§ 26–638. Assets to be held in the District of Columbia.

(a) Upon and after establishing an international branch or international agency in the District of Columbia, and as may be required under regulations adopted by the Commissioner, an international banking corporation licensed under this chapter shall keep on deposit, with such banks as the international banking corporation may designate and the Commissioner may approve, dollar deposits or other assets, including securities. The Commissioner may from time to time require that the assets deposited under this subsection be maintained by the international banking corporation in such amount, and in such form and subject to such conditions as the Commissioner considers necessary or desirable for the maintenance of a sound financial condition, the protection of depositors and the public interest, and the confidence in the business of each branch or agency.

(b) An international banking corporation shall hold in the District of Columbia currency or such other assets as the Commissioner shall, by regulation, permit, in an amount which shall be a percentage, determined by the Commissioner by order or regulation, of the liabilities of the international banking corporation. As used in this subsection, the term “liabilities” means liabilities appearing on the books, accounts, or records of an international banking corporation’s international agencies and international branches in the District of Columbia as liabilities, including acceptances and such other items as the Commissioner shall determine, but excluding amounts due, and other liabilities, to other offices, agencies, or branches of, and affiliates of, the international banking corporation. For purposes of this subsection, the Commissioner (1) shall value marketable securities at the lower of their principal amount or market value, (2) may determine the value of a nonmarketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness, or of any other asset or obligation held by, or owed to, the international banking corporation or its agencies or branches within the District of Columbia, and (3) in determining the ratio of assets to liabilities, may exclude, in whole or in part, any particular asset. If, by reason of the existence or potential occurrence of unusual and extraordinary circumstances, the Commissioner considers it necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, creditors, and the public interest, and to maintain public confidence in the business of an international agency or international branch of an international banking corporation in the District of Columbia, the Commissioner may, subject to such terms and conditions as the Commissioner may prescribe, require the international banking corporation to deposit the assets required to be held in the District of Columbia under this subsection with such banks as the Commissioner may designate.