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FEDERAL RESERVE B A * OF NEW YORK /j^ t y*' April 9, 1985 R EPO R TS TO FED ERA L FINANCIAL IN STITUTIONS EXAM INATION COUNCIL — Q uarterly FFIE C 002 R eport Revised — Proposal To Revise Animal FFIEC 001 R eport To All State Member Banks, and U.S. Branches and Agencies of Foreign Banks, in the Second Federal Reserve District: The Federal Financial Institutions Examination Council (FFIEC) has (a) approved a revised quarterly Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), effective with the September 30, 1985 report, and (b) published for comment a proposal to revise the Annual Report of Trust Assets (FFIEC 001), which, if adopted, would be effective as of the December 31, 1985 report date. Copies of the FFIEC press releases announcing these actions are enclosed. Forms and instructions for the FFIEC 002 report will be sent to affected institutions after the Office of Management and Budget has approved the changes. Copies of the pro posed FFIEC 001 report are being sent to all affected institutions; comments thereon should be sent directly to the FFIEC. E. G e r a l d C o r r ig a n , President. Federal Financial Institutions Examination Council 1776 G Street, NW, Suite 701 <> Washington, DC 20006 Press Release For immediate release Search 189 1985 The Examination Council announced today that it has approved revisions to the quarterly Report of Assets and Liabilities of U,S, Branches and Agencies of Foreign Banks (FFIEC 002), effective with the September 309 1985 report. The proposal to revise the report was published in the Federal Register on July 269 1984s and public comments were requested. The revisions were designed to reflect changes in the supervisory and regulatory informational needs of the federal banking agencies in light of changes in banking and financial conditions and practices. The revisions also were intended to achieve9 to the extent possibles definitions and formats consistent with the quarterly Reports of Condition and Income filed by insured U.S, commercial banks. The revised report will include information on the International Banking Facilities (IBFs) of U,S. branches and agencies of foreign banks that is now reported separately. This change will permit the Federal Reserve to eliminate the current IBF report filed by these entities (FR 2074), The Council also approved the inclusion of a schedule of commitments and contingencies (Schedule L) and a schedule of past due9 nonaccrual and renegotiated loans (Schedule N) as part of the revised 002 reports together with the amount of allowance for loan losses carried on the books of the - over Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, National Credit Union Administration, Office of the Comptroller of the Currency - reporting branch or agency. 2 - The amount of the allowance w ill be reported as part of Schedule Ms which provides other information on the reporting e n tity's net due from/due to related institutions in the U.S. and foreign countries. None of the information reported in Schedule M or Schedule N w ill be released to be public. However9 all other information included in the report will be available to the public upon request. also provided to participating state The information reported is supervisory authorities that have licensed or chartered branches or agencies of foreign banks under state law. The Council at this time has determined not to collect information on selected income and expenses of U.S. branches and agencies of foreign banks. However the Council's Task Force on Reports w ill continue to study both the general rationale and specific agency proposals to collect such data from these entities. If the staff study results in development of a workable proposal to collect such informations it w ill be submitted to the Council. In any case9 collection of selected income and expense data would not begin earlier than the March 319 1986 report date. The Federal Reserve Board, which collects and processes the 002 report on behalf of the Federal Deposit Insurance Corporation (for insured branches) and the Comptroller of the Currency (for federal branches), will now submit the revised report to the Office of Management and Budget (0MB) for its approval. Once 0MB approval has been received3 instructions and sample copies of the revised report w ill be available from the Federal Financial Institutions Examination Council (1776 G Streets NWa Suite 7 0 1 9 Washington, DC 20006) and w ill be distributed directly to all U.S. branches and agencies of foreign banks. Federal Financial Institutions Examination Council ^ ______________________________________________________________________________________ 1776 G Street, NW, Suite 701 ° Washington, DC 20006 Press Release For immediate release March 18s 1985 The Examination Council today approved the publication for comment of a proposal to revise the Annual Report of Trust Assets (FFIEC 001)„ The report is used to collect data on domestic trust services by the Federal Deposit Insurance Corporation 9 Board of Governors of the Federal Reserve System,, Comptroller of the Currency and Federal Home Loan Bank Board. The revised report3 if adopted,, would be implemented as of the December 31 9 1985 report date. The Annual Report of Trust Assets is being revised to provide the minimum amount of data necessary to monitor the volume and type of trust services provided by each institution. The revised report will give the supervisory agencies better data upon which to base o ff-site analysis of trust departments and will facilitate the scheduling and planning of examinations. The new data being sought by the agencies include information on nondiscretionary assets and accounts, certain details pertaining to corporate trust services and information on investment advisory activitie s. Conner! tors are being asked particularly i f consideration should be given to establishing a minimum cut-off size below which detailed information would not be required and what additions or deletions would be appropriate for the categories of discretionary assets contained in Schedule A of the report. - over Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, National Credit Union Administration, Office of the Comptroller of the Currency - 2 - Copies of the proposed revised Annual Report of Trust Assets (FPIEC 001) 9 together with draft instructional materials and the Federal Register notice requesting public comments are being sent to all affected banks and savings and loan associations, Copies of these materials are available to the public from the Federal Financial Institutions Examination Councils 1776 G Streets NWS Suite 701s Washington9 DC 20006,
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