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   [11,191] In the Matter of Banco Bilbao Vizcaya S.A., New York, N.Y., FDIC Docket No. 95-58a (7-5-95)

   Respondent bank agrees to terminate the insured status of its New York branch.
In the Matter of
BANCO BILBAO VIZCAYA,
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-95-58a

   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 Bilbao Vizcaya, S.A., located at 116 East 55th Street, New York City (Manhattan), New York ("Insured Branch"), notified the Federal Deposit Insurance Corporation ("FDIC"), by letter dated September 28, 1994, which was received by the FDIC on October 17, 1994, 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 reduced to six months as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7); and
   WHEREAS, as of November 30, 1994, the Insured Branch was no longer engaged in domestic retail deposit activity as defined in Part 346 of the FDIC's Rules and Regulations, 12 C.F.R. Part 346, as limited by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, and the Insured Branch no longer intended to engage in domestic retail deposit activity; 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 issues 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 Bilbao Vizcaya, 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 October 5, 1995.
   IT IS FURTHER ORDERED, that the insured deposits of each depositor in the Insured Branch on October 5, 1995, less all subsequent withdrawals from any deposits of such depositor, shall continue to be insured for a period of six months, until April 5, 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 March 5, 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 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 April 5, 1996, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7).
   Dated at Washington, D.C., this 5th day of July, 1995.
   By direction of the Board of Directors.

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