Abstract
The Federal Reserve Board amended its regulations regarding reserve requirements (Regulation D) and payment of interest on deposits (Regulation Q), effective December 3, 1981, to allow the establishment of International Banking Facilities by commercial banks in the United States. An “International Banking Facility” or IBF means a set of asset and liability accounts segregated on the books and records of a depository institution, United States branch or agency of a foreign bank, or an Edge or Agreement Corporation that includes only international banking facility extensions of credit.1 In addition, Federal legislation exempted IBFs from F.D.I.C. coverage and assessments. Finally, nine states have granted special tax status on the operating profits of IBFs or have altered restrictions in order to encourage their existence within state borders.
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References
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© 1989 Kluwer Academic Publishers
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Moffett, M.H., Stonehill, A.I. (1989). International Banking Facilities Revisited. In: Park, Y.S., Essayyad, M. (eds) International Banking and Financial Centers. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-2504-5_14
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DOI: https://doi.org/10.1007/978-94-009-2504-5_14
Publisher Name: Springer, Dordrecht
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