26 September 2008
Includes related Federal Reserve System notice.
[Federal Register: September 26, 2008 (Volume 73, Number 188)]
[Rules and Regulations]
[Page 55704-55706]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26se08-2]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 3
[Docket ID OCC-2008-0015]
RIN 1557-AD15
Risk-Based Capital Guidelines--Money Market Mutual Funds
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Interim final rule with request for public comment.
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SUMMARY: To reduce liquidity and other strains being experienced by
money market mutual funds, the Board of Governors of the Federal
Reserve System adopted on September 19, 2008, a special lending
facility that enables depository institutions and bank holding
companies to borrow from the Federal Reserve Bank of Boston on a
nonrecourse basis if they use the proceeds of the loan to purchase
certain types of asset-backed commercial paper (ABCP) from money market
mutual funds. This lending facility is referenced to as the ABCP
Lending Facility. To facilitate the ability of national banks to
participate in the program, the Office of the Comptroller of the
Currency (OCC) has adopted, on an interim final basis, an exemption
from its risk-based capital guidelines for ABCP held by a national bank
as a result of its participation in this program.
DATES: This interim final rule is effective on September 19, 2008.
However, comments must be received on or before October 31, 2008.
ADDRESSES: Because paper mail in the Washington, DC area and at the OCC
is subject to delay, commenters are encouraged to submit comments by e-
mail, if possible. Please use the title ``Risk-Based Capital
Guidelines--Money Market Mutual Funds'' to facilitate the organization
and distribution of the comments. You may submit comments by any of the
following methods:
Federal eRulemaking Portal--``Regulations.gov'': Go to
http://www.regulations.gov, under the ``More Search Options'' tab click
next to the ``Advanced Docket Search'' option where indicated, select
``Comptroller of the Currency'' from the agency drop-down menu, then
click ``Submit.'' In the ``Docket ID'' column, select ``OCC-2008-0015''
to submit or view public comments and to view supporting and related
materials for this interim final rule. The ``How to Use This Site''
link on the Regulations.gov home page provides information on using
Regulations.gov, including instructions for submitting or viewing
public comments, viewing other supporting and related materials, and
viewing the docket after the close of the comment period.
E-mail: regs.comments@occ.treas.gov.
Mail: Office of the Comptroller of the Currency, 250 E
Street, SW., Mail Stop 1-5, Washington, DC 20219.
Fax: (202) 874-4448.
Hand Delivery/Courier: 250 E Street, SW., Attn: Public
Information Room, Mail Stop 1-5, Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2008-0015'' in your comment. In general, OCC will enter
all comments received into the docket and publish them on the
Regulations.gov Web site without change, including any business or
personal information that you provide such as name and address
information, e-mail addresses, or phone numbers. Comments received,
including attachments and other supporting materials, are part of the
public record and subject to public disclosure. Do not enclose any
information in your comment or supporting materials that you consider
confidential or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this interim final rule by any of the following methods:
Viewing Comments Electronically: Go to http://
www.regulations.gov, under the ``More Search Options'' tab click next
to the ``Advanced Docket Search'' option where indicated, select
``Comptroller of the Currency'' from the agency drop-down menu, then
click ``Submit.'' In the ``Docket ID'' column, select ``OCC-2008-0015''
to view public comments for this rulemaking action.
[[Page 55705]]
Viewing Comments Personally: You may personally inspect
and photocopy comments at the OCC's Public Information Room, 250 E
Street, SW., Washington, DC. For security reasons, the OCC requires
that visitors make an appointment to inspect comments. You may do so by
calling (202) 874-5043. Upon arrival, visitors will be required to
present valid government-issued photo identification and submit to
security screening in order to inspect and photocopy comments.
Docket: You may also view or request available background
documents and project summaries using the methods described above.
FOR FURTHER INFORMATION CONTACT: Margot Schwadron, Senior Risk Expert,
(202) 874-6022, Capital Policy Division; Ron Shimabukuro, Senior
Counsel; or Hugh Carney, Attorney, Legislative and Regulatory
Activities Division, (202) 874-5090; Office of the Comptroller of the
Currency, 250 E Street, SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
Introduction; Description of Interim Final Rule
In light of the ongoing dislocations in the financial markets, and
the impact of such dislocations on the functioning of the markets for
ABCP and on the operations of money market mutual funds, the Board of
Governors of the Federal Reserve System adopted the ABCP Lending
Facility on September 19, 2008. Under the ABCP Lending Facility,
depository institutions and bank holding companies (banking
organizations) are able to borrow from the Federal Reserve Bank of
Boston on a nonrecourse basis on condition that the banking
organizations use the proceeds of the Federal Reserve credit to
purchase, at amortized cost, certain highly rated U.S. dollar-
denominated ABCP from money market mutual funds. The ABCP purchased
must be used to secure the borrowing from the Reserve Bank. The purpose
of the ABCP Lending Facility is to assist money market mutual funds to
obtain liquidity by enabling them to sell some of their high-credit-
quality secured assets at amortized cost. The ABCP Lending Facility
will expire on January 30, 2009.
