Board of Governors of the Federal Reserve System

Data Dictionary

Item Number 3376

Call confidentiality applies to FFIEC 031/041.

Data Description:

The amount "Standby Letters of Credit and Foreign Office Guarantees (3375)" issued to U.S. addressees. Whether a customer is "U.S." or "foreign" is determined by the customer's principle address, that is, by its domicile. A "U.S." address (or domicile) is in the 50 states of the United States, the District of Columbia, Puerto Rico and U.S. dependencies and insular possessions (including trust territories).

The distinction between a U.S. customer and a foreign (or non-U.S.) customer is based on principal address or domicile of the direct obligor. For example, a loan to a foreign domiciled subsidiary corporation whose parent has a U.S. address is classified as a loan to a foreign addressee, even if the U.S. parent has guaranteed the loan and even if the subsidiary subsequently channels the funds back to the U.S. parent. Similarly, when a foreign domiciled company utilizes an American agent in negotiating or servicing a loan, that loan is classified as a loan to the foreign addressee, which is the direct obligor.

In some cases, the "account address" used for correspondence, etc., is different from the customer's principal address or domicile. In such cases, the bank looks behind the account address to other information in its files or makes reasonable efforts to ascertain the customer's principal address or domicile from sources outside the bank. Only if the customer's domicile is not readily ascertainable from the bank's own files or from other sources will the bank use the account address for determining whether a customer is "U.S." or "foreign".

NOTE:

Reported in Schedule L for the FFIEC 002 report. Also excludes all transactions with related depository institutions.

COMPARABILITY:

Prior to 6/30/86, BHCK3376 includes non-U.S. addressees (BHCK3377).