International Banking Facility
- International Banking Facility
An "International Banking Facility" (IBF) is a banking entity that any US bank, or a US branch/subsidiary of a foreign bank, or an Edge Act Corporation establishes in the United States to offer services to only non-US residents and institutions. The services offered include deposit and loan services.
Banks may maintain IBFs in their existing quarters, but the IBF's accounting must be separate from the bank's main books. Deposit and loan services provided by IBFs are free of Federal Reserve System reserve requirements.
The IBF concept was initially proposed to the Federal Reserve Board of Governors by the New York Clearing House Association in July 1978. It took until June 18, 1981 until the Board of Governors approved establishment of IBFs from December 3. IBFs were established to attract some of the money flowing out to offshore banking centers.
External links
* [http://www.ny.frb.org/aboutthefed/fedpoint/fed34.html Federal Reserve Bank of New York's information about International Banking Facilities]
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