(205 ILCS 645/13) (from Ch. 17, par. 2720)
Sec. 13.
Each such foreign banking corporation shall hold, in this State,
currency, bonds, notes, debentures, drafts, bills of exchange or other
evidences of indebtedness or other obligations payable in the United States
or in United States funds or, with the prior approval of the Commissioner,
in funds freely convertible into United States funds, or such other assets
as the Commissioner shall permit, in an amount which
shall bear such relationship as the Commissioner shall prescribe to
liabilities (including contingent liabilities) of such foreign
banking corporation payable at or through its banking office in this State,
including acceptances, but excluding amounts
due and other liabilities to other offices, agencies or banking offices of,
and wholly-owned (except for a nominal number of directors' shares)
subsidiaries of, such foreign banking corporation and such other liabilities
(including contingent liabilities) as the Commissioner shall permit. For
the purposes of this
Section the Commissioner (a) shall value marketable securities at
principal amount or market value, whichever is lower, (b) shall have the
right to determine the value of any nonmarketable bond, note, debenture,
draft, bill of exchange, other evidence of indebtedness, or of any other
obligation held by or owed to the foreign banking corporation or its
banking office within this State, and (c) in determining the amount of
assets for the purpose of computing the above ratio of assets to
liabilities, may exclude any particular asset but shall give credit to
assets required to be maintained pursuant to Section 11 and, subject
to such rules and regulations as the Commissioner may from time to time
promulgate, to deposits and credit balances with unaffiliated banking
institutions outside this State if such deposits or credit balances are
payable in United States funds or in currencies freely convertible into
United States funds. Credit given for such deposits and credit balances may
not, however, exceed in aggregate amount such percentage, but not less than
8%, as the Commissioner may from time to time prescribe of the aggregate
amount of liabilities of such foreign banking corporation, determined as
provided in this Section. If, by reason of the existence or the potential
occurrence of unusual and extraordinary circumstances, the Commissioner
deems 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 the banking
office of a foreign banking corporation, he may, notwithstanding anything
to the contrary contained in this Section, reduce the credit to be given
for deposits and credit balances with unaffiliated banking institutions
outside this State and require such foreign banking corporation to deposit,
in accordance with such rules and regulations as he has promulgated, the
assets required to be held in this State pursuant to this Section 13 with
such State banks or national banks as such foreign banking corporation may
designate and the Commissioner may approve.
(Source: P.A. 90-301, eff. 8-1-97.)
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