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27 October 2008

[Federal Register: October 27, 2008 (Volume 73, Number 208)]
[Rules and Regulations]               
[Page 63624-63625]
From the Federal Register Online via GPO Access []



12 CFR Part 225

[Regulation Y; Docket No. R-1336]

Capital Adequacy Guidelines: Treatment of Perpetual Preferred 
Stock Issued to the United States Treasury Under the Emergency Economic 
Stabilization Act of 2008

AGENCY: Board of Governors of the Federal Reserve System (Board).

ACTION: Correcting amendments.


SUMMARY: The Board published an interim final rule with request for 
public comment in the Federal Register on October 22, 2008 ( 73 FR 
62851), providing that bank holding companies that issue new senior 
perpetual preferred stock to the U.S Department of Treasury under the 
capital purchase program announced by the Secretary of the Treasury on 
October 14, 2008, may include such capital instruments in Tier 1 
capital for purposes of the Board's risk-based and leverage capital 
rules and guidelines for bank holding companies. The Public Law was 
cited incorrectly. This document corrects the citation in footnote 1 of 
the Supplementary Information and in the interim final regulation by 
revising these sections.

DATES: Effective October 27, 2008.

ADDRESSES: You may submit comments, identified by Docket No. R-1336, by 
any of the following methods:
     Agency Web Site: Follow the 
instructions for submitting comments at
     Federal eRulemaking Portal: 
Follow the instructions for submitting comments.
     E-mail: Include docket 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at as 
submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper form in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW) between 9 a.m. and 5 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: Norah M. Barger, Deputy Director, 
(202) 452-2402, or John Connolly, Senior Project Manager, (202) 452-
3621, Division of Banking Supervision and Regulation; or Kieran J. 
Fallon, Assistant General Counsel, (202) 452-5270, Mark E. Van Der 
Weide, Assistant General Counsel, (202) 452-2263, or Benjamin W. 
McDonough, Senior Attorney, (202) 452-2036, Legal Division; Board of 
Governors of the Federal Reserve System, 20th Street and Constitution 
Ave., NW., Washington, DC 20551. For the hearing impaired only, 
Telecommunication Device for the Deaf (TDD), (202) 263-4869.

SUPPLEMENTARY INFORMATION: On October 3, 2008, President Bush signed 
the Emergency Economic Stabilization Act of 2008 (Act) \1\ into law.

List of Subjects in 12 CFR Part 225

    Administrative practice and procedure, Banks, Banking, Federal 
Reserve System, Holding companies, Reporting and recordkeeping 
requirements, Securities.

Accordingly, 12 CFR part 225 is corrected by making the following 
correcting amendment:

    \1\ Division A of Pub. L. No. 110-343, 122 Stat. 3765 (2008).

Authority and Issuance

For the reasons stated in the preamble, the Board of Governors of the 
Federal Reserve System amends part 225 of chapter II of title 12 of the 
Code of Federal Regulations as follows:


1. The authority citation for part 225 continues to read as follows:

    Authority: 12 U.S.C. 1817(j)(13), 1818, 1828(o), 1831i, 1831p-1, 
1843(c)(8), 1844(b), 1972(1), 3106, 3108, 3310, 3331-3351, 3907, and 
3909; 15 U.S.C. 6801 and 6805.

2. In appendix A to part 225, revise section II.A.1.a.ii.; and footnote 
8 in section II.A.1.c.ii.(2) to read as follows:

Appendix A to Part 225--Capital Adequacy Guidelines for Bank Holding 
Companies: Risk-Based Measure

* * * * *
    II. * * *
    A. * * *
    1. * * *
    a. * * *
    ii. Qualifying noncumulative perpetual preferred stock, 
including related surplus, and senior perpetual preferred stock 

[[Page 63625]]

to the United States Department of the Treasury (Treasury) under the 
Troubled Asset Relief Program (TARP) established by the Emergency 
Economic Stabilization Act of 2008, Division A of Pub. L. No. 110-
343 (which for purposes of this appendix shall be considered 
qualifying noncumulative perpetual preferred stock), including 
related surplus;
* * * * *
    c. * * *
    ii. * * *
    (2) * * *

\8\ Notwithstanding this provision, senior perpetual preferred stock 
issued to the Treasury under the TARP established by the Emergency 
Economic Stabilization Act of 2008, Division A of Pub. L. No. 110-
343, may be included in tier 1 capital. In addition, traditional 
convertible perpetual preferred stock, which the holder must or can 
convert at a fixed number of common shares at a preset price, 
generally qualifies for inclusion in tier 1 capital provided all 
other requirements are met.
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, October 22, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-25489 Filed 10-24-08; 8:45 am]