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



    May 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 March 26, 1997 through April 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: May 2, 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

    May 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 March 26, 1997 through April 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: May 2, 1997  THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee

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