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Financial Institution Letter
Trust Assets

SUBJECT: 1996 Annual Report of Trust Assets for the FFIEC

The Annual Report of Trust Assets for December 31, 1996, will be mailed to your institution in the near future. The report must be completed no later than February 18, 1997, by all commercial banks, savings banks and savings associations that have obtained approval to exercise trust powers. Any affiliated trust companies must also complete the report.

The FDIC collects and processes the forms on behalf of the member agencies of the Federal Financial Institutions Examination Council (FFIEC). Information collected is used in the supervision and examination of trust institutions by the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the FDIC.

If your institution does not exercise its trust powers, you must indicate this in item 1 of the signature page and return only that page in the envelope provided with the report.

The major change to the 1996 report is the addition of Schedule E, Fiduciary Income Statement. This information must be reported by (1) all trust institutions with $100 million or more in total assets as reported on Schedule A and (2) all nondeposit trust companies. Other institutions are encouraged to complete Schedule E voluntarily. Schedule E may be completed on a "best efforts" basis for 1996 because this is the first year in which income, expense, and loss information is being collected. Information provided on Schedule E is confidential and is not subject to release to the public on an individual-institution basis.

Minor changes have been made to the report's general instructions as well as to the specific instructions for Schedules A and C. For ready reference, these are shown in bold italics in the instructions accompanying the forms. These changes were made in response to requests for clarification of the instructions.

Schedule D should be completed only by those few institutions that have an affiliated investment advisor. In such cases, the affiliated investment advisors should complete the form and return it directly to the FFIEC (not the FDIC) at the address shown on the form. If your institution does not have an affiliated investment advisor, do not complete Schedule D.

Institutions required to respond to the report will be mailed a publication entitled Trust Assets of Financial Institutions - 1996 after the report results have been compiled. The publication contains information on trust assets, collective investment funds, corporate trust activities, affiliated investment advisors, and fiduciary income.

For additional information, please call the FDIC's Trust and Survey Group at (800) 765-4081 or (202) 898-6652, or contact your primary supervisor at the telephone number listed on page 4 of the instructions.

Thank you for your cooperation.

Nicholas J. Ketcha Jr.

Distribution: Selected Banks, Trust Companies and Savings Associations

Note: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200)

Last Updated: December 26, 1996