National banks that participate in the ABCP Lending Facility must
acquire and hold ABCP on their balance sheet. These ABCP holdings
attract regulatory capital requirements under the OCC's regulatory
capital guidelines and rules.\1\ To facilitate the ABCP Lending
Facility, and for the reasons discussed below, the OCC has adopted, on
an interim final basis, an exemption from its risk-based capital
guidelines for ABCP purchased by a national bank as a result of its
participation in the facility. Specifically, the interim final rule
amends the OCC's risk-based capital guidelines to permit national banks
to assign a zero percent risk weight to ABCP purchased by the national
bank as a result of its participation in the facility.
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\1\ See 12 CFR Part 3.
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The OCC has determined that the current risk-based capital
requirements for ABCP acquired by a national bank pursuant to the ABCP
Lending Facility do not reflect the substantial protections provided to
the bank by the Federal Reserve in connection with the facility.
Because of the non-recourse nature of the Federal Reserve's credit
extension to the banking organization, the bank is not exposed to the
credit or market risk of the ABCP purchased by the bank and pledged to
the Federal Reserve. Therefore, the OCC believes that it would be
appropriate--and consistent with the economic substance of the
transactions--not to impose risk-based capital requirements on a
national bank that serves as an intermediary in the ABCP Lending
Facility.
Consistent with generally accepted accounting principles, the OCC
would expect national banks to report purchased ABCP as an investment
security (for example, held-to-maturity). These assets would be
reflected at the time of purchase at the national bank's best estimate
of fair value. The nonrecourse nature of the transaction would impact
the valuation of the liability to the Federal Reserve. After reflecting
any appropriate discounts on the assets and associated liabilities,
national banks are not expected to report any material net gains or
losses at the time of purchase.
Effective Date; Solicitation of Comments
This interim final rule is effective immediately upon adoption.
Pursuant to the Administrative Procedure Act (APA), at 5 U.S.C.
553(b)(B), notice and comment are not required prior to the issuance of
a final rule if an agency, for good cause, finds that ``notice and
public procedure thereon are impracticable, unnecessary, or contrary to
the public interest.'' \2\ Similarly, a final rule may be published
with an immediate effective date if an agency finds good cause and
publishes such with the final rule.\3\
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\2\ 5 U.S.C. 553(b)(B).
\3\ 5 U.S.C. 553(d)(3).
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Consistent with section 553(b)(B) of the APA, the OCC finds that
good cause exists for a finding that notice and comment is
impracticable and contrary to the public interest. As previously
described, modification of the risk-based capital guidelines are
critical to maintain the orderly functioning of markets and provide
market liquidity. Completion of notice and comment rulemaking
procedures prior to issuing this interim final rule would delay their
implementation. In the current market environment, such a delay is
impracticable and inconsistent with the public interest since it may
result in undue constraint on national banks' ability to perform
critical lending and financial intermediary roles which are necessary
for the orderly functioning and liquidity of markets. Issuance of this
interim final rule furthers the public interest because it will reduce
liquidity and other strains being experienced by money market mutual
funds. For the same reasons, the OCC finds good cause to publish this
interim final rule with an immediate effective date.\4\
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\4\ Id.
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Although notice and comment are not required prior to the effective
date of this interim final rule, the OCC invites comments on all
aspects of the rule and will revise it if necessary or appropriate in
light of the comments received.
Regulatory Analysis
Executive Order 12,866
For the reasons described elsewhere in the SUPPLEMENTARY
INFORMATION the OCC's issuance of this interim final rule is subject to
the procedures set forth in Section 6(a)(3)(D) of Executive Order
12,866.
Regulatory Flexibility Act
The Regulatory Flexibility Act (Pub. L. 96-354, Sept. 19, 1980)
(RFA) applies only to rules for which an agency publishes a general
notice of proposed rulemaking pursuant to 5 U.S.C. 553(b).\5\ Pursuant
to the Administrative Procedure Act (APA) at 5 U.S.C. 553(b)(B),
general notice and an opportunity for public comment are not required
prior to the issuance of a final rule when an agency, for good cause,
finds that ``notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.'' \6\
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\5\ 5 U.S.C. 601(2).
