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FEDERAL RESERVE BANK
OF NEW YORK
[
Circular No. 10635 ~l
April 26, 1993
SUPPLEMENTAL DISCLOSURE OF
ESTIMATED FAIR VALUES
Comments Requested by June 14
To All Depository Institutions, and Others
Concerned , in the Second Federal Reserve District:
Following is the text of a statement issued by the Federal Financial Institutions
Exam ination Council:
The Federal Financial Institutions Examination Council has announced that it is
seeking public comment on the implementation of certain disclosure requirements
mandated by Section 121 of the Federal Deposit Insurance Corporation Act of 1991
(FDICIA). The Council’s four banking agencies have developed a method for insured
depository institutions to provide supplemental fair value disclosures for their assets
and liabilities, to the extent feasible and practicable, in certain reports filed with the
agencies. Comments will be accepted on the proposal for 60 days after its publication
in the Federal Register.
Printed on the following pages is the text of the F F IE C ’s official notice on this
matter, as published in the Federal Register of A pril 13. Com ments should be
subm itted by June 14, 1993, and should be sent to the FFIEC , as indicated in the
notice, or to our Bank Analysis D epartm ent.
E. G er a ld C o r r ig a n ,
President.
Federal Register / VoL 58, No, 69 / Tuesday, April 13, 1993 / Notices
19257
FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Supplemental Disclosure of Estimated
Fair Values
AGENCY: Federal Financial Institutions
Examination Council.
ACTION: Request for comment.
SUMMARY: S ectio n 1 2 1 o f the Federal
D ep o sit Insurance Corporation
Im provem en t A ct o f 1 9 9 1 (FDICIA)
requires the F ederal R eserve Board
(FRB), th e F ederal D ep o sit Insurance
C orporation (FDIC), th e O ffice o f th e
C om ptroller o f the C urrency (OCC), and
the O ffice o f Thrift S u p ervision (OTS)
(co llec tiv e ly , th e federal banking
a g en cies or th e a g en cies) to d ev elo p
join tly a m eth od for in su red d ep ository
in stitu tio n s to p ro v id e su p p lem en tal fair
v a lu e d isclo su r es for th eir assets and
lia b ilities, to th e ex ten t feasib le and
practicable, in certain reports filed w ith
the agen cies. U n d er g en erally accep ted
accou n tin g p rin cip le s (GAAP), financial
statem ents issu e d for fisca l years ending
after D ecem ber 1 5 , 1 9 9 2 , b y en tities
w ith $ 1 5 0 m illio n or m ore in total assets
m u st in c lu d e d isclo su r es about the
estim ated fair v a lu e o f fin an cial
instrum ents. P ursuant to external audit
regulations to b e ad op ted b y the FDIC
pursuant to se ctio n 1 1 2 o f FDICIA,
in su red d ep o sito ry in stitu tio n s o f th is
siz e (or o f su ch larger siz e as th e FDIC
m ay d eterm in e) w ill b e required to
su b m it an nu al reports w h ic h contain
an nu al fin an cial statem ents prepared in
accord ance w ith GAAP and other
d isclo su r es prescribed b y th e agencies.
T h e F ederal F in a n cia l In stitutions
E xam ination C o u n cil (FFIEC) requests
p u b lic co m m en t on w h eth er insured
d ep o sito ry in stitu tio n s that w ill be
required to file an n u al reports pursuant
to se ctio n 1 1 2 o f FDICIA sh o u ld provide
su p p lem en ta l fair v a lu e d isclo su res for
their a ssets an d lia b ilitie s in th ose
reports in accord ance w ith th e m ethod
d e v elo p e d join tly b y th e agen cies.
U nd er th is m eth od , su ch in stitu tio n s
w o u ld in c lu d e in th eir an nu al financial
statem en ts prepared in accordance w ith
G AAP th e d isc lo su r e s about fair valu es
o f fin an cial in stru m en ts prescribed by
F in a n cia l A cc o u n tin g Standards Board
Statem en t N o. 1 0 7 (FASB 1 0 7 ).
S u p p lem en ta l u n a u d ited d isclo su res
19258
Federal Register t VoL 58, No. 6 9 / Tuesday, April 13, 1993 / Notices
about fair v a lu es o f n o n finan cial assets
and liab ilities w o u ld a ccom p an y th e
annual financial statem ents an d w o u ld
be m ade b y ap plying th e co n ce p ts an d
p rin cip les set forth in F A SB 1 0 7 a n d
other relevant G A A P standards to th e se
assets and liabilities.
