NEWS RELEASE 07/23/01

FASB Issues Technical Bulletin on Statement 140

Norwalk, CT, July 23, 2001—Today the Financial Accounting Standards Board (FASB) published FASB Technical Bulletin No. 01-1, Effective Date for Certain Financial Institutions of Certain Provisions of Statement 140 Related to the Isolation of Transferred Financial Assets. The publication may be obtained by placing an order on-line or by contacting the FASB's Order Department at 800-748-0659.

The Technical Bulletin defers, until 2002, application of the isolation standards of Statement 140, as clarified in staff guidance published in April of this year, to banks and certain other financial institutions. Those institutions also will be allowed up to five years of additional transition time for transfers of assets to certain securitization master trusts. That additional transition time applies only if all beneficial interests issued to investors after July 23, 2001, permit the changes in structure necessary to comply with those isolation standards.

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