backed securitizations and loan participation; policy statement,

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Federal Register: September 9, 1999 (Volume 64, Number 174)NoticesPage 49015From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr09se99-56

FEDERAL DEPOSIT INSURANCE CORPORATION

Repudiation and Asset-backed Securitizations and Loan Participations

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SUMMARY: The Federal Deposit Insurance Corporation (the FDIC) hereby gives notice that it has withdrawn its outstanding proposed Statement of Policy published on December 30, 1998, (46 FR 31018) that would have clarified the treatment of securitizations and loan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or loan participation to be accounted for as a sale under generally accepted accounting principles, is being withdrawn because the FDIC is proposing a rule that would have the same intended effect as the proposed Statement of Policy.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. 99-23383Filed9-8-99; 8:45 amBILLING CODE 6714-01-P

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