or organized
or incorporated in the United States.
(f) Restructured international loan
means a loan that meets the following
criteria:
(1) The borrower is unable to service
the existing loan according to its terms
and is a resident of a foreign country in
which there is a generalized inability of
public and private sector obligors to
meet their external debt obligations on
a timely basis because of a lack of, or
restraints on the availability of, needed
foreign exchange in the country; and
(2) Either:
(i) The terms of the existing loan are
amended to reduce stated interest or
extend the schedule of payments; or
(ii) A new loan is made to, or for the
benefit of, the borrower, enabling the
borrower to service or refinance the
existing debt.
(g) Transfer risk means the possibility
that an asset cannot be serviced in the
currency of payment because of a lack
of, or restraints on the availability of,
needed foreign exchange in the country
of the obligor.
§ 347.303
Allocated transfer risk reserve.
(a) Establishment of Allocated
Transfer Risk Reserve. A banking
institution shall establish an allocated
transfer risk reserve (ATRR) for
specified international assets when
required by the FDIC in accordance with
this section.
(b) Procedures and standards—(1)
Joint agency determination. At least
annually, the federal banking agencies
shall determine jointly, based on the
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standards set forth in paragraph (b)(2) of
this section, the following:
(i) Which international assets subject
to transfer risk warrant establishment of
an ATRR;
(ii) The amount of the ATRR for the
specified assets; and
(iii) Whether an ATRR established for
specified assets may be reduced.
(2) Standards for requiring ATRR—(i)
Evaluation of assets. The federal
banking agencies shall apply the
following criteria in determining
whether an ATRR is required for
particular international assets:
(A) Whether the quality of a banking
institution’s assets has been impaired by
a protracted inability of public or
private obligors in a foreign country to
make payments on their external
indebtedness as indicated by such
factors, among others, as whether:
(1) Such obligors have failed to make
full interest payments on external
indebtedness; or
(2) Such obligors have failed to
comply with the terms of any
restructured indebtedness; or
(3) A foreign country has failed to
comply with any International Monetary
Fund or other suitable adjustment
program; or
(B) Whether no definite prospects
exist for the orderly restoration of debt
service.
(ii) Determination of amount of
ATRR. (A) In determining the amount of
the ATRR, the federal banking agencies
shall consider:
(1) The length of time the quality of
the asset has been impaired;
(2) Recent actions taken to restore
debt service capability;
(3) Prospects for restored asset
quality; and
(4) Such other factors as the federal
banking agencies may consider relevant
to the quality of the asset.
(B) The initial year’s provision for the
ATRR shall be ten percent of the
principal amount of each specified
international asset, or such greater or
lesser percentage determined by the
federal banking agencies. Additional
provision, if any, for the ATRR in
subsequent years shall be fifteen percent
of the principal amount of each
specified international asset, or such
greater or lesser percentage determined
by the federal banking agencies.
(3) FDIC notification. Based on the
joint agency determinations under
paragraph (b)(1) of this section, the FDIC
shall notify each banking institution
holding assets subject to an ATRR:
(i) Of the amount of the ATRR to be
established by the institution for
specified international assets; and
(ii) That an ATRR established for
specified assets may be reduced.
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20705
(c) Accounting treatment of ATRR—
(1) Charge to current income. A banking
institution shall establish an ATRR by a
charge to current income and the
amounts so charged shall not be
included in the banking institution’s
capital or surplus.
(2) Separate accounting. A banking
institution shall account for an ATRR
separately from the Allowance for Loan
and Lease Losses, and shall deduct the
ATRR from ‘‘gross loans and leases’’ to
arrive at ‘‘net loans and leases.’’ The
ATRR must be established for each asset
subject to the ATRR in the percentage
amount specified.
(3) Consolidation. A banking
institution shall establish an ATRR, as
required, on a consolidated basis. For
banks, consolidation should be in
accordance with the procedures and
tests of significance set forth in the
instructions for preparation of
Consolidated Reports of Condition and
Income (FFIEC Nos. 031, 032, 033 and
034).
(4) Alternative accounting treatment.
