9525Federal Register / Vol. 74, No. 41 / Wednesday, March 4, 2009 / Rules and Regulations
1 Federal Deposit Insurance Reform Act of 2005,
Public Law 109–171, 120 Stat. 9; Federal Deposit
Insurance Conforming Amendments Act of 2005,
Public Law 109–173, 119 Stat. 3601.
2 After a year long review of the deposit insurance
system, the FDIC made several recommendations to
Congress to reform the deposit insurance system.
See http://www.fdic.gov/deposit/insurance/
initiative/direcommendations.html for details.
3 Section 2109(a)(5) of the Reform Act. Section
7(b) of the Federal Deposit Insurance Act (12 U.S.C.
1817(b)).
4 12 Section 7(b)(1)(C) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(1)(C)). The Reform
Act merged the former Bank Insurance Fund and
Savings Association Insurance Fund into the
Deposit Insurance Fund.
Holding Company Act of 1956, as
amended, the Home Owners’ Loan Act,
as amended, or the Change in Bank
Control Act, as amended, have been
submitted to the applicant’s appropriate
Federal banking agency in connection
with the proposed issuance; and
(F) any other relevant information that
the FDIC deems appropriate.
(3) The factors to be considered by the
FDIC in evaluating applications filed
pursuant to paragraphs (h)(1)(i) through
(h)(1)(iii) and (h)(1)(v) of this section
include: the financial condition and
supervisory history of the eligible/
surviving entity. * * *
(4) * * * Applications made pursuant
to paragraph (h)(1)(v) of this section
must be filed with the FDIC no later
than June 30, 2009.
* * * * *
■ 4. In part 370, amend § 370.5 as
follows:
■ a. At the end of paragraph (h)(2),
remove the last italicized sentence and
add in its place two new sentences; and
■ b. Add new paragraph (j) as follows:
§ 370.5 Participation.
* * * * *
(h) * * *
(2) * * * [If the debt being issued is
mandatory convertible debt, add: The
expiration date of the FDIC’s guarantee
is the earlier of the mandatory
conversion date or June 30, 2012]. [If the
debt being issued is any other senior
unsecured debt, add: The expiration
date of the FDIC’s guarantee is the
earlier of the maturity date of the debt
or June 30, 2012.]
* * * * *
(j) No mandatory convertible debt
may be issued without obtaining the
FDIC’s prior written approval.
■ 5. In part 370, amend § 370.6 as
follows:
■ a. Revise paragraphs (d)(1).
■ b. Revise the first sentence of (d)(3).
■ c. Revise (d)(5) as follows:
§ 370.6 Assessments under the Debt
Guarantee Program.
* * * * *
(d) * * *
(1) Calculation of assessment. Except
as provided in paragraph (d)(3) of this
section, the amount of assessment will
be determined by multiplying the
amount of FDIC-guaranteed debt times
the term of the debt or, in the case of
mandatory convertible debt, the time
period from issuance to the mandatory
conversion date, times an annualized
assessment rate determined in
accordance with the following table.
For debt with a maturity or
time period to conversion
date of—
The
annualized
assessment
rate (in basis
points) is—
180 days or less (excluding
overnight debt) .................. 50
181–364 days ....................... 75
365 days or greater .............. 100
* * * * *
(3) The amount of assessment for an
eligible entity, other than an insured
depository institution, that controls,
directly or indirectly, or is otherwise
affiliated with, at least one insured
depository institution will be
determined by multiplying the amount
of FDIC-guaranteed debt times the term
of the debt or, in the case of mandatory
convertible debt, the time period from
issuance to the mandatory conversion
date, times an annualized assessment
rate determined in accordance with the
rates set forth in the table in paragraph
(d)(1) of this section, except that each
such rate shall be increased by 10 basis
points, if the combined assets of all
insured depository institutions affiliated
with such entity constitute less than 50
percent of consolidated holding
company assets. * * *
* * * * *
(5) No assessment reduction for early
retirement of guaranteed debt. A
participating entity’s assessment shall
not be reduced if guaranteed debt is
retired prior to its scheduled maturity
date or conversion date.
