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



    March 10, 1998
    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 CC Financial Services Inc., as Master
Servicer 300 St. Paul Place, Baltimore, Maryland 21202
                           (410) 332-7714                        

(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 CC Financial Services Inc.
(formally Security Pacific Financial Services Inc.), First Fenwick
Mortgage Corporation,  CC Consumer Discount Company
(formally Security Pacific Consumer Discount Company),
CC Finance Credit Corp. (formally Security Pacific Finance
Credit Corp.), CC Financial Services of Des Moines Inc. (formally
Security Pacific Financial Services of Des Moines Inc.), Security
Pacific Financial Services of Iowa Inc., CC Financial Services of
Minnesota Inc. (formally Security Pacific Financial Services of
Minnesota Inc.), CC Financial Services of West Virginia Inc. (formally
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"), CC Financial Services Inc. (formally 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 January 26, 1998 through February 25, 1998.

(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 September 10, 1997 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: March 5, 1998     THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee




By /s/Donna A. Byrne            
Donna A. Byrne
Vice President & Deputy Controller



































    EXHIBIT INDEX

                              
(21)     Monthly Servicing Report covering the period     
from January 26, 1998 through February 25, 1998. 

(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 September 10, 1997 and incorporated
herein by reference
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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

    March 10, 1998
    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 CC Financial Services Inc., as Master
Servicer 300 St. Paul Place, Baltimore, Maryland 21202
                           (410) 332-7714                        

(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 CC Financial Services Inc.
(formally Security Pacific Financial Services Inc.), First Fenwick
Mortgage Corporation,  CC Consumer Discount Company
(formally Security Pacific Consumer Discount Company),
CC Finance Credit Corp. (formally Security Pacific Finance
Credit Corp.), CC Financial Services of Des Moines Inc. (formally
Security Pacific Financial Services of Des Moines Inc.), Security
Pacific Financial Services of Iowa Inc., CC Financial Services of
Minnesota Inc. (formally Security Pacific Financial Services of
Minnesota Inc.), CC Financial Services of West Virginia Inc. (formally
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"), CC Financial Services Inc. (formally 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 January 26, 1998 through February 25, 1998.

(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 September 10, 1997 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: March 5, 1998     THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee

By /s/Donna A. Byrne            
Donna A. Byrne
Vice President & Deputy Controller

    EXHIBIT INDEX

                              
(21)     Monthly Servicing Report covering the period     
from January 26, 1998 through February 25, 1998. 

(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 September 10, 1997 and incorporated
herein by reference