A banking institution need not establish
an ATRR if it writes down in the period
in which the ATRR is required, or has
written down in prior periods, the value
of the specified international assets in
the requisite amount for each such asset.
For purposes of this paragraph (c)(4),
international assets may be written
down by a charge to the Allowance for
Loan and Lease Losses or a reduction in
the principal amount of the asset by
application of interest payments or
other collections on the asset; provided,
that only those international assets that
may be charged to the Allowance for
Loan and Lease Losses pursuant to
generally accepted accounting
principles may be written down by a
charge to the Allowance for Loan and
Lease Losses. However, the Allowance
for Loan and Lease Losses must be
replenished in such amount necessary
to restore it to a level which adequately
provides for the estimated losses
inherent in the banking institution’s
loan and lease portfolio.
(5) Reduction of ATRR. A banking
institution may reduce an ATRR when
notified by the FDIC or, at any time, by
writing down such amount of the
international asset for which the ATRR
was established.
§ 347.304 Accounting for fees on
international loans.
(a) Restrictions on fees for
restructured international loans. No
banking institution shall charge, in
connection with the restructuring of an
international loan, any fee exceeding the
administrative cost of the restructuring
unless it amortizes the amount of the fee
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Federal Register / Vol. 70, No. 76 / Thursday, April 21, 2005 / Rules and Regulations
exceeding the administrative cost over
the effective life of the loan.
(b) Accounting treatment. Subject to
paragraph (a) of this section, banking
institutions shall account for fees on
international loans in accordance with
generally accepted accounting
principles.
§ 347.305 Reporting and disclosure of
international assets.
(a) Requirements. (1) Pursuant to
section 907(a) of ILSA, a banking
institution shall submit to the FDIC, at
least quarterly, information regarding
the amounts and composition of its
holdings of international assets.
(2) Pursuant to section 907(b) of ILSA,
a banking institution shall submit to the
FDIC information regarding
concentrations in its holdings of
international assets that are material in
relation to total assets and to capital of
the institution, such information to be
made publicly available by the FDIC on
request.
(b) Procedures. The format, content
and reporting and filing dates of the
reports required under paragraph (a) of
this section shall be determined jointly
by the federal banking agencies. The
requirements to be prescribed by the
federal banking agencies may include
changes to existing forms (such as
revisions to the Country Exposure
Report, Form FFIEC No. 009) or such
other requirements as the federal
banking agencies deem appropriate. The
federal banking agencies also may
determine to exempt from the
requirements of paragraph (a) of this
section banking institutions that, in the
federal banking agencies’ judgment,
have de minimis holdings of
international assets.
(c) Reservation of Authority. Nothing
contained in this subpart shall preclude
the FDIC from requiring from a banking
institution such additional or more
frequent information on the institution’s
holdings of international assets as the
agency may consider necessary.
Dated: April 15, 2005.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 05–7983 Filed 4–20–05; 8:45 am]
BILLING CODE 6714–01–P
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DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 23
[Docket No. CE222; Special Conditions No.
23–162–SC]
Special Conditions: Garmin
International Inc.; Cessna Model
182T/T182T Airplane; Installation of
Electronic Flight Instrument System
and the Protection of the System From
High Intensity Radiated Fields (HIRF)
Federal Aviation
Administration (FAA), DOT.
ACTION: Final special conditions; request
for comments.
AGENCY:
SUMMARY: These special conditions are
issued for Garmin International Inc.,
1200 E. 151st St., Olathe, KS 66062, for
a Supplemental Type Certificate on the
Cessna Model 182T/T182T airplanes.
These airplanes, as modified by Garmin,
will have a novel or unusual design
feature(s) associated with the
installation of a Garmin GFC–700 digital
autopilot system. These special
conditions address the protection of
these systems from the effects of high
intensity radiated field (HIRF)
environments. The applicable
airworthiness regulations do not contain
adequate or appropriate safety standards
for this design feature. These special
conditions contain the additional safety
standards that the Administrator
considers necessary to establish a level
of safety equivalent to that established
by the existing airworthiness standards.
DATES: The effective date of these
special conditions is April 8, 2005.