* * * * *
■ 6. In part 370, amend § 370.12 to add
a new sentence immediately after the
first sentence in paragraph (b)(2); as
follows:
§ 370.12 Payment on the guarantee.
* * * * *
(b) * * *
(2) * * * For purposes of mandatory
convertible debt, principal payment
shall be limited to amounts paid by
holders under the issuance. * * *
* * * * *
[FR Doc. E9–4586 Filed 2–27–09; 4:15 pm]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
RIN 3064–AD35
Assessments
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The FDIC is amending our
regulation to alter the way in which it
differentiates for risk in the risk-based
assessment system; revise deposit
insurance assessment rates, including
base assessment rates; and make
technical and other changes to the rules
governing the risk-based assessment
system.
DATES: Effective Date: April 1, 2009.
FOR FURTHER INFORMATION CONTACT:
Munsell W. St. Clair, Chief, Banking and
Regulatory Policy Section, Division of
Insurance and Research, (202) 898–
8967; and Christopher Bellotto, Counsel,
Legal Division, (202) 898–3801.
SUPPLEMENTARY INFORMATION:
I. Background
The Reform Act
On February 8, 2006, the President
signed the Federal Deposit Insurance
Reform Act of 2005 into law; on
February 15, 2006, he signed the Federal
Deposit Insurance Reform Conforming
Amendments Act of 2005 (collectively,
the Reform Act).1 The Reform Act
enacted the bulk of the reform
recommendations made by the FDIC in
2001.2 The Reform Act, among other
things, required that the FDIC,
‘‘prescribe final regulations, after notice
and opportunity for comment * * *
providing for assessments under section
7(b) of the Federal Deposit Insurance
Act, as amended * * *,’’ thus giving the
FDIC, through its rulemaking authority,
the opportunity to better price deposit
insurance for risk.3
The Federal Deposit Insurance Act, as
amended by the Reform Act, continues
to require that the assessment system be
risk-based and allows the FDIC to define
risk broadly. It defines a risk-based
system as one based on an institution’s
probability of causing a loss to the
deposit insurance fund due to the
composition and concentration of the
institution’s assets and liabilities, the
amount of loss given failure, and
revenue needs of the Deposit Insurance
Fund (the fund or DIF).4
VerDate Nov<24>2008 20:35 Mar 03, 2009 Jkt 217001 PO 00000 Frm 00005 Fmt 4701 Sfmt 4700 E:\FR\FM\04MRR2.SGM 04MRR2
1 Federal Deposit Insurance Reform Act of 2005,
Public Law 109–171, 120 Stat. 9; Federal Deposit
Insurance Conforming Amendments Act of 2005,
Public Law 109–173, 119 Stat. 3601.
2 After a year long review of the deposit insurance
system, the FDIC made several recommendations to
Congress to reform the deposit insurance system.
See http://www.fdic.gov/deposit/insurance/
initiative/direcommendations.html for details.
3 Section 2109(a)(5) of the Reform Act. Section
7(b) of the Federal Deposit Insurance Act (12 U.S.C.
1817(b)).
4 12 Section 7(b)(1)(C) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(1)(C)). The Reform
Act merged the former Bank Insurance Fund and
Savings Association Insurance Fund into the
Deposit Insurance Fund.
Holding Company Act of 1956, as
amended, the Home Owners’ Loan Act,
as amended, or the Change in Bank
Control Act, as amended, have been
submitted to the applicant’s appropriate
Federal banking agency in connection
with the proposed issuance; and
(F) any other relevant information that
the FDIC deems appropriate.
(3) The factors to be considered by the
FDIC in evaluating applications filed
pursuant to paragraphs (h)(1)(i) through
(h)(1)(iii) and (h)(1)(v) of this section
include: the financial condition and
supervisory history of the eligible/
surviving entity. * * *
(4) * * * Applications made pursuant
to paragraph (h)(1)(v) of this section
must be filed with the FDIC no later
than June 30, 2009.
* * * * *
■ 4. In part 370, amend § 370.5 as
follows:
■ a. At the end of paragraph (h)(2),
remove the last italicized sentence and
add in its place two new sentences; and
■ b. Add new paragraph (j) as follows:
§ 370.5 Participation.
