Board of Governors of the Federal Reserve System

currency operations for such Account. 4. Approval of minutes of actions...currency operations and (b) foreign currency directive. (Copies attached

central to the debate about the causes of the recent housing boom of the

Central Bancshares, Inc., Little Rock, and thereby acquire Central Bank...Central Bancshares, Inc., Little Rock, and thereby acquire Central Bank

Central Bancshares, Inc., Little Rock, and thereby acquire Central Bank...Central Bancshares, Inc., Little Rock, and thereby acquire Central Bank

bank holding company, and its subsidiary bank, Virginia Community Bank...Bank, the Federal Reserve Bank of Richmond (the "Reserve Bank"), and the

centrally clearable in the next couple of years; (ii) the ability to offset

Currency F.201 39 L.201 85 U.S. Deposits in Foreign Countries F.202 39...Currency F.204 41 L.204 87 Time and Savings Deposits F.205 42 L.205 88

Currency Operations and the Foreign Currency Directive, the Federal Reserve...Bank of New York to maintain an over-all open position in foreign currencies

bank credit.............................. 3 Business finance.............bank credit and short- and intermediate-term business credit..........

Bank to execute transactions for the System Open Market Account. 3. Ratification...currency operations. A. Report on foreign currency operations since the