Comments must be received on or
before May 23, 2005.
ADDRESSES: Comments on these special
conditions may be mailed in duplicate
to: Federal Aviation Administration,
Regional Counsel, ACE–7, Attention:
Rules Docket CE222, 901 Locust, Room
506, Kansas City, Missouri 64106; or
delivered in duplicate to the Regional
Counsel at the above address.
Comments must be marked: CE222.
Comments may be inspected in the
Rules Docket weekdays, except Federal
holidays, between 7:30 a.m. and 4 p.m.
FOR FURTHER INFORMATION CONTACT: Mr.
Wes Ryan, Federal Aviation
Administration, Aircraft Certification
Service, Small Airplane Directorate,
ACE–114, 901 Locust, Room 301,
Kansas City, Missouri, 816–329–4127,
fax 816–329–4090.
SUPPLEMENTARY INFORMATION: The FAA
has determined that notice and
opportunity for prior public comment
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hereon are impracticable because these
procedures would significantly delay
issuance of the approval and thus
delivery of the affected aircraft. In
addition, the substance of these special
conditions has been subject to the
public comment process in several prior
instances with no substantive comments
received. The FAA therefore finds that
good cause exists for making these
special conditions effective upon
issuance.
Comments Invited
Interested persons are invited to
submit such written data, views, or
arguments as they may desire.
Communications should identify the
regulatory docket or special condition
number and be submitted in duplicate
to the address specified above. All
communications received on or before
the closing date for comments will be
considered by the Administrator. The
special conditions may be changed in
light of the comments received. All
comments received will be available in
the Rules Docket for examination by
interested persons, both before and after
the closing date for comments. A report
summarizing each substantive public
contact with FAA personnel concerning
this rulemaking will be filed in the
docket. Commenters wishing the FAA to
acknowledge receipt of their comments
submitted in response to this notice
must include a self-addressed, stamped
postcard on which the following
statement is made: ‘‘Comments to
CE222.’’ The postcard will be date
stamped and returned to the
commenter.
Background
On October 27, 2004, Garmin
International Inc. applied for a
Supplemental Type Certificate for the
Cessna Model 182T and Model T182T to
install a Garmin GFC–700 digital
autopilot. The Cessna Model 182T and
T182T are single engine, high wing
airplanes capable of carrying four
passengers. The proposed modification
incorporates a novel or unusual design
feature, such as a digital electronic
autopilot system that may be vulnerable
to HIRF external to the airplane.
Type Certification Basis
Under the provisions of 14 CFR part
21, Sec. 21.101, Garmin International,
Inc. must show that the Cessna 182T
and T182T aircraft meet the following
original certification basis provisions or
the applicable regulations in effect on
the date of application for the change to
the Cessna 182T and T182T:
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]]>Agencies
[Federal Register Volume 70, Number 76 (Thursday, April 21, 2005)]
[Rules and Regulations]
[Pages 20704-20706]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-7983]
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 347
RIN 3064-AC85
International Banking
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Final rule; correction.
-----------------------------------------------------------------------
SUMMARY: The Federal Deposit Insurance Corporation published in the
Federal Register of April 6, 2005, a final rule amending parts 303,
325, and 327 and revising subparts A and B of part 347. The regulations
contained in subpart C of part 347 were not included in the
publication. This document corrects the final rule by adding the
regulations in subpart C of part 347 to the regulatory text.
DATES: Effective on July 1, 2005.
FOR FURTHER INFORMATION CONTACT: Rodney D. Ray, Counsel, Legal
Division, (202) 898-3556 or rray@fdic.gov, Federal Deposit Insurance
Corporation, 550 17th Street, NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: The Federal Deposit Insurance Corporation
published in the Federal Register of April 6, 2005, a final rule
amending parts 303, 325, and 327 and revising subparts A and B of part
347. Although the regulations in subpart C of part 347 were listed in
the Table of Contents for part 347, the regulatory text of subpart C
was not contained in the final rule. This document corrects the final
rule by adding the regulations in subpart C of part 347 to the
regulatory text.
