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GGD-84-65 1 (1984-09-20)

handle is hein.gao/gaobabeto0001 and id is 1 raw text is: j i2$7 REPORT BY THE U. S. General Accounting Office Supervisory Examinations Of International Banking Facilities Need To Be Improved The Federal Reserve authorized U.S.-based banks to establish International Banking Facilities (IBFs) to attract international bank- ing business. IBFs were granted exemptions from certain requirements levied on banks; however, the Federal Reserve imposed other restrictions to prevent IBF activities from influencing the domestic money sulply. The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Co mptroller of the Currency are responsible forlexamining IBFs for compliance with the res rictions. GAO found that these agencies did not ensure that all IBF transactions are conducted in compliance with prescribed regulations. Insufficient guidance has been given bank examiners for conducting re- views of IBF compliance, and the scope and depth of examinations vary widely. Thus, GAD recommends that the bank regulatory ag ncies adopt and use more complete and uni orm examination guidance. V) /125194 14 GAO/GGD-84-65 SEPTEMBER 20, 1984

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