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   [11,258] In the Matter of Banco Espanol de Credito, New York, N.Y., Docket No. FDIC-95-132a (12-12-95)

   New York City branch of foreign bank agrees to voluntary termination of its insured status.
In the Matter of

BANCO ESPAÑOL DE CRÉDITO,
S.A.
NEW YORK CITY (MANHATTAN),
NEW YORK
(Insured State Licensed Branch of a
Foreign Bank)
ORDER OF ACCEPTANCE OF
VOLUNTARY TERMINATION OF
INSURED STATUS

FDIC-95-132a

   WHEREAS, pursuant to the provisions of section 8(a)(1) of the Federal Deposit Insurance Act ("Act",) 12 U.S.C. § 1818(a)(1), the New York Branch of Banco Español de Crédito, S.A., located at 630 Fifth Avenue, Suite 557, New York City (Manhattan), New York ("Insured Branch"), notified the Federal Deposit Insurance Corporation ("FDIC"), by letter dated March 10, 1995, that it was no longer desirous of continuing its status as an insured state licensed branch of a foreign bank and wished to voluntarily terminate its insured status; and
   WHEREAS, the Insured Branch is also desirous of having the time frame during which the deposits of the Insured Branch continue to be insured established at six months as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7); and
   WHEREAS, as of March 8, 1995, the Insured Branch has entered into an agreement with the Board of Governors of the Federal Reserve System ("Board of Governors") to accept only those deposits as would be permissible for a corporation organized under section 25(a) of the Federal Reserve Act, 12 U.S.C. § 611 et seq., and implementing rules and regulations administered by the Board of Governors, 12 C.F.R. Part 211; and
   WHEREAS, pursuant to section 18(i) of the Act, 12 U.S.C. § 1828(i), the FDIC has considered the factors contained therein as they apply to the Insured Branch, and has determined that no reason exists to prevent the Insured Branch from voluntarily terminating its insured status and that a six-month period for continued insurance coverage would be appropriate under the circumstances presented.
   THEREFORE, in consideration of the foregoing, and pursuant to the provisions of sections 8(a)(1) and 8(a)(7) of the Act, 12 U.S.C. §§ 1818(a)(1) and (7), the FDIC herewith accepts the Insured Branch's notification of voluntary termination of insured status and issued the following:

ORDER

   IT IS HEREBY ORDERED, that the FDIC accepts the voluntary termination of the insured status of the New York Branch of Banco Español de Crédito, S.A., New York City (Manhattan), New York, as an insured state licensed branch of a foreign bank, and that, therefore, the insured status of the Insured Branch be, and hereby is, terminated at the expiration of December 12, 1995, less all subsequent withdrawals from any deposits of such depositor, shall continue to be insured for a period of six months, until June 12, 1996.
   IT IS FURTHER ORDERED, that the Insured Branch notify its depositors of the termination of its insured status and the reduced time frame for the continuation of deposit insurance by no later than May 12, 1996, by publication and by mail, in a manner acceptable to the Regional Director (Supervision) of the FDIC's New York Regional Office, in accordance with sections
{{2-29-96 p.C-4149}}307.2 and 308.123 of the FDIC's Rules and Regulations, 12 C.F.R. §§ 307.2 and 308.123.
   IT IS FURTHER ORDERED, that the Insured Branch shall, in all other respects, be subject to the duties and obligations of insured depository institutions until the close of business on June 12, 1996, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7).
   By direction of the Board of Directors.
   Dated at Washington, D.C., this 12th day of December, 1995.

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