[Federal Register: July 22, 2005 (Volume 70, Number 140)]
[Notices]
[Page 42412-42413]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr22jy05-121]
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DEPARTMENT OF THE TREASURY
Departmental Offices; Proposed Collections; Comment Requests
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork burdens, invites the general public and
other Federal agencies to comment on revisions of two information
collections that are proposed for approval by the Office of Management
and Budget. The Office of International Affairs within the Department
of the Treasury is soliciting comments concerning Treasury
International Capital (TIC) Form BC/BC(SA), Report of U.S. Dollar
Claims of Depository Institutions, Brokers, and Dealers on Foreigners;
and Treasury International Capital (TIC) Form BL-1/BL-1(SA), Report of
U.S. Dollar Liabilities of Depository Institutions, Brokers, and
Dealers to Foreigners.
DATES: Written comments should be received on or before September 20,
2005, to be assured of consideration.
ADDRESSES: Direct all written comments to Dwight Wolkow, International
Portfolio Investment Data Systems, Department of the Treasury, Room
4410-1440NYA, 1500 Pennsylvania Avenue, NW., Washington DC 20220. In
view of possible delays in mail delivery, please also notify Mr. Wolkow
by e-mail (dwight.wolkow@do.treas.gov), fax (202) 622-1207 or telephone
(202) 622-1276.
FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and
instructions are available on the Treasury's TIC Forms Web page, http://www.treas.gov/tic/forms.html
.
[[Page 42413]]
Requests for additional information should be directed to Mr. Wolkow.
SUPPLEMENTARY INFORMATION:
Titles: Treasury International Capital Form BC/BC(SA), Report of
U.S. Dollar Claims of Depository Institutions, Brokers, and Dealers on
Foreigners; and Treasury Capital Form BL-1/BL-1(SA), Report of U.S.
Dollar Liabilities of Depository Institutions, Brokers, and Dealers to
Foreigners.
OMB Control Numbers: 1505-0017 and 1505-0019.
Abstracts: Forms BC/BC(SA) and BL-1/BL-1(SA) are part of the
Treasury International Capital (TIC) reporting system, which is
required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 CFR
128) and is designed to collect timely information on international
portfolio capital movements. Form BC is a monthly report (with a
semiannual supplement) that covers own U.S. dollar claims of banks,
other depository institutions, brokers and dealers vis-[aacute]-vis
foreign residents. Form BL-1 is a monthly report (with a semiannual
supplement) that covers own U.S. dollar liabilities of banks, other
depository institutions, brokers and dealers vis-[aacute]vis foreign
residents. This information is necessary for compiling the U.S. balance
of payments accounts and the U.S. international investment position,
and for formulating U.S. international financial and monetary policies.
Current Actions: (a) The list for reporting the location of foreign
counterparties on all TIC reporting forms will be increased to a total
of roughly 245 countries and other areas. This longer list is
essentially the same as the lists used for years in the TIC benchmark
and annual reports, and thus will establish a uniform list of
countries/areas consistent across all TIC reporting forms. Comments
from TIC respondents indicate that their modern computerized database
systems can easily produce all TIC reports for this longer list of
countries/areas. This change will apply to the monthly and quarterly B-
forms, C-forms, Form D and Form S and will allow the semiannual B-forms
to be eliminated (see action b below). This action is expected to
result in an overall reduction in burden for TIC respondents as a
whole, as well as satisfying Treasury's need for more timely
information on a larger number of countries. Comments from TIC
respondents indicate that the combination of the longer uniform country
list and the virtual elimination of rows for ``other countries'' will
reduce significantly the total burden from all TIC reports, including
the burdens of cross-checking information, responding to inquiries from
data compilers, and making revisions to data reports; (b) The
semiannual reports BC(SA), BL-1(SA) and BL-2(SA) will be eliminated.
These reports for about 130 countries/areas will be made unnecessary by
action (a) above; and (c) these changes will be effective beginning
with the reports as of June 30, 2006.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Form BC/BC(SA) (1505-0017).
Estimated Number of Respondents: 325.
Estimated Average Time per Respondent: Nine and three/tenths (9.3)
hours per respondent per filing. This average time varies from 17 hours
for the approximately 30 major reporters to 8.5 hours for the other
reporters.
Estimated Total Annual Burden Hours: 36,210 hours, based on 12
reporting periods per year.
Form BL-1/BL-1(SA) (1505-0019).
Estimated Number of Respondents: 405.
Estimated Average Time per Respondent: Six and four/tenths (6.4)
hours per respondent per filing. This average time varies from 12 hours
for the approximately 30 major reporters to 6 hours for the other
reporters.
Estimated Total Annual Burden Hours: 31,320 hours, based on 12
reporting periods per year.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for Office of
Management and Budget approval. All comments will become a matter of
public record. The public is invited to submit written comments
concerning: (a) Whether Forms BC/BC(SA) and BL-1/BL- 1(SA) are
necessary for the proper performance of the functions of the Office,
including whether the information will have practical uses; (b) the
accuracy of the above estimate of the burdens; (c) ways to enhance the
quality, usefulness and clarity of the information to be collected; (d)
ways to minimize the reporting and/or record keeping burdens on
respondents, including the use of information technologies to automate
the collection of the data; and (e) estimates of capital or start-up
costs of operation, maintenance and purchase of services to provide
information.
Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 05-14467 Filed 7-21-05; 8:45 am]
BILLING CODE 4810-25-P