Page:United States Statutes at Large Volume 101 Part 1.djvu/690

 101 STAT. 660

PUBLIC LAW 100-86—AUG. 10, 1987

on such later date as the Secretary of the Treasury may prescribe in regulations.

TITLE XI—INTEREST TO CERTAIN ' ^,^^_.^,^^_^^^^^:^.^^ DEPOSITORS _,.^^;' ,

New York.

12 USC 1813.

New York.

SEC. 1101. INTEREST TO CERTAIN DEPOSITORS.

(a) PAYMENT OF INTEREST REQUIRED.—Notwithstanding any other provision of law, the Federal Deposit Insurance Corporation shall pay interest in accordance with the requirements of subsection (b) on nonnegotiable certificates (commonly referred to as "yellow certificates") which— (1) were issued by the Golden Pacific National Bank of New York, New York, before such bank was declared to be insolvent by the Comptroller of the Currency on June 21, 1985; and (2) have been determined to be insured deposits (as such term is defined in section 3(m)(l) of the Federal Deposit Insurance Act) in anyj'udicial action or agency proceeding. (b) COMPUTATION OF INTEREST.—Interest required to be paid under subsection (a) with respect to any certificate described in such subsection shall be computed— (1) on the principal amount of that portion of such certificate which was determined to be an insured deposit; (2) at the statutory rate of interest in effect under the law of the State of New York; and (3) for the period beginning on June 21, 1985, and ending on the date on which the holder of such certificate, or the holder's representative, receives the payment of deposit insurance on account of such certificate from the Federal Deposit Insurance Corporation.

TITLE XII—MISCELLANEOUS PROVISIONS SEC. 1201. HIGH YIELD BOND STUDY.

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(a) IN GENERAL.—The Comptroller General, in consultation with the Securities and Exchange Commission, the Federal Home Loan Bank Board, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Savings and Loan Insurance Corporation, the Federal Deposit Insurance Corporation, the Secretary of the Treasury, and the Secretary of Labor shall study on a comparative basis to other types of investments made by federally insured institutions the issuance of and investment in high yield, noninvestment grade bonds during the 5 years prior to the date of enactment of this Act, including— (1) the identity and rating (as determined by Moody's, Standard and Poor's, or other nationally recognized bond rating house) of the issuers of these bonds; (2) the identity of the major purchasers of these bonds, including but not limited to federally insured depository institutions; (3) the percentage of the total amount of high yield, noninvestment grade bonds that are issued as a method of financing corporate takeovers; (4) the identity of the purchasers including, but not limited to, federally insured depository institutions that invest in high

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