No. 2150

MONDAY, JUNE 2, 1997

DAVY NAMED VICE PRESIDENT IN THE BANKS SUPERVISION GROUP AT
THE NEW YORK FED

NEW YORK -- Elizabeth Tibbals Davy, general counsel of the International Swaps and Derivatives Association since November 1996, and a former vice president and counsel at the Federal Reserve Bank of New York, is returning to the New York Fed as vice president of advisory and technical services, the bank's board of directors announced today.

Ms. Tibbals Davy will rejoin the bank on June 9. She previously joined the New York Fed in June 1994 as an officer with the title of counsel and vice president and was assigned to the legal function.

Prior to joining the bank in 1994, she spent three years as deputy superintendent and counsel of the New York State Banking Department.

Ms. Tibbals Davy holds an A.B. in English from Kenyon College and J.D. from American University's Washington College of Law.