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                               UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D. C.  20549



                                 FORM 11-K


    
/x/  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 1993.



/ /  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934
      For the transition period        to       
                   
      
      Commission file number:         1-5429



               RE CAPITAL CORPORATION EMPLOYEE SAVINGS PLAN
    
                       (Full title of plan)



                          RE CAPITAL CORPORATION
     Two Stamford Plaza, P.O. Box 10148, Stamford, Connecticut    
                              06904-2148 

    (Name of Issuer of the Securities Held Pursuant to the Plan   
       and the address of its Principal Executive Office)





                                                                 










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                                SIGNATURES



     The Plan.  Pursuant to the requirements of the Securities
Exchange Act of 1934, the Plan has duly caused this annual report
to be signed on its behalf by the undersigned hereunto duly
authorized.


                         RE CAPITAL CORPORATION EMPLOYEE         
                         SAVINGS PLAN
                         (Name of Plan)







Date: July 13, 1994      By:/s/ R. Richard Mueller                             
                            R. Richard Mueller
                            Vice President, Chief Financial    
                            Officer and Treasurer of Re        
                            Capital Corporation and Member of  
                            the Advisory Committee of the      
                            Employee Savings Plan of Re        
                            Capital Corporation 

























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                           Financial Statements
                        and Supplemental Schedules

                          Re Capital Corporation
                           Employee Savings Plan
                                     

                  Years ended December 31, 1993 and 1992
                    with Report of Independent Auditors

































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                          Re Capital Corporation
                           Employee Savings Plan

                           Financial Statements
                        and Supplemental Schedules


                  Years ended December 31, 1993 and 1992



                                 Contents

                                                          
Report of Independent Auditors...............................1

Audited Financial Statements

Statements of Net Assets Available for Benefits..............2*
Statements of Changes in Net Assets Available for Benefits...3*  
Notes to Financial Statements................................4*

Supplemental Schedules

Schedule of Assets Held for Investment Purposes..............11*
Schedule of Reportable Transactions..........................12*


* Filed under cover of Form SE.



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                      Report of Independent Auditors

Trustees
Re Capital Corporation Employee Savings Plan

We have audited the accompanying statements of net assets available for benefits
of Re Capital Corporation Employee Savings Plan (the "Plan") as of December 31,
1993 and 1992, and the related statements of changes in net assets available for
benefits for the years then ended.  These financial statements are the 
responsibility of the Plan's management.  Our responsibility is to express an 
opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence 
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at 
December 31, 1993 and 1992, and the changes in its net assets available for 
benefits for the years then ended, in conformity with generally accepted 
accounting principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole.  The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1993, and of
reportable transactions for the year then ended, are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements.  The supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial statements and, in our
opinion, are fairly stated in all material respects in relation to the 1993
basic financial statements taken as a whole.

                                              /s/ Ernst & Young

New York, New York
July 11, 1994


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            Consent of Ernst & Young, Independent Auditors


We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-72440) pertaining to the Re Capital Corporation Employee 
Savings Plan of our report dated July 11, 1994, with respect to the financial
statements and schedules of the Re Capital Corporation Employee Savings Plan
included in the Plan's Annual Report (Form 11-K) for the year ended
December 31, 1993.

                                              /s/ Ernst & Young

New York, New York
July 11, 1994