* * * * *
(h) * * *
(2) * * * [If the debt being issued is
mandatory convertible debt, add: The
expiration date of the FDIC’s guarantee
is the earlier of the mandatory
conversion date or June 30, 2012]. [If the
debt being issued is any other senior
unsecured debt, add: The expiration
date of the FDIC’s guarantee is the
earlier of the maturity date of the debt
or June 30, 2012.]
* * * * *
(j) No mandatory convertible debt
may be issued without obtaining the
FDIC’s prior written approval.
■ 5. In part 370, amend § 370.6 as
follows:
■ a. Revise paragraphs (d)(1).
■ b. Revise the first sentence of (d)(3).
■ c. Revise (d)(5) as follows:
§ 370.6 Assessments under the Debt
Guarantee Program.
* * * * *
(d) * * *
(1) Calculation of assessment. Except
as provided in paragraph (d)(3) of this
section, the amount of assessment will
be determined by multiplying the
amount of FDIC-guaranteed debt times
the term of the debt or, in the case of
mandatory convertible debt, the time
period from issuance to the mandatory
conversion date, times an annualized
assessment rate determined in
accordance with the following table.
For debt with a maturity or
time period to conversion
date of—
The
annualized
assessment
rate (in basis
points) is—
180 days or less (excluding
overnight debt) .................. 50
181–364 days ....................... 75
365 days or greater .............. 100
* * * * *
(3) The amount of assessment for an
eligible entity, other than an insured
depository institution, that controls,
directly or indirectly, or is otherwise
affiliated with, at least one insured
depository institution will be
determined by multiplying the amount
of FDIC-guaranteed debt times the term
of the debt or, in the case of mandatory
convertible debt, the time period from
issuance to the mandatory conversion
date, times an annualized assessment
rate determined in accordance with the
rates set forth in the table in paragraph
(d)(1) of this section, except that each
such rate shall be increased by 10 basis
points, if the combined assets of all
insured depository institutions affiliated
with such entity constitute less than 50
percent of consolidated holding
company assets. * * *
* * * * *
(5) No assessment reduction for early
retirement of guaranteed debt. A
participating entity’s assessment shall
not be reduced if guaranteed debt is
retired prior to its scheduled maturity
date or conversion date.
* * * * *
■ 6. In part 370, amend § 370.12 to add
a new sentence immediately after the
first sentence in paragraph (b)(2); as
follows:
§ 370.12 Payment on the guarantee.
* * * * *
(b) * * *
(2) * * * For purposes of mandatory
convertible debt, principal payment
shall be limited to amounts paid by
holders under the issuance. * * *
* * * * *
[FR Doc. E9–4586 Filed 2–27–09; 4:15 pm]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
RIN 3064–AD35
Assessments
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The FDIC is amending our
regulation to alter the way in which it
differentiates for risk in the risk-based
assessment system; revise deposit
insurance assessment rates, including
base assessment rates; and make
technical and other changes to the rules
governing the risk-based assessment
system.
DATES: Effective Date: April 1, 2009.
FOR FURTHER INFORMATION CONTACT:
Munsell W. St. Clair, Chief, Banking and
Regulatory Policy Section, Division of
Insurance and Research, (202) 898–
8967; and Christopher Bellotto, Counsel,
Legal Division, (202) 898–3801.
SUPPLEMENTARY INFORMATION:
I. Background
The Reform Act
On February 8, 2006, the President
signed the Federal Deposit Insurance
Reform Act of 2005 into law; on
February 15, 2006, he signed the Federal
Deposit Insurance Reform Conforming
Amendments Act of 2005 (collectively,
the Reform Act).1 The Reform Act
enacted the bulk of the reform
recommendations made by the FDIC in
2001.2 The Reform Act, among other
things, required that the FDIC,
‘‘prescribe final regulations, after notice
and opportunity for comment * * *
providing for assessments under section
7(b) of the Federal Deposit Insurance
Act, as amended * * *,’’ thus giving the
FDIC, through its rulemaking authority,
the opportunity to better price deposit
insurance for risk.3
The Federal Deposit Insurance Act, as
amended by the Reform Act, continues
to require that the assessment system be
risk-based and allows the FDIC to define
risk broadly. It defines a risk-based
system as one based on an institution’s
probability of causing a loss to the
deposit insurance fund due to the
composition and concentration of the
institution’s assets and liabilities, the
amount of loss given failure, and
revenue needs of the Deposit Insurance
Fund (the fund or DIF).4
VerDate Nov<24>2008 20:35 Mar 03, 2009 Jkt 217001 PO 00000 Frm 00005 Fmt 4701 Sfmt 4700 E:\FR\FM\04MRR2.SGM 04MRR2