\6\ 5 U.S.C. 553(b)(B).
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As discussed above, the OCC has determined for good cause that the
APA does not require general notice and public comment on this interim
final rule and, therefore, we are not publishing a general notice of
proposed rulemaking. Thus, the RFA, pursuant to
[[Page 55706]]
5 U.S.C. 601(2), does not apply to this interim final rule.
Paperwork Reduction Act
In accordance with the requirements of the Paperwork Reduction Act
of 1995 (44 U.S.C. 3506), we have reviewed the interim final rule to
assess any information collections. There are no collections of
information as defined by the Paperwork Reduction Act in the interim
final rule.
Unfunded Mandates Reform Act of 1995
Section 202 of the Unfunded Mandates Reform Act of 1995, Pub. L.
104-4 (2 U.S.C. 1532) (Unfunded Mandates Act), requires that an agency
prepare a budgetary impact statement before promulgating any rule
likely to result in a Federal mandate that may result in the
expenditure by State, local, and tribal governments, in the aggregate,
or by the private sector, of $100 million or more in any one year. The
OCC has determined that there is no Federal mandate imposed by this
rulemaking. Accordingly, the interim final rule is not subject to
section 202 of the Unfunded Mandates Act.
List of Subjects in 12 CFR Part 3
Administrative practices and procedure, Capital, National banks,
Reporting and recordkeeping requirements, Risk.
Authority and Issuance
0
For the reasons stated in the preamble, the Office of the Comptroller
of the Currency amends Part 3 of chapter I of Title 12, Code of Federal
Regulations as follows:
PART 3--MINIMUM CAPITAL RATIOS; ISSUANCE OF DIRECTIVES
0
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.
0
2. In Appendix A to part 3, section 3(a)(1) is amended to add new
paragraph (ix) to read as follows:
PART 3--MINIMUM CAPTIAL RATIOS; ISSUANCE OF DIRECTIVES
Appendix A to Part 3--Risk-Based Capital Guidelines
* * * * *
Section 3. Risk Categories/Weights for On-Balance Sheet Assets and
Off-Balance Sheet Items
(a) * * *
(1) Zero percent risk weight. * * *
(ix) Asset-backed commercial paper (ABCP) that is:
(A) Purchased by the bank between September 19, 2008, and
January 30, 2009 (unless further extended by the OCC), from an
Securities and Exchange Commission (SEC)-registered open-end
investment company that holds itself out as a money market mutual
fund under SEC Rule 2a-7 (17 CFR 270.2a-7); and
(B) Pledged by the bank to a Federal Reserve Bank to secure
financing from the ABCP lending facility established by the Federal
Reserve Board on September 19, 2008.
* * * * *
Dated: September 20, 2008.
John C. Dugan,
Comptroller of the Currency.
[FR Doc. E8-22720 Filed 9-25-08; 8:45 am]
BILLING CODE 4810-33-P
[Federal Register: September 26, 2008 (Volume 73, Number 188)]
[Rules and Regulations]
[Page 55706-55708]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26se08-3]
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FEDERAL RESERVE SYSTEM
12 CFR Parts 208 and 225
[Regulations H and Y; Docket No. 1332]
Risk-Based Capital Guidelines; Leverage Capital Guidelines
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Interim final rule with request for public comment.
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SUMMARY: To reduce liquidity and other strains being experienced by
money market mutual funds, the Federal Reserve System adopted on
September 19, 2008, a special lending facility (ABCP Lending Facility)
that enables depository institutions and bank holding companies to
borrow from the Federal Reserve Bank of Boston on a nonrecourse basis
if they use the proceeds of the loan to purchase certain types of
asset-backed commercial paper (ABCP) from money market mutual funds. To
facilitate this Federal Reserve lending program, the Board of Governors
of the Federal Reserve System (Board) also has adopted, on an interim
final basis, an exemption from its leverage and risk-based capital
rules for ABCP held by a state member bank or bank holding company as a
result of its participation in this program.
DATES: The interim final rule became effective on September 19, 2008.
Comments must be received on or before October 31, 2008.
ADDRESSES: You may submit comments, identified by Docket No. R-1332, by
any of the following methods:
Agency Web site: http://www.federalreserve.gov Follow the
instructions for submitting comments at http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: regs.comments@federalreserve.gov. Include docket
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Jennifer J. Johnson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue,
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical reasons. Accordingly, your
comments will not be edited to remove any identifying or contact
information. Public comments may also be viewed electronically or in
paper form in Room MP-500 of the Board's Martin Building (20th and C
Street, NW) between 9 a.m. and 5 p.m. on weekdays.