The FFIEC a lso requests p u b lic
com m ent on w heth er it is feasib le and
practicable for in su red d ep o sito ry
in stitu tions to in clu d e su p p lem en ta l fair
value d isclosu res for their on- and offbalance sh ee t assets and lia b ilities o n an
annual b asis in their “reports o f
con d itio n ” and on th e c o sts associated
w ith m aking th ese d isclosu res. T h e
“reports o f co n d itio n ” are the
C onsolidated R eports o f C ond ition and
Incom e (Call R eports) h ie d by in sured
com m ercial banks an d FDIC-supervised
savings banks, the Thrift F in ancial
Report (TFR) h ied by in su red savin gs
associations, a n d th e Report o f A ssets
and L iabilities o f U .S. B ranches and
A gen cies o f Foreign Banks h ie d by
insured U .S. branches o f foreign banks.
DATES: C om m ents m u st be receiv ed b y
June 14* 1 9 9 3 .
ADDRESSES: C om m ents sh o u ld be
directed to Joe M. Cleaver, E xecu tive
Secretary, Federal F in a n c ia l In stitu tion s
Exam ination C ouncil, 2 1 0 0
P en nsylvania A v en u e , NW ., su ite 2 0 0 ,
W ashington, DC 2 0 0 3 7 . (F ax num ber
(2 0 2 ) 6 3 4 - 6 5 5 6 .)
FOR FURTHER INFORMATION CONTACT:
FRB—G erald A. Edwards, Jr.,
A ssistant D irector, (2 0 2 ) 4 5 2 —2 7 4 1 , o r
Charles H. H olm , Project Manager, ( 2 0 2 )
4 5 2 - 3 5 0 2 , D iv isio n o f Banking
Sup ervision and R egu lation, Board o f
Governors o f th e Federal R eserve
System , 2 0 th and C on stitu tion A ven u e,
NW., W ashington, DC 2 0 5 5 1 .
FDIC— Robert F. Storch, C hief,
A ccoun ting Section , D iv isio n o f
S up ervision , Federal D ep o sit Insurance
Corporation, 5 5 0 17 th Street, NW .,
W ashington, DC 2 0 4 2 9 , ( 2 0 2 ) 8 9 6 - 8 9 0 6 .
QQC—C hristine A. Tate, Professional
A ccoun ting F ello w , O ffice o f th e C h ief
N ational Bank Exam iner, O ffice o f th e
C om ptroller o f th e Currency, 2 5 0 E
Street, SW ., W ashington, DC 2 0 2 1 9 ,
(2 0 2 ) 8 7 4 - 5 4 1 1 .
OTS— Robert J. P om eranz, O ffice o f
Thrift S up ervision , 1 7 0 0 G Street, NW .,
W ashington. DC 2 0 5 5 2 , (2 0 2 ) 9 0 6 - 5 6 5 0 .
SUPPLEM ENTARY INFORMATION:
I. Statutory R equirem ents
S ectio n 37(a)(3K D ) o f the Federal
D eposit Insurance A ct (th e FDI A ct) (1 2
U.S.C. 1831n(a)(3M D )), a s added by
sectio n 1 2 1 o f FDICIA (Pub. L. 1 0 2 - 2 4 2 ,
1 0 5 Stat. 2 2 5 1 ) , c a lls u p o n d ie federal
banking a gen cies to d e v e lo p Jointly a
m ethod for in su red d ep ository
in stitu tion s to p ro v id e su p p lem en ta l
d isclosu re o f th e estim ated fair m arket
valu e o f assets e n d lia b ilities, to th e
extent fea sib le e n d practicable, in
certain reports B led w ith th e a gen cies.
II. G AAP R eq uirem ents
O n D ecem ber 1 6 , 1 9 9 1 , th e F in an cial
A ccou n tin g Standards Board (FASB)
issu ed Statem ent N o. 1 0 7 , “D isclosu res
about Fair V alues o f F in an cial
Instrum ents.” A fin an cial in stru m en t is
d efined in th is accou n tin g stand ard as—
Cash, evidence of an ownership interest in an
entity, or a contract that both:
a. Imposes on one entity a contractual
obligation (1) to deliver cash or another
financial instrument to a second entity or (2)
to exchange other financial instruments on
potentially unfavorable terms with the
second entity;
b. Conveys to that second entity a
contractual right (1) to receive cash or
another financial instrument from the first
entity or (2) to exchange other financial
instruments on potentially favorable terms
with die first entity.
