SECURITIES AND EXCHANGE COMMISSION
	Washington, D. C. 20549


	Form 8-K

	CURRENT REPORT

	Pursuant to Section 13 or 15(d) of
	the Securities Exchange Act of 1934



	June 10, 1997
	Date of Report
	(Date of earliest event reported.)


	SECURITY PACIFIC HOME EQUITY TRUST 1991-A
	(Exact name of registrant as specified in its charter.)



         California               33-38480            33-6097533 
   (State of Organization     (Commission File     (IRS Employer 
        of registrant)            Number)     Identification No.)



c/o Security Pacific Financial Services Inc., as Master 
Servicer 10089 Willow Creek Road, San Diego, California 92131
                           (619) 578-6150                        

(Address of Registrant's principal executive office, including 
Zip Code, and Registrant's telephone number, including area code)



	           Not Applicable           
	(Registrant's former name or address,
	if changed since last report)




            Total Number of Sequentially                         
    				Numbered Pages.....................   10

                       Exhibit Index Appears on Page......    5



	INTRODUCTORY NOTE

The Registrant, Security Pacific Home Equity Trust 
1991-A (the "Trust"), is a trust formed pursuant to a Pooling and 
Servicing Agreement"), by and among Security Pacific Financial 
Services Inc., First Fenwick Mortgage Corporation, Security 
Pacific Consumer Discount Company, Security Pacific Finance 
Credit Corp., Security Pacific Financial Services of Des Moines 
Inc.,  Security Pacific Financial Services of Iowa Inc., Security 
Pacific Financial Services of Minnesota Inc., Security Pacific 
Financial Services of West Virginia Inc., Security Pacific 
Industrial Loan Company (now Security Pacific Financial Services 
of Washington Inc.) and Security Pacific Realty Corp., as sellers 
(the "Sellers"), Security Pacific Financial Services Inc., as 
master servicer (the "Master Servicer"), and the First National 
Bank of Chicago, as trustee (the "Trustee").  The Trust, which is 
the issuer of Home Equity Loan Certificates, Class A-1, Class A-
2, Class B and Class R (the "Certificates"), became subject to 
the reporting requirements under Section 13 of the Securities 
Exchange Act of 1934 (the "Exchange Act") when the Registration 
Statement (No. 33-38480) on Form S-11 (the "Registration 
Statement"), filed by the Sellers on behalf of the Trust, became 
effective.

Each Certificate evidences an undivided ownership 
interest in the Trust.  The property of the Trust consists of a 
pool of fixed-rate, closed-end, simple interest home equity loans 
(the "Home Equity Loans") originated or acquired by the Sellers, 
most of which are secured by first, second or third priority 
mortgages or deeds of trust on one- to four-family residential 
properties and certain moneys received thereunder on and after 
January 26, 1991, a collection account, a reserve account, and 
certain other assets.  The Sellers transferred Home Equity Loans 
with an aggregate principal balance of $1,305,221,545.51 to the 
Trust on February 25, 1991.

The Certificates consist of two classes of senior 
certificates (the Class A-1 Certificates" and the "Class A-2 
Certificates") and two classes of subordinated certificates (the 
"Class B Certificates" and the "Class R Certificates"). The Class 
A-1, Class A-2 and Class B Certificates, in an aggregate 
principal amount of $1,305,221,545.51, were offered to the public 
pursuant to a prospectus, dated February 20, 1991 ("the 
"Prospectus").

The Trust filed an Application for Exemptive Order with 
the Securities and Exchange Commission (the "Commission"), 
pursuant to Section 12(h) of the Securities Exchange Act for an 
exemption from certain reporting requirements under Section 13 of 
the Exchange Act.  A no-action letter was issued by the 
Commission on September 30, 1991.  The Trust is filing this Form 
8-K in accordance with the terms of such no-action letter.





Item 7.	Financial Statement and Exhibits

(c)	Exhibits

The following exhibits are filed as part of this 
report. 

        Exhibit No.          Description

(21)		Monthly Servicing Report covering the period 
of April 26, 1997 through May 25, 1997.

(25)		Power of Attorney of The First National Bank 
of Chicago.*































                                   
*Previously filed as an exhibit to Registrant's Monthly 
Report on Form 8-K dated January 6, 1994 and incorporated herein 
by reference.





	SIGNATURES


          Pursuant to the requirements of the Securities Exchange 
Act of 1934, as amended, the Registrant has duly caused this 
Report to be signed on its behalf by the undersigned thereunto 
duly authorized.