0
In the final rule published on April 6, 2005, (70 FR 17550) make the
following correction. On page 17572, in the third column after section
347.216, add Subpart C to read as follows:
Subpart C--International Lending
Sec. 347.301 Purpose, authority, and scope.
Under the International Lending Supervision Act of 1983 (Title IX,
Pub. L. 98-181, 97 Stat. 1153) (12 U.S.C. 3901 et seq.) (ILSA), the
Federal Deposit Insurance Corporation prescribes the regulations in
this subpart relating to international lending activities of banks.
Sec. 347.302 Definitions.
For the purposes of this subpart:
(a) Administrative cost means those costs which are specifically
identified with negotiating, processing and consummating the loan.
These costs include, but are not necessarily limited to: legal fees;
costs of preparing and
[[Page 20705]]
processing loan documents; and an allocable portion of salaries and
related benefits of employees engaged in the international lending
function. No portion of supervisory and administrative expenses or
other indirect expenses such as occupancy and other similar overhead
costs shall be included.
(b) Banking institution means an insured state nonmember bank.
(c) Federal banking agencies means the Board of Governors of the
Federal Reserve System, the Office of the Comptroller of the Currency,
and the Federal Deposit Insurance Corporation.
(d) International assets means those assets required to be included
in banking institutions' ``Country Exposure Report'' form (FFIEC No.
009).
(e) International loan means a loan as defined in the instructions
to the ``Report of Condition and Income'' for the respective banking
institution (FFIEC Nos. 031, 032, 033 and 034) and made to a foreign
government, or to an individual, a corporation, or other entity not a
citizen of, resident in, or organized or incorporated in the United
States.
(f) Restructured international loan means a loan that meets the
following criteria:
(1) The borrower is unable to service the existing loan according
to its terms and is a resident of a foreign country in which there is a
generalized inability of public and private sector obligors to meet
their external debt obligations on a timely basis because of a lack of,
or restraints on the availability of, needed foreign exchange in the
country; and
(2) Either:
(i) The terms of the existing loan are amended to reduce stated
interest or extend the schedule of payments; or
(ii) A new loan is made to, or for the benefit of, the borrower,
enabling the borrower to service or refinance the existing debt.
(g) Transfer risk means the possibility that an asset cannot be
serviced in the currency of payment because of a lack of, or restraints
on the availability of, needed foreign exchange in the country of the
obligor.
Sec. 347.303 Allocated transfer risk reserve.
(a) Establishment of Allocated Transfer Risk Reserve. A banking
institution shall establish an allocated transfer risk reserve (ATRR)
for specified international assets when required by the FDIC in
accordance with this section.
(b) Procedures and standards--(1) Joint agency determination. At
least annually, the federal banking agencies shall determine jointly,
based on the standards set forth in paragraph (b)(2) of this section,
the following:
(i) Which international assets subject to transfer risk warrant
establishment of an ATRR;
(ii) The amount of the ATRR for the specified assets; and
(iii) Whether an ATRR established for specified assets may be
reduced.
(2) Standards for requiring ATRR--(i) Evaluation of assets. The
federal banking agencies shall apply the following criteria in
determining whether an ATRR is required for particular international
assets:
(A) Whether the quality of a banking institution's assets has been
impaired by a protracted inability of public or private obligors in a
foreign country to make payments on their external indebtedness as
indicated by such factors, among others, as whether:
(1) Such obligors have failed to make full interest payments on
external indebtedness; or
(2) Such obligors have failed to comply with the terms of any
restructured indebtedness; or
(3) A foreign country has failed to comply with any International
Monetary Fund or other suitable adjustment program; or
(B) Whether no definite prospects exist for the orderly restoration
of debt service.
(ii) Determination of amount of ATRR. (A) In determining the amount
of the ATRR, the federal banking agencies shall consider:
(1) The length of time the quality of the asset has been impaired;
(2) Recent actions taken to restore debt service capability;
(3) Prospects for restored asset quality; and
(4) Such other factors as the federal banking agencies may consider
relevant to the quality of the asset.
