11 1 exist; three, whether resources will be diverted 2 from the supporting market areas of the subsidiary 3 5 7 banks of Financial General Bank Shares; and four, several banks' resources may be so changed as to 8 be of such a nature and extent as to become detrimental 9 10 to the soundness of the banking institutions involved; 11 121 13 14 and six, whether information supplied by or about reliably evaluated using commonly accepted accounting 15 16 17 the domestic banking organizations and their foreign parents can be discovered and, if necessary, controlled 25 and, perhaps, as the ultimate regulatory issue; eight, whether the risk that these potential problems may and such a risk does exist is acceptable when weighed against the broadly generalized but unsubstantiated claims with which the applications are replete. And that is that various benefits will result to Financial General, its subsidiary banks and the communities now served and to be served by (202) 234-4433 general in nature, and can be accepted, of course · 5 by the applicants. 6 Can everyone hear me, incidentally? I have 7 8 9 an unfortunate tendency to mumble. Can you hear 10 11 of the Board of Governors, the Bureau of Financial Institutions has previously submitted several questions 12 13 to the Board in writing with the understanding that Those questions are fairly specific and generally either concern statements made in the application or ask for elaboration upon other points of interest. one, whether United States laws and regulatory policies can be applied and enforced effectively with respect to the applicants and their principals; two, whether 11 1 exist; three, whether resources will be diverted 2 from the supporting market areas of the subsidiary banks of Financial General Bank Shares; and four, several banks' resources may be so changed as to be of such a nature and extent as to become detrimental to the soundness of the banking institutions involved; and six, whether information supplied by or about related or affiliated foreign organizations can be reliably evaluated using commonly accepted accounting standards and legal principles; and seven, whether extensions of credit and other transactions between the domestic banking organizations and their foreign parents can be discovered and, if necessary, controlled and, perhaps, as the ultimate regulatory issue; eight, whether the risk that these potential problems may 20 and such a risk does exist - is acceptable when weighed against the broadly generalized but unsubstantiated claims with which the applications are replete. And that is that various benefits will result to Financial General, its subsidiary banks and the communities now served and to be served by (202) 234-4433 1 2 COMMISSIONER BAILEY: 10 Thank you very much, Mr. Mannion. My statement is addressed in form to the Board of Governors. However, the comments are general in nature, and can be accepted, of course, 5 by the applicants. Can everyone hear me, incidentally? I have an unfortunate tendency to mumble. Can you hear of the Board of Governors, the Bureau of Financial to the Board in writing with the understanding that those questions are to be addressed by the applicant. Those questions are fairly specific and generally either concern statements made in the application or ask for elaboration upon other points of interest. one, whether United States laws and regulatory policies can be applied and enforced effectively with respect to the applicants and their principals; two, whether 11 1 exist; three, whether resources will be diverted 2 from the supporting market areas of the subsidiary banks of Financial General Bank Shares; and four, several banks' resources may be so changed as to other nonbanking interests of the investors will be of such a nature and extent as to become detrimental to the soundness of the banking institutions involved; and six, whether information supplied by or about related or affiliated foreign organizations can be reliably evaluated using commonly accepted accounting standards and legal principles; and seven, whether extensions of credit and other transactions between the domestic banking organizations and their foreign parents can be discovered and, if necessary, controlled and, perhaps, as the ultimate regulatory issue; eight, whether the risk that these potential problems may Occur - and such a risk does exist is acceptable when weighed against the broadly generalized but unsubstantiated claims with which the applications are replete. And that is that various benefits will result to Financial General, its subsidiary banks 23 24 25 and the communities now served and to be served by (202) 234-4433 |