Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities

[Federal Register Volume 63, Number 217 (Tuesday, November 10, 1998)]
[Notices]
[Page 63055]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-30096]


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FEDERAL RESERVE SYSTEM


Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies that are Engaged in Permissible 
Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation Y, (12 CFR Part 225) to engage de novo, or to acquire or 
control voting securities or assets of a company, including the 
companies listed below, that engages either directly or through a 
subsidiary or other company, in a nonbanking activity that is listed in 
Sec.  225.28 of Regulation Y (12 CFR 225.28) or that the Board has 
determined by Order to be closely related to banking and permissible 
for bank holding companies. Unless otherwise noted, these activities 
will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. The notice also will be available for inspection at the 
offices of the Board of Governors. Interested persons may express their 
views in writing on the question whether the proposal complies with the 
standards of section 4 of the BHC Act.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than November 24, 1998.
    A. Federal Reserve Bank of Minneapolis (JoAnne F. Lewellen, 
Assistant Vice President) 90 Hennepin Avenue, P.O. Box 291, 
Minneapolis, Minnesota 55480-0291:
    1. U.S. Bancorp, Minneapolis, Minnesota; to acquire Libra 
Investments, Inc., Irvine, California, through this acquisition, U.S. 
Bancorp will acquire an equity interest in Libra Investors, LLC, LFM, 
LLC, Libra Investors II, LLC, and LFC, LLC, all of Los Angeles, 
California, and thereby engage in underwriting and dealing in, to a 
limited extent, all types of debt and equity securities other than 
open-end investment companies. J.P. Morgan & Co., Incorporated, 75 Fed. 
Res. Bull. 192 (1989). Engaging in financial advisory activities 
pursuant to Sec.  225.28(b)(6) of the Board's Regulation Y. Providing 
agency transactional services for customer investments pursuant to 
Sec.  225.28(b)(7) of Regulation Y. Acting directly or indirectly 
through subsidiaries or affiliates, as general partner for a series of 
limited partnerships and limited liability companies now existing or to 
be established in the future, that are excluded from the definition of 
``investment company'' under the Investment Company Act of 1940 and are 
exempt from registration and the prospectus requirements of the 
Securities Act of 1933, which may invest in securities or other assets 
eligible for investment by U.S. Bancorp and may make, service and 
invest in discounted bank loans and other debt securities (other than 
discounted debt securities collateralized by shares of banks and bank 
holding companies), including secured and unsecured debt in the form of 
bank loans, privately placed and publicly-traded debt instruments, 
bonds, notes, debentures and discounted receivables. Dresdner Bank AG, 
84 Fed. Res. Bull. 361 (1998); Letter to Swiss Bank Corporation from 
the Federal Reserve Bank of New York (March 28, 1995); Meridian 
Bancorp, Inc., 80 Fed. Res. Bull. 736 (1991).

    Board of Governors of the Federal Reserve System, November 4, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-30096 Filed 11-9-98; 8:45 am]
BILLING CODE 6210-01-F