T he FA SB ’s sum m ary o f S tatem ent
No. 1 0 7 n otes that it requires—
All entities to disclose the fair value of
financial instruments, both assets and
liabilities recognized and not recognized in
the statement of financial position, for which
it is practicable to estimate fair value. If
estimating fair value is not practicable, this
Statement requires disclosure of descriptive
information pertinent to estimating the fair
value of a financial instrument * * *.
This Statement is effective for financial
statements issued for fiscal years ending after
December 15.1992, except for entities with
less than $150 million in total assets in the
current statement of financial position. For
those entities, the effective date is for fiscal
years ending after December 15,1995.
A ccord ing to FASB 1 0 7 , th e term
“p racticable” m ean s that "an estim ate o f
fair va lu e can be m ade w ith o u t
incurring e x c e ssiv e c o sts.” A s an
exam p le, the accou n tin g standard
observes that—
it might not be practicable for an entity to
estimate the fair value of a class of financial
instrument for which a quoted market price
is not available because it has not yet
obtained or developed the valuation model
necessary to make the estimate, and the cost
of obtaining an independent valuation
appears excessive considering the materiality
of the instruments to the entity.
T hus, larger banking and thrift
organizations (i.e., th o se w ith $ 1 5 0
m illio n or m ore in total assets) that
issu e finan cial statem ents d ia l are
prepared in accordance w ith GAAP are
n o w required to in d u d e ad d ition al
inform ation relating to the estim a ted fair
valu es o f financial in stru m en ts as part
o f their year-end fin a n cia l statem ents.
The d isclo su res w o u ld n ot n orm ally b e
in c lu d e d in th eir quarterly GAAP
fin an cial statem ents. Furtherm ore,
FASB 1 0 7 d o es n o t require estim ated
fair v a lu e d isclo su r es for n o n fin an cial
assets a n d lia b ilities (i.e., on- and offb alance sh eet a sse ts an d lia b ilities that
are not fin an cial in stru m ents), but su ch
d isclo su r es are n o t prohibited.
HI. S u p p le m e n ta l F air V a lu e
D isc lo su res in A n n u a l R eports U nd er
S ectio n 1 1 2 o f FDICIA
S ectio n 1 1 2 o f FDICIA, w h ich a d d s a
sectio n 3 6 to th e F ederal D ep osit
Insurance A ct ( 1 2 U .S .C 1 8 3 1 m ),
requires in sured d ep ository in stitu tions
w ith total a ssets o f $ 1 5 0 m illio n or
m ore, or su c h h igh er le v e l as the FDIC
m ay prescribe, to subm it to th e a g e n d e s
an nual reports w h ic h con tain annual
fin an cial statem ents prepared in
accord ance w ith GAAP and “su ch other
d isclo su r e requirem ents as the
C orporation a n d th e appropriate Federal
banking agen cy m ay prescribe.” 1 In
certain circum stances, an in sured
d ep ository in stitu tio n that is a
su b sidiary o f a h o ld in g co m p a n y m ay
satisfy th e requirem ent for an annual
report con ta in in g annual financial
statem ents and other d isclo su res under
sectio n 1 1 2 by subm itting fin a n d a l
statem ents and other d isclo su res for its
parent h o ld in g com p an y on a
co n so lid a ted basis.
Pursuant to sectio n 1 2 1 o f FDICIA, the
a g en cies h ave d ev elo p e d jo in tly a
m eth od for th e se in su red d ep ository
in stitu tio n s to p ro v id e su p p lem en tal
d isclo su r e o f th e estim ated fair v a lu es o f
their on- and off-balance sh eet assets
and lia b ilities, to th e ex te n t feasib le and
practicable, in th e ir a n n u al reports
u nd er se ctio n 1 1 2 . FASB 1 0 7 form s the
b asis for the agen cies* su p p lem ental fair
v a lu e d isc lo su r e m ethod.
