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Industry Letters

Pledged Assets for Well-Rated Foreign Banking Organizations

 

February 12, 2007

To the Foreign Branch or Agency Addressed

Attention of the Chief Executive Officer

Re: Pledged Assets for Well-Rated Foreign Banking Organizations


In a recent letter dated January 17, 2007, the subject of which was the adoption of amendments to Part 322 of the Superintendent’s Regulations, the Banking Department described in detail the purpose behind the amendments and the methodology to be used in calculating the amount of pledged assets for well-rated foreign banking organizations (FBO).

For an FBO to be designated well rated, it must meet the requirements of Part 322.7 of the Superintendent’s Regulations and to receive the designation of well rated it must first submit a written request to my office. Once approved, the FBO can then pledge the necessary assets by using the sliding scale formula identified in Part 322.7.

We have designed a new report to be used by all well-rated FBOs; a copy is included with this letter.

Only FBOs that receive the designation of well rated are to use the attached report form. It is clearly identified “Well-Rated.” All other FBOs should continue using the current report.

Please contact your portfolio manager or your central point of contact if you have any questions regarding this communication.

Very truly yours,

David S. Fredsall
Deputy Superintendent of Banks
Foreign and Wholesale Banks Division