9526 Federal Register / Vol. 74, No. 41 / Wednesday, March 4, 2009 / Rules and Regulations
5 Section 7(b)(3)(E) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(3)(E)).
6 The Reform Act eliminated the prohibition
against charging well-managed and well-capitalized
institutions when the deposit insurance fund is at
or above, and is expected to remain at or above, the
designated reserve ratio (DRR). This prohibition
was included as part of the Deposit Insurance
Funds Act of 1996. Public Law 104–208, 110 Stat.
3009, 3009–479. However, while the Reform Act
allows the DRR to be set between 1.15 percent and
1.50 percent, it also generally requires dividends of
one-half of any amount in the fund in excess of the
amount required to maintain the reserve ratio at
1.35 percent when the insurance fund reserve ratio
exceeds 1.35 percent at the end of any year. The
Board can suspend these dividends under certain
circumstances. The Reform Act also requires
dividends of all of the amount in excess of the
amount needed to maintain the reserve ratio at 1.50
when the insurance fund reserve ratio exceeds 1.50
percent at the end of any year. 12 U.S.C. 1817(e)(2).
7 Section 7(b)(1)(D) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(1)(D)).
8 Section 2104(a)(2) of the Reform Act amending
Section 7(b)(2)(D) of the Federal Deposit Insurance
Act (12 U.S.C. 1817(b)(2)(D)).
9 71 FR 69282. The FDIC also adopted several
other final rules implementing the Reform Act,
including a final rule on operational changes to part
327. 71 FR 69270.
10 The term ‘‘primary federal regulator’’ is
synonymous with the statutory term ‘‘appropriate
federal banking agency.’’ Section 3(q) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(q)).
11 The capital groups and the supervisory groups
have been in effect since 1993. In practice, the
supervisory group evaluations are based on an
institution’s composite CAMELS rating, a rating
assigned by the institution’s supervisor at the end
of a bank examination, with 1 being the best rating
and 5 being the lowest. CAMELS is an acronym for
component ratings assigned in a bank examination:
Capital adequacy, Asset quality, Management,
Earnings, Liquidity, and Sensitivity to market risk.
A composite CAMELS rating combines these
component ratings, which also range from 1 (best)
to 5 (worst). Generally, institutions with a CAMELS
rating of 1 or 2 are assigned to supervisory group
A, those with a CAMELS rating of 3 to group B, and
those with a CAMELS rating of 4 or 5 to group C.
12 The Board cannot adjust rates more than 2 basis
points below the base rate schedule because rates
cannot be less than zero.
Before passage of the Reform Act, the
deposit insurance funds’ target reserve
ratio—the designated reserve ratio
(DRR)—was generally set at 1.25
percent. Under the Reform Act,
however, the FDIC may set the DRR
within a range of 1.15 percent to 1.50
percent of estimated insured deposits. If
the reserve ratio drops below 1.15
percent—or if the FDIC expects it to do
so within six months—the FDIC must,
within 90 days, establish and
implement a plan to restore the DIF to
1.15 percent within five years (absent
extraordinary circumstances).5
The Reform Act also restored to the
FDIC’s Board of Directors the discretion
to price deposit insurance according to
risk for all insured institutions
regardless of the level of the fund
reserve ratio.6
The Reform Act left in place the
existing statutory provision allowing the
FDIC to ‘‘establish separate risk-based
assessment systems for large and small
members of the Deposit Insurance
Fund.’’ 7 Under the Reform Act,
however, separate systems are subject to
a new requirement that ‘‘[n]o insured
depository institution shall be barred
from the lowest-risk category solely
because of size.’’ 8
The 2006 Assessments Rule
Overview
On November 30, 2006, pursuant to
the requirements of the Reform Act, the
FDIC published in the Federal Register
a final rule on the risk-based assessment
system (the 2006 assessments rule).9
The rule became effective on January 1,
2007.
