ALERT 95-32
Type:  Unauthorized Banking                       Subject:  Guarantee Instruments

TO:  Chief Executive Officers of all National Banks; all State Banking 
     Authorities; Chairman, Board of Governors of the Federal Reserve System; 
     Chairman, Federal Deposit Insurance Corporation; Conference of State Bank 
     Supervisors; Deputy Comptrollers (Districts); District Administrators; 
     District Counsel and Examining Personnel.


     Information has been received that BANK GUARANTEE instruments purportedly
     issued by Banque Centrale De Madagascar (Central Bank) are in circulation.  A copy
     of one such instrument is attached.  The government of Madagascar has 
     advised that such instruments do not constitute legal obligations of the 
     Central Bank and the government of Madagascar.  Please be guided 
     accordingly.

     Any information which you may have concerning this matter should be brought 
     to the attention of:

                    Office of the Comptroller of the Currency
                    Enforcement & Compliance Division
                    250 E Street, SW
                    Washington, DC  202l9
                    Fax (202) 874-5301




                                      
     Daniel P. Stipano
     Director
     Enforcement & Compliance Division   
     Date: September 8, 1995