SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
TO
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly Period Ended September 30, 1998.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 1-7436
REPUBLIC NEW YORK CORPORATION
(Exact name of registrant specified in its charter)
MARYLAND 13-2764867
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
452 FIFTH AVENUE, NEW YORK, NEW YORK 10018
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 525-6100
NOT APPLICABLE
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No __
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The number of shares outstanding of the registrant's common stock, was
107,275,142 at October 30, 1998.
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CROSS-BORDER EXPOSURE
The following table presents information on the Corporation's cross-border
exposure to Latin American countries at September 30, 1998:
Net
Cross-border
($ Millions) Outstandings (1)
-------------------
Brazil (2) $840
Mexico 261
Argentina 267
Venezuela 140
Chile 124
(1) Net cross-border outstandings include foreign office local country
claims on local residents less local country liabilities.
(2) Net outstandings exclude sovereign risk assets funded with U.S.
dollars where the providers of funds agree that, in the event that their
claims cannot be repaid in the designated currency due to sovereign
default or currency exchange restrictions in a given country, they will
wait to receive the non-local currency until such time as such default is
cured or the currency restrictions removed or such currency becomes
available in the local market; under limited circumstances, the providers
may receive either local currency or local market debt instruments. At
September 30, 1998, such excluded Brazilian sovereign assets, supported
by Brazilian sovereign risk liabilities, were $645 million. The
Corporation is managing further reductions in its Brazilian exposure.
The Corporation has no material exposure in Asian countries receiving
International Monetary Fund support.
At September 30, 1998, the Corporation's net cross-border outstandings to
Russia amounted to $63.4 million which has been further reduced by
collections.
At September 30, 1998, the Corporation's exposure to hedge funds consisted
of loans, commitments and the mark-to-market value of off-balance sheet
contracts, of which $101.8 million is collateralized and $64.5 million is
not collateralized.
At September 30, 1998, the estimated pre-tax, fair value, calculated in
accordance with FASB 107, of the Corporation's financial assets exceeded
the fair value of its liabilities, including Brazilian sovereign risk
liabilities, mentioned above, by the amount of $500 million (not reflected
in stockholders' equity). Additionally, the Corporation's unrecognized
market value pre-tax gain on its Safra Republic shares, excluded from FASB
115 and stockholders' equity, is approximately $650 million.
-15-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to be signed on its behalf
by the undersigned thereunto duly authorized.
REPUBLIC NEW YORK CORPORATION
Dated: November 16, 1998 BY /S/WALTER H. WEINER
Walter H. Weiner
Chairman of the Board
Dated: November 16, 1998 BY /S/JOHN D. KABERLE, JR.
John D. Kaberle, Jr.
Executive Vice President and
Comptroller
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