The 2006 assessments rule created
four risk categories and named them
Risk Categories I, II, III and IV. These
four categories are based on two criteria:
capital levels and supervisory ratings.
Three capital groups—well capitalized,
adequately capitalized, and
undercapitalized—are based on the
leverage ratio and risk-based capital
ratios for regulatory capital purposes.
Three supervisory groups, termed A, B,
and C, are based upon the FDIC’s
consideration of evaluations provided
by the institution’s primary federal
regulator and other information the
FDIC deems relevant.10 Group A
consists of financially sound
institutions with only a few minor
weaknesses; Group B consists of
institutions that demonstrate
weaknesses which, if not corrected,
could result in significant deterioration
of the institution and increased risk of
loss to the insurance fund; and Group C
consists of institutions that pose a
substantial probability of loss to the
insurance fund unless effective
corrective action is taken.11 Under the
2006 assessments rule, an institution’s
capital and supervisory groups
determine its risk category as set forth
in Table 1 below. (Risk categories
appear in Roman numerals.)
TABLE 1—DETERMINATION OF RISK CATEGORY
Capital category Supervisory group
A B C
Well Capitalized ........................................................................................................................... I III
Adequately Capitalized ................................................................................................................ II
Undercapitalized .......................................................................................................................... III IV
The 2006 assessments rule established
the following base rate schedule and
allowed the FDIC Board to adjust rates
uniformly from one quarter to the next
up to three basis points above or below
the base schedule without further
notice-and-comment rulemaking,
provided that no single change from one
quarter to the next can exceed three
basis points.12 Base assessment rates
within Risk Category I varied from 2 to
4 basis points, as set forth in Table 2
below.
TABLE 2—2007–08 BASE ASSESSMENT RATES
Risk category
I* II III IV
Minimum Maximum
Annual Rates (in basis points) ............................................. 2 4 7 25 40
* Rates for institutions that do not pay the minimum or maximum rate vary between these rates.
VerDate Nov<24>2008 19:58 Mar 03, 2009 Jkt 217001 PO 00000 Frm 00006 Fmt 4701 Sfmt 4700 E:\FR\FM\04MRR2.SGM 04MRR2
5 Section 7(b)(3)(E) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(3)(E)).
6 The Reform Act eliminated the prohibition
against charging well-managed and well-capitalized
institutions when the deposit insurance fund is at
or above, and is expected to remain at or above, the
designated reserve ratio (DRR). This prohibition
was included as part of the Deposit Insurance
Funds Act of 1996. Public Law 104–208, 110 Stat.
3009, 3009–479. However, while the Reform Act
allows the DRR to be set between 1.15 percent and
1.50 percent, it also generally requires dividends of
one-half of any amount in the fund in excess of the
amount required to maintain the reserve ratio at
1.35 percent when the insurance fund reserve ratio
exceeds 1.35 percent at the end of any year. The
Board can suspend these dividends under certain
circumstances. The Reform Act also requires
dividends of all of the amount in excess of the
amount needed to maintain the reserve ratio at 1.50
when the insurance fund reserve ratio exceeds 1.50
percent at the end of any year. 12 U.S.C. 1817(e)(2).
7 Section 7(b)(1)(D) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(1)(D)).
8 Section 2104(a)(2) of the Reform Act amending
Section 7(b)(2)(D) of the Federal Deposit Insurance
Act (12 U.S.C. 1817(b)(2)(D)).
9 71 FR 69282. The FDIC also adopted several
other final rules implementing the Reform Act,
including a final rule on operational changes to part
327. 71 FR 69270.
10 The term ‘‘primary federal regulator’’ is
synonymous with the statutory term ‘‘appropriate
federal banking agency.’’ Section 3(q) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(q)).