(B) The initial year's provision for the ATRR shall be ten percent
of the principal amount of each specified international asset, or such
greater or lesser percentage determined by the federal banking
agencies. Additional provision, if any, for the ATRR in subsequent
years shall be fifteen percent of the principal amount of each
specified international asset, or such greater or lesser percentage
determined by the federal banking agencies.
(3) FDIC notification. Based on the joint agency determinations
under paragraph (b)(1) of this section, the FDIC shall notify each
banking institution holding assets subject to an ATRR:
(i) Of the amount of the ATRR to be established by the institution
for specified international assets; and
(ii) That an ATRR established for specified assets may be reduced.
(c) Accounting treatment of ATRR--(1) Charge to current income. A
banking institution shall establish an ATRR by a charge to current
income and the amounts so charged shall not be included in the banking
institution's capital or surplus.
(2) Separate accounting. A banking institution shall account for an
ATRR separately from the Allowance for Loan and Lease Losses, and shall
deduct the ATRR from ``gross loans and leases'' to arrive at ``net
loans and leases.'' The ATRR must be established for each asset subject
to the ATRR in the percentage amount specified.
(3) Consolidation. A banking institution shall establish an ATRR,
as required, on a consolidated basis. For banks, consolidation should
be in accordance with the procedures and tests of significance set
forth in the instructions for preparation of Consolidated Reports of
Condition and Income (FFIEC Nos. 031, 032, 033 and 034).
(4) Alternative accounting treatment. A banking institution need
not establish an ATRR if it writes down in the period in which the ATRR
is required, or has written down in prior periods, the value of the
specified international assets in the requisite amount for each such
asset. For purposes of this paragraph (c)(4), international assets may
be written down by a charge to the Allowance for Loan and Lease Losses
or a reduction in the principal amount of the asset by application of
interest payments or other collections on the asset; provided, that
only those international assets that may be charged to the Allowance
for Loan and Lease Losses pursuant to generally accepted accounting
principles may be written down by a charge to the Allowance for Loan
and Lease Losses. However, the Allowance for Loan and Lease Losses must
be replenished in such amount necessary to restore it to a level which
adequately provides for the estimated losses inherent in the banking
institution's loan and lease portfolio.
(5) Reduction of ATRR. A banking institution may reduce an ATRR
when notified by the FDIC or, at any time, by writing down such amount
of the international asset for which the ATRR was established.
Sec. 347.304 Accounting for fees on international loans.
(a) Restrictions on fees for restructured international loans. No
banking institution shall charge, in connection with the restructuring
of an international loan, any fee exceeding the administrative cost of
the restructuring unless it amortizes the amount of the fee
[[Page 20706]]
exceeding the administrative cost over the effective life of the loan.
(b) Accounting treatment. Subject to paragraph (a) of this section,
banking institutions shall account for fees on international loans in
accordance with generally accepted accounting principles.
Sec. 347.305 Reporting and disclosure of international assets.
(a) Requirements. (1) Pursuant to section 907(a) of ILSA, a banking
institution shall submit to the FDIC, at least quarterly, information
regarding the amounts and composition of its holdings of international
assets.
(2) Pursuant to section 907(b) of ILSA, a banking institution shall
submit to the FDIC information regarding concentrations in its holdings
of international assets that are material in relation to total assets
and to capital of the institution, such information to be made publicly
available by the FDIC on request.
(b) Procedures. The format, content and reporting and filing dates
of the reports required under paragraph (a) of this section shall be
determined jointly by the federal banking agencies. The requirements to
be prescribed by the federal banking agencies may include changes to
existing forms (such as revisions to the Country Exposure Report, Form
FFIEC No. 009) or such other requirements as the federal banking
agencies deem appropriate. The federal banking agencies also may
determine to exempt from the requirements of paragraph (a) of this
section banking institutions that, in the federal banking agencies'
judgment, have de minimis holdings of international assets.
(c) Reservation of Authority. Nothing contained in this subpart
shall preclude the FDIC from requiring from a banking institution such
additional or more frequent information on the institution's holdings
of international assets as the agency may consider necessary.
Dated: April 15, 2005.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 05-7983 Filed 4-20-05; 8:45 am]
BILLING CODE 6714-01-P
