Decisions on Bank Applications

Merrill Lynch National Financial

FEDERAL DEPOSIT INSURANCE CORPORATION

RE: Merrill Lynch National Financial Salt Lake City, Utah

Application Pursuant to Section 24(a) of the Federal Deposit Insurance Act to Directly Continue Activity That May Not Be Permissible for a National Bank

ORDER

The Board of Directors of the Federal Deposit Insurance Corporation has fully considered all facts and information relevant to the factors of section 24 and other provisions of the Federal Deposit Insurance Act, including facts and information made available to the Board of Directors by the applicant, the Corporation's Division of Supervision, and other information acquired by the Corporation, relating to the application of Merrill Lynch National Financial, Salt Lake City, Utah, an insured State nonmember industrial bank, for the Corporation's consent to maintain its total investment in Money Market Preferred Stock ("MMPS") up to a maximum of 100% of total capital.

The Board of Directors finds that Merrill Lynch National Financial is in compliance with applicable capital standards and that the activity to be continued does not appear to pose a significant risk to the applicable deposit insurance fund.

Accordingly, IT IS ORDERED, that the application be and the same hereby is approved, subject only to the following condition:

The consent granted herein is based on the facts and circumstances presented or otherwise known to the FDIC in connection with this request. If the facts and circumstances change significantly, the Corporation shall have the right to alter, suspend, or withdraw is approval.

Dated at Washington, D. C., this day of , 1994.

BY ORDER OF THE BOARD OF DIRECTORS
Acting Executive Secretary