Notice of Agreements Filed, 49478 [2011-20329]
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49478
Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices
I. Statutory and Regulatory Background
In 1989, Congress established RefCorp
as a vehicle to provide funding for the
Resolution Trust Corporation to finance
its efforts to resolve the savings and loan
crisis. 12 U.S.C. 1441b(a), (b). RefCorp
issued approximately $30 billion of
long-term bonds, the last of which will
mature in April 2030. The interest due
on the RefCorp bonds is paid from
several sources, including contributions
from the Banks.
As initially enacted, the law required
the Banks to contribute $300 million
annually toward the RefCorp interest
payments. Public Law 101–73, Title V,
§ 511(a), 103 Stat. 394, (August 9, 1989).
In 1999, Congress amended the law to
require each Bank to pay 20 percent of
its net earnings annually toward the
RefCorp interest payments. Public Law
106–102, Title VI, § 607(a), 113 Stat.
1455, (November 12, 1999), codified at
12 U.S.C. 1441b(f)(2)(C)(i). The Banks’
payment obligation was to continue
until the value of all payments made by
the Banks to RefCorp equaled the value
of a benchmark annuity of $300 million
per year that commenced on the date
that the RefCorp bonds had been issued
and ended on the last maturity date for
the RefCorp bonds, which is April 15,
2030.
The law further directed the Federal
Housing Finance Board (Finance Board)
to determine annually the extent to
which the value of the Banks’
contributions for that year exceeded or
fell short of the value of the benchmark
annuity. In determining those values,
the law required the Finance Board to
use present-value factors established in
consultation with the Secretary of the
Treasury and further required that the
Finance Board terminate the Banks’
payment obligation once the value of
their payments equaled the value of the
benchmark annuity. Regulations of the
Finance Board, which remain in effect,
address the manner in which the
calculations of the Banks’ RefCorp
obligation, including its termination, are
to be conducted. 12 CFR part 997. In
2008, Congress established FHFA,
which, among other things, succeeded
to all of the above responsibilities of the
Finance Board with respect to the
determinations that are to be made
regarding the RefCorp payments, and
was required to submit semiannual
reports to Congress that estimated the
projected date on which the Banks
would satisfy their obligation to
contribute to the RefCorp debt service
payments. Public Law 110–289, Title I,
§ 1101, Title II, §§ 1204, 1213, Title III,
§ 1312, 122 Stat. 2661, 2785–86, 2791,
2798 (July 30, 2008).
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II. Termination of Payment Obligation
FEDERAL MARITIME COMMISSION
The Banks make their RefCorp
contributions on a quarterly basis, and
FHFA determines how the value of
those payments compares to the value of
the benchmark annuity on a quarterly
basis as well. To the extent that any
quarterly RefCorp payments exceed $75
million (one quarter of the $300 million
benchmark annuity) FHFA applies the
excess portion to simulate the purchase
of zero-coupon Treasury bonds, which
‘‘defeases’’ the most-distant of the
Banks’ remaining RefCorp payments
and effectively shortens the duration of
their repayment obligation.
Since 1999, all but two of the Banks’
quarterly RefCorp contributions have
exceeded the $75 million benchmark,
which has caused the termination date
to move incrementally closer. In its
most recent report to Congress on the
RefCorp obligation, FHFA projected that
if the Banks’ quarterly earnings
subsequent to December 31, 2010, were
to equal their average quarterly income
over the preceding four quarters, then
their final RefCorp contribution would
be made with the payment due on July
15, 2011.1
After consulting with the Department
of the Treasury and conducting the
calculations in accordance with 12 CFR
Part 997, FHFA determined that the
remaining amount owed by the Banks
for the RefCorp debt service was
$75,148,203.13, which amount the
Banks paid on July 15, 2011.
Accordingly, the Director has
determined that the payment made on
July 15, 2011, caused the value of all
RefCorp payments made by the Banks to
that date to equal the value of the
benchmark annuity, which terminates
the obligation of the Banks to contribute
toward the debt service for the RefCorp
bonds.
Notice of Agreements Filed
Authority: 12 U.S.C. 1441b(f)(2)(C)(iii).
Dated: August 5th, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance
Agency.
The Commission hereby gives notice
of the filing of the following agreements
under the Shipping Act of 1984.