FOR FURTHER INFORMATION CONTACT: Mark E. Van Der Weide, Assistant
General Counsel, (202) 452-2263, or Andrea R. Tokheim, Counsel, (202)
452-2300, Legal Division; Barbara J. Bouchard, Associate Director,
(202) 452-3072, or Juan C. Climent, Senior Supervisory Financial
Analyst, (202) 872-7526, Division of Banking Supervision and
Regulation. For the hearing impaired only, Telecommunication Device for
the Deaf (TDD), (202) 263-4869.
SUPPLEMENTARY INFORMATION: In light of the ongoing dislocations in the
financial markets, and the impact of such dislocations on the
functioning of the markets for ABCP and on the operations of money
market mutual funds, the Board adopted the ABCP Lending Facility on
September 19, 2008. Under the ABCP Lending Facility, depository
institutions and bank holding companies (banking organizations) are
able to borrow from the Federal Reserve Bank of Boston on a nonrecourse
basis on condition that the organizations use the proceeds of the
Federal Reserve credit to purchase, at amortized cost, certain highly
rated U.S. dollar-denominated ABCP from money market mutual funds. The
ABCP purchased must be used to secure the borrowing from the Reserve
Bank. The purpose of the ABCP Lending Facility is to assist money
market mutual funds to obtain liquidity by enabling them to sell some
of their high-credit-quality secured assets at amortized cost. The ABCP
Lending Facility will expire on January
[[Page 55707]]
30, 2009 (unless further extended by the Board).
Banking organizations that participate in the ABCP Lending Facility
must acquire and hold ABCP on their balance sheet. These ABCP holdings
attract leverage and risk-based capital charges under the Board's
regulatory capital rules for state member banks and bank holding
companies. To facilitate the ABCP Lending Facility, and for the reasons
discussed below, the Board has adopted, on an interim final basis, an
exemption from its leverage and risk-based capital rules for ABCP
purchased by a state member bank or bank holding company as a result of
its participation in the facility. Specifically, the interim final rule
(i) amends the Board's risk-based capital rules for state member banks
and bank holding companies to assign a zero percent risk weight to ABCP
purchased by the banking organization as a result of its participation
in the facility; and (ii) amends the Board's leverage capital rules for
state member banks and bank holding companies to permit banking
organizations to exclude from average total consolidated assets--the
denominator of the leverage ratio--ABCP purchased by the banking
organization as a result of its participation in the facility.
The Board has determined that the current leverage and risk-based
capital requirements for ABCP acquired by a banking organization
pursuant to the ABCP Lending Facility do not reflect the substantial
protections provided to the organization by the Federal Reserve in
connection with the facility. Because of the non-recourse nature of the
Federal Reserve's credit extension to the banking organization, the
organization is not exposed to the credit or market risk of the ABCP
purchased by the organization and pledged to the Federal Reserve.
Therefore, the Board believes that it would be appropriate--and
consistent with the economic substance of the transactions--not to
impose regulatory capital requirements on the ABCP purchased by a
banking organization in connection with its service as an intermediary
in the ABCP Lending Facility.
Consistent with its purpose to mitigate temporary stresses faced by
U.S. money market mutual funds, the interim final rule will expire on
January 30, 2009, unless extended by the Board.
Administrative Procedure Act
Pursuant to sections 553(b) and (d) of the Administrative Procedure
Act (5 U.S.C. 553(b) and (d)), the Board finds that there is good cause
for making the rule effective immediately on September 19, 2008, and
that it is impracticable, unnecessary, or contrary to the public
interest to issue a notice of proposed rulemaking and provide an
opportunity to comment before the effective date. The Board has adopted
the rule in light of, and to help address, the continuing unusual and
exigent circumstances in the financial markets. The rule will provide
immediate regulatory capital relief to state member banks and bank
holding companies that elect to participate in the Federal Reserve's
ABCP lending program. The Board is soliciting comment on all aspects of
the rule and will make such changes that they consider to be
appropriate or necessary after review of any comments received.
Regulatory Flexibility Act
The Regulatory Flexibility Act requires an agency that is issuing a
final rule to prepare and make available a regulatory flexibility
analysis that describes the impact of the final rule on small entities.
5 U.S.C. 603(a). The Regulatory Flexibility Act provides that an agency
is not required to prepare and publish a regulatory flexibility
analysis if the agency certifies that the final rule will not have a
significant economic impact on a substantial number of small entities.