11 The capital groups and the supervisory groups
have been in effect since 1993. In practice, the
supervisory group evaluations are based on an
institution’s composite CAMELS rating, a rating
assigned by the institution’s supervisor at the end
of a bank examination, with 1 being the best rating
and 5 being the lowest. CAMELS is an acronym for
component ratings assigned in a bank examination:
Capital adequacy, Asset quality, Management,
Earnings, Liquidity, and Sensitivity to market risk.
A composite CAMELS rating combines these
component ratings, which also range from 1 (best)
to 5 (worst). Generally, institutions with a CAMELS
rating of 1 or 2 are assigned to supervisory group
A, those with a CAMELS rating of 3 to group B, and
those with a CAMELS rating of 4 or 5 to group C.
12 The Board cannot adjust rates more than 2 basis
points below the base rate schedule because rates
cannot be less than zero.
Before passage of the Reform Act, the
deposit insurance funds’ target reserve
ratio—the designated reserve ratio
(DRR)—was generally set at 1.25
percent. Under the Reform Act,
however, the FDIC may set the DRR
within a range of 1.15 percent to 1.50
percent of estimated insured deposits. If
the reserve ratio drops below 1.15
percent—or if the FDIC expects it to do
so within six months—the FDIC must,
within 90 days, establish and
implement a plan to restore the DIF to
1.15 percent within five years (absent
extraordinary circumstances).5
The Reform Act also restored to the
FDIC’s Board of Directors the discretion
to price deposit insurance according to
risk for all insured institutions
regardless of the level of the fund
reserve ratio.6
The Reform Act left in place the
existing statutory provision allowing the
FDIC to ‘‘establish separate risk-based
assessment systems for large and small
members of the Deposit Insurance
Fund.’’ 7 Under the Reform Act,
however, separate systems are subject to
a new requirement that ‘‘[n]o insured
depository institution shall be barred
from the lowest-risk category solely
because of size.’’ 8
The 2006 Assessments Rule
Overview
On November 30, 2006, pursuant to
the requirements of the Reform Act, the
FDIC published in the Federal Register
a final rule on the risk-based assessment
system (the 2006 assessments rule).9
The rule became effective on January 1,
2007.
The 2006 assessments rule created
four risk categories and named them
Risk Categories I, II, III and IV. These
four categories are based on two criteria:
capital levels and supervisory ratings.
Three capital groups—well capitalized,
adequately capitalized, and
undercapitalized—are based on the
leverage ratio and risk-based capital
ratios for regulatory capital purposes.
Three supervisory groups, termed A, B,
and C, are based upon the FDIC’s
consideration of evaluations provided
by the institution’s primary federal
regulator and other information the
FDIC deems relevant.10 Group A
consists of financially sound
institutions with only a few minor
weaknesses; Group B consists of
institutions that demonstrate
weaknesses which, if not corrected,
could result in significant deterioration
of the institution and increased risk of
loss to the insurance fund; and Group C
consists of institutions that pose a
substantial probability of loss to the
insurance fund unless effective
corrective action is taken.11 Under the
2006 assessments rule, an institution’s
capital and supervisory groups
determine its risk category as set forth
in Table 1 below. (Risk categories
appear in Roman numerals.)
TABLE 1—DETERMINATION OF RISK CATEGORY
Capital category Supervisory group
A B C
Well Capitalized ........................................................................................................................... I III
Adequately Capitalized ................................................................................................................ II
Undercapitalized .......................................................................................................................... III IV
The 2006 assessments rule established
the following base rate schedule and
allowed the FDIC Board to adjust rates
uniformly from one quarter to the next
up to three basis points above or below
the base schedule without further
notice-and-comment rulemaking,
provided that no single change from one
quarter to the next can exceed three
basis points.12 Base assessment rates
within Risk Category I varied from 2 to
4 basis points, as set forth in Table 2
below.
TABLE 2—2007–08 BASE ASSESSMENT RATES
Risk category
I* II III IV
Minimum Maximum
Annual Rates (in basis points) ............................................. 2 4 7 25 40
* Rates for institutions that do not pay the minimum or maximum rate vary between these rates.
VerDate Nov<24>2008 19:58 Mar 03, 2009 Jkt 217001 PO 00000 Frm 00006 Fmt 4701 Sfmt 4700 E:\FR\FM\04MRR2.SGM 04MRR2