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f67 f' ‘ ) f A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, January 15, 1931, at 11:15 a. in. FIVESENT: PRESENT ALSO: • Governor Meyer Mr. Hamlin Mr. Miller Mr. James Mr. Pole Mr. McClelland, Assistant Secretary. Mr. Wyatt, General Counsel, Mr. Elisha Walker, Chairman, Trans-America Corporation, New York City. Mr. Jean Monnet, Vice-Chairman, Trans-America Corporation. The Governor stated that Mr. Walker, a director of the Bank of America National Trust and Savings Association, San Francisco, California, and Monnet had come to Washington in connection with the request of the Bank Of America National Trust and Savings Association for permission to transfer the permit granted by the Federal Reserve Board on November 6, 1929, to the Berik of Italy National Trust and Savings Association to establish a branch at ift3 Moorgate, London E. C. 2, England, to 72.2 Nicholas Lane, London C. 4, ZlIgland, which is the address of the British-Italian Banking Corporation, Proposed to be purchased by the Bank of America National 2rust and Savings 4°sociation.. A detailed discussion was had with respect to the negotiations Of the Bank of America National Trust and Savings Association looking to the acquisition of the British Italian Banking Corporation, the probable scope °f the activities of the branch which it is proposed to establish at the 1°oation of the corporation, as well as the operations and condition of the 8 , 151k of America National Trust and Savings Association. the member bank with the Federal Reserve Bank of The relations of an Francisco and the Board • ill the past were also discussed as was the policy of the institution for the 1/15/31 future. -2A memorandum more fully setting forth this discussion will be found ba the Board's files. At the conclusion of the hearing Messrs. Walker and lionnet left the room. ,After some further discussion, upon motion, it was voted to be the sense of the meeting that under the conditions developed in the discussion and in the light of the information presented, the permission requested by the Bank of America National Trust and Savings Association should be granted and that the preparation of a form of letter to be transmitted to the bank be referred to a committee consisting of the Governor and Yr. "Liner. At 1:10 p. m. the meeting recessed and reconvened at 4:25 n. m. The Governor presented draft of a letter to the President of the Bank Of America National Trust and Savings Association prepared in accordance With the action of the Board at the morning session which, after discussion, Was amended and approved in the following form: "In your letter of December 22, 1930, you called attention to the fact that, on November 6, 1929, the Federal Aeserve Board had granted to the Bank of Italy National 2rust & Savings Association, now the Bank of America National Trust & Savings Association, permission to establish a branch at No. 13 Moorgate, London E. C. 2, England, and stated that, in view of the contemplated purchase of the British-Italian Banking Oorporation by your bank, it is jour desire to transfer the permit formerly granted by the Federal Reserve Board for No. 13 Loorgate, London, E. C. 2, England, to No. 12 Nicholas Lane, London, E. C. 4, England, which is the address of the British-Italian Banking Corporation, and requested the Board's approval of such change in the address of your proposed London branch. "On January 8, 1931, the Federal Reserve Board voted to defer action on this request, and you were so advised through r. Isaac Newton, Federal Reserve Agent at San Francisco. "On January 15, 1931, the Federal Reserve Board conducted a hearing at which Mr. Elisha Walker and Mr. Jean ionnet appeared before the Board on behalf of the Bank of America National 2rust and Savings Association and presented certain additional facts 1/15/31 -3- "and information. "In view of the additional factt and information presented at such hearing, and in view of the general situation, the Federal Reserve Board has voted to grant its approval to the establishment by the Bank of America National Trust & Savings Association of a branch at No. 12 Nicholas Lane, London, E. U. 4, England, in lieu of the branch at No. 13 Loorgate, London, E. C. 2, England, for Which permission was granted to the Bank of Italy National Trust & Savings Association on November 6, 1929. The Federal deserve Board, however, reserves the right to prescribe conditions and regulations governing the operation of such branch pursuant to the provisions of Section 25 of the Federal deserve Act, or to require the discontinuance of such branch if, in the discretion of the Federal Reserve Board, such action should at any time be deemed advisable. "A material factor influencing the Board to take favorable action at this time was the assurance given by Messrs. Walker and Monnet on behalf of the Bank of America National 2rust & Savings Association that the bank would in the future cooperate in good faith and effectively with the Federal Reserve Board and the Federal Reserve Bank of San Francisco. This assurance was accepted in a spirit of sincerity by members of the Board who had hesitated to accede to the request of the bank. 74i.r. Walker will acquaint you with the tenor of the discussion had with the Board in this connection." He also submitted drafts of letters to the Federal deserve Agent at 3an Francisco and to Mr. Walker, transmitting copies of the letter to Mount which, upon motion, were also approved. The meeting adjourned at 4:45 p. m. Assistant Secretary. APPI"oved:
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