T hus, th e m eth o d d e v elo p e d jointly
by th e a g en cies for in su red d ep ository
in stitu tio n s that w ill b e subject to the
FDIC’s extern al au d it regu lations
im p lem en tin g se ctio n 1 1 2 o f FDICIA
ad d resses fin an cial in stru m ents
separately from n o n fin a n cia l a ssets an d
lia b ilities. U nd er th is m ethod , the
an nual GAAP fin an cial statem ents that
w ill be co n ta in ed in th e annual reports
th ese in stitu tio n s m u st su bm it to th e
a g en cies u n d er se ctio n 1 1 2 w o u ld
in clu d e th e d isc lo su r e s about finan cial
in stru m en ts that are prescribed by FASB
107.
In ad d ition , u n d er th e a g en cies’
m ethod , su p p lem en ta l u n au d ited
d isclo su r es about fair v a lu es o f
n o n fin a n cia l a sse ts a n d lia b ilities w o u ld
1 The FDIC has issued proposed regulations to
Implement section 112 oTFDICIA See 57~FR4251&.
September 15,1092.
Federal Register / Vol. 58, No. 69 / Tuesday. April 13, 1993 / N otice*
accom pany the an n u al finan cial
statem ents in the an n u al reports o f th ese
in stitu tions. T h ese su p p lem e n ta l
u nau dited d isclo su r es w o u ld b e m a d e
by ap p lyin g th e co n ce p ts and p rin cip les
set forth in FA SB 1 0 7 and other relevant
GAAP standards to th e n b n fin an cial
assets an d lia b ilities. A cco rd in g ly ,
in stitu tion s that w ill b e subject to th e
regulations im p lem en tin g sectio n 1 1 2
w o u ld d isc lo se th e fair v a lu e o f th o se
n on fin an cial a ssets an d lia b ilities, both
recogn ized and n o t reco g n ized in th e
balance sh eet, for w h ic h it is feasib le
and practicable to estim a te fair valu e. If
estim ating fair v a lu e is n ot feasib le and
practicable for certain n o n fin a n cia l
assets and lia b ilities, d esc rip tiv e
inform ation pertin en t to estim a tin g the
fair valu e w o u ld b e d isc lo se d . S ectio n
1 1 2 p rovid es th e auth ority for an nu al
reports to con tain su c h su p p lem en ta l
unaudited d isclo su re s.
T he FFIEC sp e c ific a lly requests
com m ent on w h eth er it is feasib le and
practicable for in stitu tio n s to p rovid e
su p p lem en tal u n a u d ited d isclo su r es
about fair v a lu es o f n o n fin a n cia l a ssets
and lia b ilities in th e a n n u a l reports that
w ill b e required to b e file d w ith th e
agen cies u nd er se ctio n 1 1 2 . W hen
resp ond ing to th is q u estio n ,
com m enters sh o u ld n o te that
n on fin an cial a ssets in c lu d e foreclosed
real estate w h ich , u n d er GAAP, m u st b e
carried on th e b a la n ce sh ee t at th e low er
o f (1) the fair v a lu e o f th e a sset m in u s
the estim ated co sts to se ll or (2) th e cost
o f the asset.
IV. R eports o f C on d ition
T he "reports o f c o n d itio n ” are the
C onsolidated R eports o f C ond ition and
Incom e (Call R eports) filed by in su red
com m ercial banks and FDIC-supervised
savings banks, th e Thrift F in an cial
Report (TFK) file d b y in su red savin gs
associations, and th e Report o f A sse ts
and L iabilities o f U .S. B ranches and
A gen cies o f F oreign B anks file d by
insured U.S. bran ch es o f foreign banks.
T h ese reports are d esig n ed to serve th e
supervisory, regulatory, and ec o n o m ic
p o licy n eed s o f th e a g en cies and, as
such, are n ot prim arily acco u n tin g
d ocum ents.
A s m en tion ed in se ctio n II. above, the
su p p lem en tal d isclo su r es about fair
valu es o f fin an cia l in stru m ents
prescribed by FA SB 1 0 7 w o u ld
norm ally b e in clu d e d o n ly in an en tity's
year-end GAAP fin a n cia l statem ents,
n ot in the quarter-end GAAP fin an cial
statem ents for th e first three quarters o f
its fiscal year. A s a co n se q u en ce , th e
FFIEC b e lie v e s that it w o u ld im p o se
ex c essiv e co sts an d , therefore, n ot b e
feasible a n d practicable for in su red
dep ository in stitu tio n s to m ake
su p p lem en ta l d isclo su r es o f th e
estim ated fair v a lu es o f oh- a n d offb alan ce sh ee t a ssets and lia b ilities in
reports o f c o n d itio n at quarter-end
report d ates other than at an
in stitu tio n ’s fisca l year-end.
