{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1608","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1608","heading":"Asset maintenance or capital equivalency","body":"Asset maintenance or capital equivalency.\n\nA. Each international bank agency shall hold, in this state,\n\nassets which bear such relationships as the Board shall by rule\n\nprescribe to the aggregate liabilities of the international bank\n\nagency payable in this state or resulting from the operations of the\n\ninternational bank agency. The amount of such assets shall be equal\n\nto not less than one hundred five percent (105%) of the amount of\n\nsuch liabilities. However, the Board by rule may reduce the\n\nrequired amount of assets to not less than one hundred percent\n\n(100%) of the amount of such liabilities. When promulgating any\n\nsuch rule, the Board shall take into account the objective of\n\nmaintaining a sound banking system in this state. The assets shall\n\nbe maintained as cash on hand; as cash on demand deposit with other\n\nbanks, including the total amount of any reserves deposited with\n\nother banks, including the total amount of any reserves deposited at\n\na federal reserve bank; as cash items in process of collection; as\n\nearning assets such as federal funds sold, bonds, notes, debentures,\n\ndrafts, bills of exchange, acceptances, loan participation\n\ncertificates, or other evidences of indebtedness payable in the\n\nUnited States or in the United States funds or, with the prior\n\napproval of the Board, in funds freely convertible into United\n\nStates funds; in such other form as the Board may specify by rule;\n\nor as any combination of the foregoing. The term \"assets\" as used\n\nin this subsection excludes accrued income and amounts due from\n\nother offices or branches of, and wholly owned (except for a nominal\n\nnumber of directors' shares) subsidiaries of, the international\n\nbanking corporation in question. The term \"liabilities\" as used in\n\nthis subsection excludes accrued expenses and amounts due and other\n\nliabilities to branches, offices, agencies, and wholly owned (except\n\nfor a nominal number of directors' shares) subsidiaries of the\n\ninternational banking corporation in question, and such other\n\nliabilities as the Board may specify by rule. In lieu of holding\n\nsuch assets, the Board may by rule permit an international bank\n\nagency to:\n\n1. Maintain on deposit with a bank in this state, in such\n\namounts as the Board specifies, dollar deposits or investment\n\nsecurities of the type that may be held by a state bank for its own\n\naccount pursuant to Section 806 of Title 6 of the Oklahoma Statutes.\n\nThe aggregate amount of dollar deposits and investment securities\n\nfor an international bank agency shall, at a minimum, equal the\n\ngreater of:\n\n(a) One Million Five Hundred Thousand Dollars\n\n($1,500,000.00), or\n\n(b) Five percent (5%) of the total liabilities of the\n\ninternational bank agency, excluding accrued expenses\n\nand amounts due and other liabilities to branches,\n\noffices, agencies, and wholly owned (except for a\n\nnominal number of directors' shares) subsidiaries of\n\nthe international banking corporation of which the\n\nagency is part. The Board shall prescribe by rule the\n\ndeposit, safekeeping, pledge, withdrawal,\n\nrecordkeeping, and other arrangements for funds and\n\nsecurities maintained under the provisions of this\n\nparagraph. The deposits and securities used to\n\nsatisfy the capital equivalency requirements of this\n\nparagraph shall be held, to the extent feasible, in a\n\nstate or national bank located in this state or in a\n\nfederal reserve bank; or\n\n2. Maintain other appropriate reserves, taking into\n\nconsideration the nature of the business being conducted by the\n\nOklahoma international bank agencies of the international banking\n\ncorporation.\n\nThe securities or reserves required by the provisions of this\n\nsection shall be held, to the extent feasible, in a state or\n\nnational bank located in this state.\n\nB. For the purposes of this section, the Board shall value\nbusiness being conducted by the\n\nOklahoma international bank agencies of the international banking\n\ncorporation.\n\nThe securities or reserves required by the provisions of this\n\nsection shall be held, to the extent feasible, in a state or\n\nnational bank located in this state.\n\nB. For the purposes of this section, the Board shall value\n\nmarketable securities at book value; shall have the right to\n\ndetermine the value of any nonmarketable bond, note, debenture,\n\ndraft, bill of exchange, or other evidence of indebtedness or of any\n\nother obligation held by or owned to the international banking\n\ncorporation in this state; and, in determining the amount of assets\n\nfor the purpose of computing the above ratio of assets to\n\nliabilities, shall have the power to exclude any particular assets.\n\nC. If by reason of the existence or the potential occurrence of\n\nunusual or extraordinary circumstances, the Board deems it necessary\n\nor desirable for the maintenance of a sound financial condition, the\n\nprotection of creditors and the public interest, and the maintenance\n\nof public confidence in the business of the international bank\n\nagency of the international banking corporation, the Board may\n\nreduce the credit balances with unaffiliated banking institutions\n\noutside this state and may require such international banking\n\ncorporation to deposit, in accordance with such rules as the Board\n\nshall from time to time promulgate, the assets required to be held\n\nin this state pursuant to this section with such bank or trust\n\ncompany existing under the laws of this state as such international\n\nbanking corporation may designate and the Board may approve.\n\nD. For the purposes of this section, international banking\n\nfacility deposits and borrowings shall be excluded from the total\n\nliabilities and assets of an international banking corporation.\n\nExcept as otherwise provided by rule, international banking facility\n\nextensions of credit are eligible assets for the purposes of asset\n\nmaintenance pursuant to subsection A of this section.\n\nE. Each international bank agency shall file such reports with\n\nthe Board as the Board shall by rule require to determine compliance\n\nwith the provisions of this section.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2d2ca789eeb96b9afd2f9bac91ad26b2ba3266172bcda08bba2a7a6451a6d063","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1607","next":"us-ok/okla.-stat.-tit.-6-6-1609"},"notice":"GroundRules: Original legal text. Not legal advice."}