N.Y. Banking Law § 202-c: Reserves against deposits

§ 202-c. Reserves against deposits. Each such foreign banking

corporation which is authorized to maintain a branch or branches in this

state shall maintain such reserves against the deposits of such branch

or branches as may be required from time to time by the laws of this

state to be maintained by banks and trust companies. Such reserves shall

be maintained, subject to call, as provided by sections thirty-three and

one hundred seven of this chapter; provided, however, that any such

foreign banking corporation which maintains reserves with a federal

reserve bank pursuant to federal law shall be exempt from the preceding

provisions of this section so long as it shall comply with the

requirements of such law with reference to reserves, and provided

further that the superintendent of financial services may determine that

it is necessary or appropriate to require such a foreign banking

corporation to maintain additional reserves against the deposits of its

branch or branches in this state, taking into consideration the

character of business conducted by such institutions and the need to

maintain vigorous and fair competition between and among such branches

and banks organized under the laws of this state. As to any such

additional reserves which are required to be maintained pursuant to this

section, to the extent permitted by the superintendent, amounts carried

on the books of any such branch or branches as credits to the account of

another office or branch or wholly owned (except for a nominal number of

directors' shares) subsidiary of such foreign banking corporation shall

not be deemed to be deposits.