Furtherm ore, m o st o f th e insured
d ep ository in stitu tio n s that w ill b e
subject to th e regulations im p lem en tin g
sectio n 1 1 2 o f FDICIA are su b sid ia ries
o f h o ld in g com p an ies. T o th e exten t
p erm issib le u n d er th ese regulations, th e
annual reports o f th ese in stitu tio n s
u n d er se ctio n 1 1 2 w ill lik e ly con tain
co n so lid a ted an n u al finan cial
statem ents and other d isclo su r es o f th e
in stitu tio n s' h o ld in g co m p a n ie s rather
than th o se o f th e in d iv id u a l in stitu tio n s
th em selv es. T h is m ean s that th e
su p p lem en ta l fair v a lu e d isc lo su r e s that
in stitu tio n s w ill in clu d e in th eir an n u al
reports in accordance w ith th e m eth od
d ev elo p e d b y th e a gen cies (and
d iscu sse d in sectio n III. above) w ill for
th e m ost part b e presen ted on a
co n so lid a ted h o ld in g com p an y b asis.
W hen preparing co n so lid a ted fin an cial
statem ents an d d isclo su res, on- an d offb alan ce sh eet assets and lia b ilitie s o f
in d iv id u a l in sured d ep ository
in stitu tio n su b sid iaries o f th e h o ld in g
com p an y that resu lt from in tercom p an y
transactions are elim inated .
C onsequ en tly, for p u rposes o f the
an nual reports u nd er sectio n 1 1 2 , fair
v a lu es w ill b e estim ated o n ly for th o se
a ssets and lia b ilities o f a su bsidiary
in stitu tio n that are n o t elim in a ted in
co n so lid a tio n . S in c e reports o f
co n d itio n are prepared on an in d iv id u a l
in stitu tio n b asis, in su red d ep ository
in stitu tio n s that w ill be subject to
sectio n 1 1 2 w o u ld in cu r ad d ition al
co sts to estim ate th e fair v a lu es o f their
a ssets an d lia b ilities that w ere
elim in a ted as part o f th e h o ld in g
com p an y co n so lid a tio n . Furtherm ore,
ad d ition al co sts m ay b e incurred if fair
v a lu es are required to be estim ated on
an in d iv id u a l in stitu tion b asis sin ce
greater disaggregation o f asset p o o ls and
groups o f lia b ilities w o u ld b e n ecessary
and b eca u se m ateriality th resh old s m ay
b e low er for in d iv id u a l in stitu tio n s than
for the co n so lid a ted entity. To the
extent that th ese ad d ition al co sts are
ex c essiv e, it w o u ld n ot b e feasib le and
practicable for in stitu tio n s subject to
section 1 1 2 o f FDICIA to p rovid e
su p p lem en tal fair v a lu e d isclo su res in
any o f their reports o f co n d itio n ,
in clu d in g th e year-end repent.
In ad d ition , en tities w ith le ss than
$ 1 5 0 m illio n in total assets are not
required to p ro v id e th e su p p lem en ta l
fair v a lu e d isclo su res prescribed by
FA SB 1 0 7 in fin an cial statem ents
prepared in accord an ce w ith GAAP
u n til their fiscal years en d in g after
19259
D ecem ber 1 5 , 1 9 9 5 . In d e cid in g to d e ity
th e effec tiv e d ate o f FA SB 1 0 7 for
sm eller e n titie s u n til year-end 1 9 9 5 , the
FA SB stated that th e three-year d elay
w o u ld " p rovid e su ffic ie n t tim e for th ose
en tities to d e v e lo p th e sy stem s
n ecessary to p ro v id e th e required {fair
valu e] d isclo su r es in lig h t o f th e
ex p erien ce g a in ed b y larger e n titie s on
th e u se o f va rio u s m eth o d s and
a ssu m p tio n s for estim a tin g fair v a lu e.”
T h is in d ica tes that th o se sm aller
in su red d ep o sito ry in stitu tio n s (i.e.,
th o se n ot subject to se ctio n 1 1 2 o f
FDICIA) that iss u e an nu al fin an cial
statem ents prepared in accord ance w ith
GAAP w o u ld in cu r e x c e s siv e co sts if
th ey h ad to in c lu d e th e se fair valu e
estim ates in th eir G AAP finan cial
statem ents prior to year-end 1 9 9 5 .