5 U.S.C. 605(b).
Pursuant to section 605(b), the Board certifies that this interim
final rule will not have a significant economic impact on a substantial
number of small entities. The rule reduces regulatory burden on large
and small state member banks and bank holding companies by granting an
exemption from the leverage and risk-based capital rules for state
member banks and bank holding companies that purchase ABCP from money
market mutual funds pursuant to the Federal Reserve's ABCP lending
program.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (44 U.S.C. 3506; 5
CFR Part 1320 Appendix A.1), the Board has reviewed the interim final
rule under authority delegated to the Board by the Office of Management
and Budget. The rule contains no collections of information pursuant to
the Paperwork Reduction Act.
Plain Language
Section 722 of the Gramm-Leach-Bliley Act requires the Board to use
``plain language'' in all proposed and final rules. In light of this
requirement, the Board has sought to present the interim final rule in
a simple and straightforward manner. The Board invites comment on
whether it could take additional steps to make the rule easier to
understand.
List of Subjects
12 CFR Part 208
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.
Authority and Issuance
0
For the reasons stated in the preamble, the Board of Governors of the
Federal Reserve System amends parts 208 and 225 of chapter II of title
12 of the Code of Federal Regulations as follows:
PART 208--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL
RESERVE SYSTEM (REGULATION H)
0
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.
0
2. In Appendix A to part 208, amend section III.C.1. by adding a new
third paragraph to read as follows:
Appendix A to Part 208--Capital Adequacy Guidelines for State Member
Banks: Risk-Based Measure
* * * * *
III. * * *
C. * * *
1. * * *
* * * * *
This category also includes ABCP (i) purchased by a bank between
September 19, 2008, and January 30, 2009 (unless extended by the
Board), from an SEC-registered open-end investment company that
holds itself out as a money market mutual fund under SEC Rule 2a-7
(17 CFR 270.2a-7) and (ii) pledged by the bank to a Federal Reserve
Bank to secure financing from the ABCP lending facility established
by the Board on September 19, 2008.
* * * * *
0
3. In Appendix B to part 208, amend section II by adding a new
paragraph h to read as follows:
[[Page 55708]]
Appendix B to Part 208--Capital Adequacy Guidelines for State Member
Banks: Tier 1 Leverage Measure
* * * * *
II. * * *
h. Notwithstanding anything in this appendix to the contrary, a
bank may deduct from its average total consolidated assets the
amount of any asset-backed commercial paper (i) purchased by the
bank between September 19, 2008, and January 30, 2009 (unless
extended by the Board), from an SEC-registered open-end investment
company that holds itself out as a money market mutual fund under
SEC Rule 2a-7 (17 CFR 270.2a-7) and (ii) pledged by the bank to a
Federal Reserve Bank to secure financing from the ABCP lending
facility established by the Board on September 19, 2008.
PART 225--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL
(REGULATION Y)
0
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)(8), 1844(b), 1972(1), 3106, 3108, 3310, 3331-3351, 3907, and
3909; 15 U.S.C. 6801 and 6805.
0
2. In Appendix A to part 225, amend section III.C.1. by adding a new
third paragraph to read as follows:
Appendix A to Part 225--Capital Adequacy Guidelines for Bank Holding
Companies: Risk-Based Measure
* * * * *
III. * * *
C. * * *
1. * * *
* * * * *
This category also includes ABCP (i) purchased by a bank holding
company between September 19, 2008, and January 30, 2009 (unless
extended by the Board), from an SEC-registered open-end investment
company that holds itself out as a money market mutual fund under
SEC Rule 2a-7 (17 CFR 270.2a-7) and (ii) pledged by the bank holding
company to a Federal Reserve Bank to secure financing from the ABCP
lending facility established by the Board on September 19, 2008.
* * * * *
0
3. In Appendix D to part 225, amend section II by adding new paragraph
d to read as follows:
Appendix D to Part 225--Capital Adequacy Guidelines for Bank Holding
Companies: Tier 1 Leverage Measure
* * * * *
II. * * *
d. Notwithstanding anything in this appendix to the contrary, a
bank holding company may deduct from its average total consolidated
assets the amount of any asset-backed commercial paper (i) purchased
by the bank holding company between September 19, 2008, and January
30, 2009 (unless extended by the Board), from an SEC-registered
open-end investment company that holds itself out as a money market
mutual fund under SEC Rule 2a-7 (17 CFR 270.2a-7) and (ii) pledged
by the bank holding company to a Federal Reserve Bank to secure
financing from the ABCP lending facility established by the Board on
September 19, 2008.
By order of the Board of Governors of the Federal Reserve
System, September 19, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-22702 Filed 9-25-08; 8:45 am]
BILLING CODE 6210-01-P
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