European Stars and Stripes (Newspaper) - January 9, 1991, Darmstadt, Hesse                                Wednesday. January 9 1.991 the stars and stripes a a Page 7some Rhode Island credit unions reopen Rhode Island gov. Bruce Sundlun tells credit Union work cars their funds Are Safe. Providence,. Up1 nearly two dozen Small Rhode Island credit unions reopened to depositors monday six Days after they were shut Down by the states new governor when their private insurer collapsed. Also a an emergency withdrawal program. Began for depositors at re credit unions and Banks that remain closed by cause they Are too weak financially to obtain Federal insurance. The Deputy majority whip of the Rhode Island House state rep. Robert Bianchini meanwhile stepped Down from his leadership Post pending an investigation of the banking crisis. Bianchini Heads a credit Union Trade association and on posed legislation to require All state Banks and credit unions to be federally insured which would have averted the banking crisis. A the 22 credit unions that did open account for just a Spinall fraction of inc $1.7 billion in deposits gov. Bruce Sundlun froze when he closed 45 institutions on new years  credit unions and five Small Banks that remained closed account for about $1.4 billion in deposits. Sundlun has proposed a plan for the state to take them Over and sell off their assets so depositors can get their Money Back. The governor urged depositors in financially sound credit unions not to panic and close their accounts. The plea appeared to work. There were no reports of runs at any of the credit unions that reopened. A Sundlun did what he had to do a said Susan Somerville a Kent county Hospital employee. A a in a encouraged but i. Done to think that a the end of it. I just done to know what the. Future holds for new England Banks.�?�. A. Bianchini , who stepped Down from his Post late in the Day Pend ing the outcome of a mouse judiciary committee probe into the crisis also asked not to be reappointed to the i Louse finance committee of which he is vice chairman. The committee is where the Bill to require Federal insurance  1986. The measure would also have abolished the Rhode Island share and Deposit indemnity corp. The private insurer that went into conservatorship on dec. 31. The Ridic collapse left 45 institutions without insurance and1 Sundlun closed them Down until they could get some. Bianchini opposed the legislation and even helped arrange two dinner meetings at a private Celtib where a Ridic lobbyist explained his Case against the Bill to certain committee members. Bianchini is president of the Rhode Island credit Union league a statewide Trade association and was brought before th6 state conflict of interest commission because of his actions against the Bill. The commission voted 4-3 that Bianchini violated state conflict of interest Law but he was never cited because five votes were needed. A. In a letter to state House speaker Joseph Deangelis Bianchini said it is now Clear to him in Light of the banking crisis that he made a mistake in opposing the Bill. Bank of new England corp. Files under bankruptcy code Boston up a the Bank of new England corp. Filed for bankruptcy monday one Day after Federal regulators seized company subsidiaries in the third largest Bank failure in . History. _ the filing in  District court under chapter 7 of the . Bankruptcy code seeks liquidation of the company under a court appointed trustee. But it does not affect its three failed Banks which were taken Over by the Federal government. The failure is expected to Cost the troubled of Dick Bank insurance fund $2.3 billion. Some worried depositors withdrew their Money or emptied Safe Deposit boxes. But mos appeared Calm As they did business at the company a former Banks now owned and operated by the Federal Deposit insurance corp. The Odic took Over the Banks in an Effort to quell a Irun on deposits and restore waning Confidence in the regions banking system which has suffered in an extended real estate crash and was rocked Only last week by a credit Union crisis in Rhode Island. Regulators also sought to stabilize the regions sagging Economy by restoring the troubled Banks ability to provide the credit to businesses in need. An Odic spokesman. David Barr declined to say whether the Agency had included its losses at the Bank of new England in its projection of just $4 billion in reserves for the end of this year. An unemployed Boston Man Charles Heffner 21, who closed his account at the company a former Headquarters Branch at noon monday because of the Federal takeover said a i done to want to lose what Little i have left because of someone else a  but others were More restrained and customers were served quickly in the main Branch in Bostons financial District. A retired postal worker Harold Vigoda said he had been worried enough to withdraw his savings  his mind. The bankruptcy filed in . District co Urt affects Only the holding company which was effectively stripped of its three insolvent Banks on sunday and the company a stockholders bondholders and other  of the newly created Banks All of which add the word a a new to the old name now Are insured by Odic for All deposits not just the first $100,000, the insurer said. R meanwhile trading was halted in the company a Stock As it became Clear stockholders had lost All equity in the $22 billion in assets of the banking giant the new York Stock Exchange suspended the Stock immediately and said it would seek securities and Exchange commission permission to permanently desist both the company a Stock and the one Quot Bond Issue traded on the big Board. A the three Banks involved in the failure Are the Bank of new England in Boston Connecticut Bank amp Trust in Hartford and Maine National Bank in Portland. The Bank collapse is not Only the third worst in history in Sineti assets but also in its projected Cost to the Odic. It Quot ranks Only behind the failures of Continental Illinois National Bank in Chicago with $33.6 billion in assets on sept. 26, 1984, and first Republic Bank in Dallas Voith $32.9 billion a in assets on july 29, 1988. A. Delta 2 launches nato satellite in first 91 Success Cape canaveral Fla. Up a a $45million Delta 2 rocket boosted a $110 million nato communications satellite into orbit monday after a spectacular nighttime climb to space in the first major . Rocket flight of 1991. The 126-foot Delta. 2�?Ts main engine and strap on boosters ignited with a Flash of fire and a thundering Roar at 7 53 . At the Cape canaveral air Force station adjacent to the Kennedy space Center. Lif Tolt was 68 minutes late because of Stormy weather. Mounted inside a protective nose Cone atop the rocket was the nato 4a communications satellite a 3,831-Pound solar powered radio relay station built by British aerospace and Marconi space systems for nato. About 30 minutes after launch through a break in heavy Cloud cover the boxy satellite was ejected into a preliminary elliptical orbit. An on Board rocket was scheduled to fire later to boost the satellite toward its final circular orbit 22,300 Miles above the Atlantic. Nato currently operates one operational communications satellite with another serving As an Orbital spare. The satellite system is used to link government officials and military officers in Alliance member nations with nato Headquarters in Brussels Belgium. The latest launch Campaign marked Only the second flight of a new More powerful Delta 2 rocket built by Mcdonner Rdouglas space systems co. Of i Huntington Beachly calif., and the first commercial launch of the slender rocket which was equipped with More powerful solid fuel boosters. New Washington not a declaring that the Federal government has failed in its responsibility two medical societies said monday that they wot cd establish a Board to set ethical guidelines for research involving fetal tissue and new reproductive technologies. A we Are acting to fill a moral vacuum created by the abdication of the Federal government a said or. Kenneth r an chairman of obstetrics at Harvard medi Cal school speaking for the american College of obstetricians and gynaecologists. The Board to be called the National advisory Board of ethics in reproduction will set standards and develop safeguards against abuse said or. Howard Jones chief of the prominent Fertility clinic at Eastern Virginia medical school speaking for the american Fertility Socie to. / plans for the new Board were announced at a monday news conference. For some time disagreements Over abortion policy have blocked Federal support for research on reproduction or Rte search involving the use of tissue obtained from aborted fetuses. But some researchers with funds from universities foundations or other private sources have continued their work. Among other goals they Hope to find improved methods of birth control to  overcome difficulties in conceiving and to find was to treat diabetes Parkinson a disease and other conditions by using fetal tissue. The two medical societies will finance the new panel which will have 15 members including doctors scientists lawyers Chi costs Ami members of Public in a rest and health groups. ,