This report is mandated by the International Banking Act (IBA) of 1978. It collects balance sheet and off-balance-sheet information, including detailed supporting schedule items, from all U.S. branches and agencies of foreign banks.
Purpose: Federal supervisory agencies use this report for on-site examinations and for the analysis of the operations of foreign banks in the United States. Economists in the Federal Reserve System and in the private sector use the report for tracking market and credit conditions.
Between November 1972 and February 1979, the number of U.S. domiciled foreign banking entities increased from 104 to 318, and total assets grew from $24.3 billion to $123.3 billion. Recognizing this growth, and the need for federal regulation and supervision of foreign banking entities, Congress passed the IBA of 1978, which authorized federal supervisory agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), to issue a report of condition. The first FFIEC 002 report was filed for the period ending June 30, 1980.
The panel consists of all U.S. branches and agencies of foreign and Puerto Rican banks. Consolidation is allowed on request when two entities of the same foreign bank are located in the same metropolitan area and have the same insurance status. Participation is required.
Quarterly, as of the last day of the quarter. However, supervisory agencies reserve the right to specify an alternative date at their option.
Upon request, nonconfidential data for individual reports are released for a fee payable to the NTIS.