Executive branch upon recommendation of the None required.. Central Bank. X. Indefinite... Not applicable.. X. The Ministry of Planning and Political Economics None required.. and the National Banking Commission (cabinet decree 238 of July 2, 1974, and law 20 of Feb. 28, 1973).Cop Law of Apr. 22, 1975, G.O. of May 22, 1975, prohibits new foreign banks in Venezuela, as a general rule. It accepts the existing foreign banks, the agencies (oficinas de representación) of foreign banks; technical or operational internal divisions of foreign banks (but not allowed to work as a bank); and new Latin American banks. Minimum capital requirement of the Honduran branch or agency is fixed for each case by Central Bank, but cannot be less than 100,000 lempinas. $5,000,000 of the subscribed capital paid up in cash at the time of the application; and, not less than $200,000 is held in Jamaica by the bank as assigned capital. of of bi As affecting existing banks, liabilities as defined, cannot exceed 15 times capital. Minimum: 5,000,000 córdovas for branches of foreign banks. For Nicaraguan banks, 3,000,000 in Santiago, 1,000,000 in other areas. Minimum paid up capital of B/1,000,000. Counseil National de Crédit (National Council of None required.. Credit) under the authority of the Ministry of Finance. A presidential decree.. High Council of the Iranian Cantral Bank. The Governor of the Bank of Israel. Not specified.. Reciprocity is not a statutory condition to the Issuance of a permit to X. Primarily discretionary policy. Indefinite.. Indefinite. A license is required; its duration is normally not pected that the Governor would grant a permit to a foreign bank only after the minimum required capital has been established in each specific case. Not less than 300,000,000 francs CFA ($1,500,000) 2,000,000 dirhams minimum sum. Paid-up share-capital not less than 1,500,000 naira. Subject to such conditions as the Council of Ministers may stipulate. 1,000,000 dinars which may be changed by a decree, but not less. Da pa The total of the paid-up capital and the reserve shall not be less than 5,000,000 Turkish liras. This amount shall be less than 5,000,000 for cities having a population over 1,000,000 and not less than 3,000,000 liras for cities having a population over 500,000 and under 1,000,000 inhabitants. 80 percent or more participation by nationals. Minimum capital requirement is identical to that of Zaire banks, 30,000 Zaire ($60,000). No minimum requirements for banks, but for corporations, including corporations engaged in banking activities, there is a minimum of 1,000,000 schillings, See footnotes at end of table, Belgium. Ministry of Finance. (4). required for other France. Counseil National du crédit with appeal to the Com- A Capital requirements No license required.. The minimum capital requirement for a foreign bank francs. to function in Belgium was increased 50,000,000 Indefinite. Minimum capital requirements identical to those of No requirement fixed by banking law. Minimum of 150,000,000 drachmae ($5,000,000). Requirements determined by the Interministerial Applications made to the Commonwealth Treasurer. Not applicable. Governor General has discretion to grant authority In law, the Governor of the State Bank of Pakistan; Required.. None required, except Pakistan.. Minister of Finance. Indefinite. Minimum capital for a Swiss corporation is SwF50,000 of which 1-but at least SwF20,000-must be paid in.10 No license required.. No legal requirements but size and status would be a factor. Full authorization unlikely if capital employed less than $1,000,000,11 In theory, Governor of the State Bank of Pakistan; Required.. in practice, the Minister of Finance on behalf of the Central Government. Rs 2,000,000 in Indian Government securities or cash None for branches of U.S. banks. Net capital must be greater than M$5,000,000. Net L5 percent of time and demand liabilities or a mini- The amount of capital as approved by the Monetary For banks with head offices outside Singapore, not Ministry of Finance may require minimum capital Minimum of 400,000,000 won (about $800,000). Foreign banks must maintain assets in Thailand to a value of not less than 5,000,000 baht. See footnotes at end of table. Corporations (S.A.) except Not restricted. when established as a branch. (a) Principal office in the Ba- None. hamas; (b) officer named as bank's authorized agent in the Bahamas; (c) author ized alternate. Corporations, except credit Not restricted. corporations. Locally organized affiliate Not restricted.. (charactered bank).14 No specific type but has prin- None. No restrictions on equity Yes, as determined by perti- Open on limited basis. ownership. No limitation.. nent authority. None. Open, No legal restrictions on Directors should be residents Open on a limited basis, equity ownership. Single holdings are limited to 10 percent, whether it be a foreign or domestic group, and total foreign ownership to 25 percent. None. A of Brazil. Canadian bank cannot have Effectively closed. less than 5 directors, the majority must be "subjects of Her Majesty, ordinarily Open. |