BB 93-42
BANKING ISSUANCES

Comptroller of the Currency
Administrator of National Banks
Type:  Banking Bulletin
Subject:  Accounting for Dispositions of Other Real Estate Owned

TO:	The Chief Executive Officers and Chief Financial Officers
     of all National Banks, Deputy Comptrollers, Department and
     Division Heads, and all Examining Personnel
 
Attached is an interagency statement regarding the appropriate
accounting for dispositions of other real estate owned (OREO).
Beginning with the June 30, 1993 report date, the Instructions
Schedule RC-M of the Consolidated Report of Condition (Call
Report) were revised to eliminate the requirement that covered
transactions be reported as Other Real Estate Owned. National
banks will generally account for dispositions of other real
estate owned in accordance Statement of Financial Accounting
Standards No. 66, "Accounting for Sales of Real Estate" (SFAS
66). Accordingly, this interagency statement provides guidance
on the application of SFAS 66. This announcement is being issued
jointly by the Office of the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, and the Board of
Governors of the Federal Reserve System.
 
Questions regarding this issuance may be directed to the Office
of the Chief Accountant, Office of the Chief National Bank
Examiner, at (202) 874-5180.









Donald G. Coonley
Chief National Bank Examiner


Attachment  
	
Date:  July 16, 1993