Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428c - Foreign Banks › Section 36a-428c-1 - Definitions

Current through July 10, 2024
The definitions contained in section
				36a-2
				of the general statutes shall govern the interpretation of sections
				36a-428-1
				to
				36a-428n-1,
				inclusive, of the Regulations of Connecticut State Agencies. In addition
				thereto and except as otherwise required by context, as used in sections
				36a-428-1
				to
				36a-428n-1,
				inclusive, of the Regulations of Connecticut State Agencies:
(a) "Adjusted liabilities" means all
			 liabilities of a foreign bank appearing in the books, accounts and records of
			 its licensed state agencies and licensed state branches as liabilities of such
			 agencies and branches, including acceptances and such other liabilities,
			 including contingent liabilities, as the commissioner shall determine, but
			 excluding amounts due and other liabilities to other offices, agencies,
			 branches and affiliates of such foreign bank, including unremitted
			 profits.
(b) "Deposit assets"
			 means:
(1) United States dollar deposits
			 payable in the United States, other than certificates of deposit;
(2) bonds, notes, debentures, or other
			 obligations of the United States, or any agency or instrumentality thereof, or
			 guaranteed by the United States, or of this state or of a county, city, town,
			 village, school district, or instrumentality of this state or guaranteed by
			 this state;
(3) bonds, notes,
			 debentures or other obligations issued by the Federal Home Loan Mortgage
			 Corporation and by the Federal National Mortgage Corporation;
(4) commercial paper payable in dollars in
			 the United States, provided such paper is rated in one of the three highest
			 rating categories by a rating service recognized by the commissioner. In the
			 event that an issue of commercial paper is rated by more than one recognized
			 rating service, it shall be rated in one of the three highest rating categories
			 by each such rating service;
(5)
			 negotiable certificates of deposit that are payable in the United States and
			 issued by:
(A) an unaffiliated bank or
			 out-of-state bank other than a foreign bank, or
(B) a domestic office of an unaffiliated
			 foreign bank, provided such certificates of deposit are of equal rank with
			 other senior liabilities of the foreign bank and are not subordinated in
			 payment to any other liabilities of the foreign bank;
(6) bankers' acceptances that are payable in
			 the United States and issued by:
(A) an
			 unaffiliated bank or out-of-state bank other than a foreign bank, or
(B) a domestic office of an unaffiliated
			 foreign bank, provided such bankers' acceptances are of equal rank with other
			 senior liabilities of the foreign bank and are not subordinated in payment to
			 any other liabilities of the foreign bank and the method and manner of
			 repayment is reflected in such bankers' acceptances;
(7) reserves held at a Federal Reserve Bank;
			 and
(8) such other assets as
			 determined by the commissioner upon written application. If the commissioner
			 determines that an asset which otherwise qualifies under this section shall be
			 valued at less than the amount otherwise provided in this section, the
			 commissioner shall so notify the foreign bank which shall thereafter value such
			 asset as directed by the commissioner.