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Inactive Financial Institution Letters 

[Federal Register: September 9, 1999 (Volume 64, Number 174)]
[Page 49015]
From the Federal Register Online via GPO Access []



Repudiation and Asset-backed Securitizations and Loan 

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Withdrawal of proposed Statement of Policy


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gives notice that it has withdrawn its outstanding proposed Statement 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under generally accepted accounting principles, is being withdrawn 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]

Last Updated 10/15/1999

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