Therefore, th e FFIEC b e lie v e s that it
w o u ld n o t b e fea sib le and practicable
for sm aller in su red d ep o sitory
in stitu tio n s to p ro v id e su p p lem en tal fair
v a lu e d isclo su r es in th eir reports o f
co n d itio n before year-end 1 9 9 5 .
F in ally, there is n o gen eral statutory
requirem ent for a ll in stitu tio n s w ith less
than $ 1 5 0 m illio n in total assets to
prepare G A A P fin a n cia l statem ents and
file th em w ith th e federal banking
a gen cies.2 T h us, m an y sm aller
d ep ository in stitu tio n s w ill n o t be
subject to th e su p p lem e n ta l fair v a lu e
d isclo su r e requirem ents o f FA SB 1 0 7 .
A s a result, th e FFIEC b e lie v e s it m ay
n o t b e p o ssib le for sm aller in sured
d ep ository in stitu tio n s to estim ate the
fair v a lu es o f th eir fin a n cial instru m ents
and their on- and off-balance sh eet
n o n fin a n cia l a ssets an d liab ilities, either
at year-end 1 9 9 5 or thereafter, w ith o u t
incurring e x c e s siv e costs.
T hus, b a sed o n th e factors d iscu sse d
above an d a n y other co n sid era tio n s that
m ay b e relevant, th e FFIEC requests
p u b lic co m m en t on w h e th er it is
feasib le and practicable for b oth larger
and sm aller in su red d ep o sitory
in stitu tio n s to in c lu d e su p p lem en tal
d isclo su r es o f th e estim ated fair valu es
o f their on- an d off-balance sh eet assets
and lia b ilitie s in th eir reports o f
co n d itio n . In th is regard, the FFIEC
sp e c ific a lly requ ests com m en t on the
am oun t o f a d d itio n a l co sts (both start
up and an n u al) that in d iv id u a l *
* Pursuant to section 12(b) or (g) of the Securities
Exchange Act of 1934 (15 U.S.C. 781(b) (g)), insured
depository institutions which have securities
registered on a national securities exchange or
which have total assets exceeding $1 million and
a class of equity security held by 500 or more
stockholders are required to register these securities
with the appropriate federal banking agency. Fewer
than 300 institutions with less than $150 million in
total assets have securities that are registered with
the agencies. These institutions prepare GAAP
financial statements and file them with the
agencies.
19260
Federal Register / Vol. 58, No. 69 / Tuesday, April 13. 1993 / Notices
d ep ository in stitu tion s ex p ect that th e y
w o u ld incur if they w ere required to
estim ate th ese fair valu es for p urp oses
o f their reports o f con d itio n . If
in stitu tions and other com m en ters
b eliev e that it w o u ld be feasib le and
practicable to report estim ated fair
valu es in the reports o f co n d itio n , it
w ou ld be h elp fu l if th ese com m en ters
w ou ld in dicate a format (su ch as a
con d en sed , abbreviated format) that
they b eliev e sh ou ld b e u sed for th ese
d isclosures in reports o f con d ition .
V. Request for Comment
In addition to the issu e s for w h ich
com m ent w as sp ecifica lly requested at
the end o f section s HI. and IV. above,
the FFDEC in v ites com m en t on all
aspects o f the m ethod d e v elo p e d join tly
by the agen cies (and d iscu sse d in
section III. above) for in sured d ep ository
in stitu tion s that w ill be subject to the
FDIC’s external audit regulations to
provide su p p lem en tal fair valu e
d isclosu res in their an nu al reports
under section 1 1 2 o f FDICIA. It w o u ld
also be h elp fu l to the ag en cies if
banking and thrift organizations that
subm it com m en ts to the FFIEC en clo se
w ith their com m en ts a co p y o f the FASB
1 0 7 estim ated fair valu e d isclo su r es that
appear in their annual reports for 1 9 9 2 .
Dated: April 8, 1993.
Joe M. Cleaver,
Executive Secretary, Federal Financial
Institutions Examination Council.
IFR Doc. 93-8581 Filed 4-12-93; 8:45 am]
BILLING CODE 8210-01-N
@FedFRASER