STATUTES & REGULATIONS

Question about Repurchase Agreement Confirmations

May 19, 1997

Ken Papaj
Department of Treasury
Bureau of the Public Debt
Government Securities Regulations Staff
Washington, DC 20239

RE: Question about Repurchase Agreement Confirmations

I am writing to you on behalf of Bremer Financial's 14 First American Bank National Association financial institutions located in Minnesota, North Dakota, and Wisconsin (a $3Billion total holding company), to request information on the allowable nature of the actual confirmation sent to hold-in-custody overnight repurchase agreement customers.

Question: May we use electronic mail to deliver daily confirmations.

Assumptions:

Comments:

Bremer Financial respectfully requests your guidance on this matter. If you have any questions about the factual context of this request or about the specific means proposed for using electronic mail, please contact me at (612) 282-9758.

Thank you in advance for your help.

Sincerely,
Gren Blackall

cc: Kurt Raney, OCC
  Stan Dardis, COO Bremer Financial
  Brent Gray, CFO Bremer Financial
  Don Espersen, Audit
  Dave Kane, Compliance

SVP, CIO Bremer Financial Services, Inc.
445 Minnesota Street
St. Paul, Minnesota 55101-2107

EXAMPLE CONFIRMATION

Message:
To:Yoshi@singles.com at -FABRIK/Internet
From:GBLACKAL at BREMER_HQ
Subject: Daily Collateral Confirmation for 5/15/97
Contents:
First American Bank of North Dakota, NA
Repurchase Agreement Confirmation for 5/15/97.
For Yoshi Inc, Account #202

TO
Yoshi Banader
323 Regular Lane
Organize, MN
FROM
Gren Blackall
Phone 612-282-9758
Internet Address gblackal@bfsi.com

SUMMARY
Balance 987,779.34
Rate 4.500%
Interest 121.78
COLLATERAL DETAILS
DESCRIPTION CUSIP COUPON MATURITY PAR VALUE MKT VALUE
FNMA REMIC 1993 31359BD53 6.50 8/25/08 270,000.00 265,343.26
OCONTO WI REFUN 675685DS7 5.20 12/1/06 20,000.00 18,890.91
FNMA POOL #2071 31369DBC4 6.00 12/1/08 730,000.00 708,346.19
      TOTAL 1,020,000.00 992,580.36