SECURITY PACIFIC HOME EQUITY
TRUST 1991-A

Date: June 4, 1997	THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee




By /s/Michael H. Lutz      	    
Michael H. Lutz
Vice President and Controller
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SECURITIES AND EXCHANGE COMMISSION
	Washington, D. C. 20549

	Form 8-K

	CURRENT REPORT

	Pursuant to Section 13 or 15(d) of
	the Securities Exchange Act of 1934

	June 10, 1997
	Date of Report
	(Date of earliest event reported.)

	SECURITY PACIFIC HOME EQUITY TRUST 1991-A
	(Exact name of registrant as specified in its charter.)

         California               33-38480            33-6097533 
   (State of Organization     (Commission File     (IRS Employer 
        of registrant)            Number)     Identification No.)

c/o Security Pacific Financial Services Inc., as Master 
Servicer 10089 Willow Creek Road, San Diego, California 92131
                           (619) 578-6150                        

(Address of Registrant's principal executive office, including 
Zip Code, and Registrant's telephone number, including area code)

	           Not Applicable           
	(Registrant's former name or address,
	if changed since last report)

            Total Number of Sequentially                         
    				Numbered Pages.....................   10

                       Exhibit Index Appears on Page......    5

	INTRODUCTORY NOTE

The Registrant, Security Pacific Home Equity Trust 
1991-A (the "Trust"), is a trust formed pursuant to a Pooling and 
Servicing Agreement"), by and among Security Pacific Financial 
Services Inc., First Fenwick Mortgage Corporation, Security 
Pacific Consumer Discount Company, Security Pacific Finance 
Credit Corp., Security Pacific Financial Services of Des Moines 
Inc.,  Security Pacific Financial Services of Iowa Inc., Security 
Pacific Financial Services of Minnesota Inc., Security Pacific 
Financial Services of West Virginia Inc., Security Pacific 
Industrial Loan Company (now Security Pacific Financial Services 
of Washington Inc.) and Security Pacific Realty Corp., as sellers 
(the "Sellers"), Security Pacific Financial Services Inc., as 
master servicer (the "Master Servicer"), and the First National 
Bank of Chicago, as trustee (the "Trustee").  The Trust, which is 
the issuer of Home Equity Loan Certificates, Class A-1, Class A-
2, Class B and Class R (the "Certificates"), became subject to 
the reporting requirements under Section 13 of the Securities 
Exchange Act of 1934 (the "Exchange Act") when the Registration 
Statement (No. 33-38480) on Form S-11 (the "Registration 
Statement"), filed by the Sellers on behalf of the Trust, became 
effective.

Each Certificate evidences an undivided ownership 
interest in the Trust.  The property of the Trust consists of a 
pool of fixed-rate, closed-end, simple interest home equity loans 
(the "Home Equity Loans") originated or acquired by the Sellers, 
most of which are secured by first, second or third priority 
mortgages or deeds of trust on one- to four-family residential 
properties and certain moneys received thereunder on and after 
January 26, 1991, a collection account, a reserve account, and 
certain other assets.  The Sellers transferred Home Equity Loans 
with an aggregate principal balance of $1,305,221,545.51 to the 
Trust on February 25, 1991.

The Certificates consist of two classes of senior 
certificates (the Class A-1 Certificates" and the "Class A-2 
Certificates") and two classes of subordinated certificates (the 
"Class B Certificates" and the "Class R Certificates"). The Class 
A-1, Class A-2 and Class B Certificates, in an aggregate 
principal amount of $1,305,221,545.51, were offered to the public 
pursuant to a prospectus, dated February 20, 1991 ("the 
"Prospectus").

The Trust filed an Application for Exemptive Order with 
the Securities and Exchange Commission (the "Commission"), 
pursuant to Section 12(h) of the Securities Exchange Act for an 
exemption from certain reporting requirements under Section 13 of 
the Exchange Act.  A no-action letter was issued by the 
Commission on September 30, 1991.  The Trust is filing this Form 
8-K in accordance with the terms of such no-action letter.

Item 7.	Financial Statement and Exhibits

(c)	Exhibits

The following exhibits are filed as part of this 
report. 

        Exhibit No.          Description

(21)		Monthly Servicing Report covering the period 
of April 26, 1997 through May 25, 1997.

(25)		Power of Attorney of The First National Bank 
of Chicago.*

                                   
*Previously filed as an exhibit to Registrant's Monthly 
Report on Form 8-K dated January 6, 1994 and incorporated herein 
by reference.

	SIGNATURES

          Pursuant to the requirements of the Securities Exchange 
Act of 1934, as amended, the Registrant has duly caused this 
Report to be signed on its behalf by the undersigned thereunto 
duly authorized.

SECURITY PACIFIC HOME EQUITY
TRUST 1991-A

Date: June 4, 1997	THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee

By /s/Michael H. Lutz      	    
Michael H. Lutz
Vice President and Controller