what is Edge Act banks
State what is meant by Edge Act banks.
Expert
Edge Act banks are federally chartered subsidiaries of the U.S. banks that are located in United States which are allowed in order to engage in the full range of international banking activities. A 1919 amendment to Section 25 of Federal Reserve Act created the Edge Act banks. Main aim of the amendment was to enable the U.S. banks to be competitive along with the services foreign banks could provide to their customers. Federal Reserve Regulation K enables Edge Act banks in order to accept the foreign deposits, finance foreign projects abroad, extend trade credit, trade foreign currencies, and engage within the investment banking activities along with the U.S. citizens including foreign securities. As such, Edge Act banks do not compete directly with services offered by the U.S. commercial banks. Edge Act banks are not banned from owning the equity in business corporations as domestic commercial banks are. Therefore, it is through Edge Act which U.S. parent banks own foreign banking subsidiaries and have ownership positions in the foreign banking affiliates.
Assignment: The purpose of this assignment is to review the accounting cycle--the procedures that businesses normally use to record transactions during the year and prepare financial statements at the end of the year. The accounting cycle is discussed in Chapter 3 of your textbook. &nb
The Webster Company uses the aging method to estimate the allowance for doubtful accounts. The following schedule of accounts receivable was prepared as at December 31, 20x6: Age Balance % uncollectible 0-30 days $674,000 0.5% 31-60 days 186,000 1.2% <
How economic exposure can be defined in order to exchange the risk?
Give a brief introduction of the term ‘Financial Accounting’. And also write down its elements?
Identification of Responsibility Centre: Profit centre has been taken as the responsibility centre. Profit centre is the one in which both the revenue and costs are accounted for. The difference between them is the profit so the managers for this cent
Describe the History of Holding Period in brief?
company A began operation on january 1,2012. The annual reporting period ends December 31.The trial balance on January 1,2013 was as follows
Assume that pound is being pegged to the gold at 6 pounds per ounce; on the other hand the franc is being pegged to the gold at 12 francs per ounce. Which, of course, states that equilibrium exchange rate must be the two francs per pound? If existing market exchange r
The process of allocating the arrears of estate assets to the distributions. Distributions from the estate proceed in a particular order starting with specific legacies, effusive legacies, general legacies, and finally residuary legacies. If legacies assets are not capable to meet the will's prov
18,76,764
1959749 Asked
3,689
Active Tutors
1424408
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!