[Federal Register: September 9, 1999 (Volume 64, Number 174)]

[Notices]

[Page 49015]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr09se99-56]

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FEDERAL DEPOSIT INSURANCE CORPORATION

Repudiation and Asset-backed Securitizations and Loan

Participations

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Withdrawal of proposed Statement of Policy

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SUMMARY: The Federal Deposit Insurance Corporation (the FDIC) hereby

gives notice that it has withdrawn its outstanding proposed Statement

of Policy published on December 30, 1998, (46 FR 31018) that would have

clarified the treatment of securitizations and loan participations

after appointment by the FDIC as conservator or receiver of an insured

depository institution. The proposed Statement of Policy, which was

intended to provide sufficient assurances to permit the transfer of

financial assets by insured depository institutions in connection with

a securitization or loan participation to be accounted for as a sale

under generally accepted accounting principles, is being withdrawn

because the FDIC is proposing a rule that would have the same intended

effect as the proposed Statement of Policy.

EFFECTIVE DATE: September 9, 1999.

FOR FURTHER INFORMATION CONTACT: Thomas Bolt, Counsel, Legal Division,

Federal Deposit Insurance Corporation, 550 17th Street NW., Washington,

DC 20429, (202) 736-0168.

By Order of the Board of Directors.

Dated at Washington, D.C., this 31st day of August, 1999.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 99-23383 Filed 9-8-99; 8:45 am]

BILLING CODE 6714-01-P