Agreement corporation

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Agreement corporation

Corporation chartered by a state to engage in international banking: so named because the corporation enters into an "agreement" with the Fed's Board of Governors that it will limit its activities to those permitted by an Edge Act Corporation.

Agreement Corporation

A corporation that has received a charter from a state to engage in international banking. Under the Agreement Corporation Act, agreement corporations are allowed to receive funds from national corporations and use them to engage in international banking. They are called "agreement" corporations because they agree to abide by the restrictions of the Agreement Corporation Act and the Edge Act, though many of those restrictions have since been relaxed.
References in periodicals archive ?
commercial banks, of which more than 25 percent are owned by foreign banks; and international banking facilities, The data exclude Edge Act and agreement corporations; U.S.
The following reserve requirement ratios are prescribed for all depository institutions, banking Edge and agreement corporations, and United States branches and agencies of foreign banks: Category Reserve Requirement Net transaction accounts: $0 to $6.6 million 0 percent of amount.
The Federal Reserve Board on May 29, 2003, announced that it is seeking public comment on a proposal to amend Regulation K (International Banking Operations) to require Edge Act and agreement corporations and U.S.
601 through 604a) (Agreement Corporations); and bank holding companies (as defined in section 2 of the BHC Act (12 U.S.C.
Edge Act and agreement corporations. Data are adjusted for breaks
The following reserve ratios are prescribed for all depository institutions, Edge and Agreement corporations, and United States branches and agencies of foreign banks: Category Reserve requirement Net transaction accounts: $0 to $6.0 million 0 percent of amount.
The Board authorized, effective November 26, 2001, limited portfolio investments in foreign companies without prior Board notice (sections 211.8 and 211.9) and limited investments in Edge and agreement corporations (section 211.5) that may be permissible for state member banks and other foreign banking or other bank-related organizations.
branches and agencies of foreign banks and Edge and agreement corporations must file deposit reports weekly, regardless of size.
They are referred to in this part as "you." These are: State member banks, bank holding companies and certain of their nonbank subsidiaries or affiliates, State uninsured branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, and Edge and Agreement corporations.
[sections] 3105(d)),(1) and to establish three agreement corporations pursuant to section 25 of the FRA.(2)
The FR-Y11Q, a quarterly report form filed by each covered bank holding company, consists of a brief balance sheet and a profit and loss statement that consolidate data for all of the nonbank subsidiaries of each bank holding company, excluding Edge and agreement corporations and subsidiaries of the affiliated banks.