Interested parties may submit comments
on the agreements to the Secretary,
Federal Maritime Commission,
Washington, DC 20573, within ten days
of the date this notice appears in the
Federal Register. Copies of the
agreements are available through the
Commission’s Web site (https://
www.fmc.gov) or by contacting the
Office of Agreements at (202)- 523–5793
or tradeanalysis@fmc.gov.
Agreement No.: 011383–045.
Title: Venezuelan Discussion
Agreement.
¨
Parties: Hamburg-Sud; King Ocean
Service de Venezuela; Seaboard Marine
Ltd., and SeaFreight Line, Ltd.
Filing Party: Wayne R. Rohde, Esq.;
Cozen O’Conner; 1627 I Street, NW.,
Suite 1100; Washington, DC 20006–
4007.
Synopsis: The amendment would
replace King Ocean Service de
Venezuela with King Ocean Services
Limited, Inc. as a party to the
agreement.
Agreement No.: 201162–008.
Title: NYSA–ILA Assessment
Agreement.
Parties: International Longshoremen’s
Association and New York Shipping
Association.
Filing Parties: Donato Caruso, Esq.;
The Lambos Firm; 303 South Broadway,
Suite 410; Tarrytown, NY 10591 and
Andre Mazzola, Esq.; Marrinan &
Mazzola Mardon, P.C.; 26 Broadway,
17th Floor; New York, NY 10004.
Synopsis: The amendment reduces
the assessment rate on certain
containers in the Bermuda trade.
By Order of the Federal Maritime
Commission.
Dated: August 5, 2011.
Karen V. Gregory,
Secretary.
[FR Doc. 2011–20329 Filed 8–9–11; 8:45 am]
BILLING CODE 6730–01–P
[FR Doc. 2011–20311 Filed 8–9–11; 8:45 am]
FEDERAL RESERVE SYSTEM
BILLING CODE 8070–01–P
1 See
Letters from Edward J. DeMarco, Acting
Director, to Senator Tim Johnson, Chairman, and
Senator Richard C. Shelby, Ranking Member, of the
Committee on Banking, Housing, and Urban Affairs,
and to Representative Spencer Bachus, Chairman,
and Representative Barney Frank, Ranking Member,
of the Committee on Financial Services, all dated
February 4, 2011.
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Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR part
225), and all other applicable statutes
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[Federal Register Volume 76, Number 154 (Wednesday, August 10, 2011)]
[Notices]
[Page 49478]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20329]
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FEDERAL MARITIME COMMISSION
Notice of Agreements Filed
The Commission hereby gives notice of the filing of the following
agreements under the Shipping Act of 1984. Interested parties may
submit comments on the agreements to the Secretary, Federal Maritime
Commission, Washington, DC 20573, within ten days of the date this
notice appears in the Federal Register. Copies of the agreements are
available through the Commission's Web site (https://www.fmc.gov) or by
contacting the Office of Agreements at (202)- 523-5793 or
tradeanalysis@fmc.gov.
Agreement No.: 011383-045.
Title: Venezuelan Discussion Agreement.
Parties: Hamburg-S[uuml]d; King Ocean Service de Venezuela;
Seaboard Marine Ltd., and SeaFreight Line, Ltd.
Filing Party: Wayne R. Rohde, Esq.; Cozen O'Conner; 1627 I Street,
NW., Suite 1100; Washington, DC 20006-4007.
Synopsis: The amendment would replace King Ocean Service de
Venezuela with King Ocean Services Limited, Inc. as a party to the
agreement.
Agreement No.: 201162-008.
Title: NYSA-ILA Assessment Agreement.
Parties: International Longshoremen's Association and New York
Shipping Association.
Filing Parties: Donato Caruso, Esq.; The Lambos Firm; 303 South
Broadway, Suite 410; Tarrytown, NY 10591 and Andre Mazzola, Esq.;
Marrinan & Mazzola Mardon, P.C.; 26 Broadway, 17th Floor; New York, NY
10004.
Synopsis: The amendment reduces the assessment rate on certain
containers in the Bermuda trade.
By Order of the Federal Maritime Commission.
Dated: August 5, 2011.
Karen V. Gregory,
Secretary.
[FR Doc. 2011-20329 Filed 8-9-11; 8:45 am]
BILLING CODE 6730-01-P
