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August 10, 1979 - Image 5

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Publication:
Michigan Daily, 1979-08-10

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The Michigan Daily-Friday, August 10, 1979-Page 5

4SSETS UP 400 PER CENT SINCE 1972:

Foreign banks penetrating U.S.

WASHINGTON (AP) - Foreign
anks have rapidly penetrated the
Jnited States since late 1972, increasing
ssets here by 400 per cent and expan-
ing their share of domestic deposits
ix-fold, the U.S. comptroller general
says.
The dramatic increase in foreign
ank activity was most pronounced in
977 and 1978 when 112 new offices
pened, 19 more than were established
luring the previous four years, said the
eport, obtained yesterday.
SINCE NOVEMBER 1972, the num-
er of foreign branches, agencies, and
ubsidiaries here tripled from 104 to
18. Ninety-six per cent of foreign bank
ctivity occurs in New York, California
ad Illinois.
"Foreign banks in the United States
iave become increasingly more com-
etitive with domestic banks," the
omptroller general said. This is reflec-
ed by foreign banks' share of U.S.
ommercial and industrial loans, which
rcreased from seven per cent in 1972 to
3.5 per cent this year.
Total assets of U.S. foreign bank of-
ices increased from $24.3 billion in late
972 to $123.3 billion in February 1979,
he report said. Domestic deposits con-
rolled by those offices rose from $3.9
illion to $25.8 billion during the same
eriod.
THE REPORT, requested by Rep.
ernand St. Germain (D-R.I.), chair-
Ran of a House banking subcommittee,
aid rapid expansion of foreign banks
nay be slowed by the 1978 International
anking Act. It placed foreign banks
ader many regulations applicable to
omestic financial institutions.
The Federal Reserve Board said
nny foreign banks accelerated their
STUDENT
ACCOUNTS:
Your attention is called to the
following rules passed by the
Regents at their meeting on Feb-
ruary 28, 1936: "Students
shall pay all accounts due
the University not later than
the last day of classes of
each semester or summer
session. Stddent loans which
are not paid or renewed are
subject to this regulation;
however, students loans not
yet due are exempt. Any
unpaid accounts at the close
of business on the last day
of classes will be reported
to the Cashier of the Uni-
versity and
'a) All academic credits
wil be withheld, the grades
for the semester or summer
session just completed will
not be released, and no
transcript of credits will be
issued.
"(b) All students owing
such accounts will not be
allowed to register in any
subsequent semester or
summer session until pay-
ment has been made.

activity here in 1977 and 1978 to beat the
law's enactment.
While detailing foreign bank
penetration in the United States, the
comptroller general cautioned, "There
is no systematic, comprehensive
mechanism for gathering information
on all foreign investment in existing
U.S. depository institutions."

MUCH OF THE data collected in the
comptroller general's report came
from newspapers, magazines and
banking journals.
The comptroller general said foreign
banks have expanded here to keep up
with intensified investment by foreign
countries in the United States.
Liberalized state laws also encourage

foreign bank acitivity.
While foreign bankers have flooded
U.S. shores, U.S. bankers have also
penetrated foreign financial markets
with increased vigor, the report shows.
In 1966, 13 U.S. banks had 244 foreign
branches. By the end of 1977, 130 U.S.
banks had 730 branches in foreign coun-
tries.

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Printer. For hard copy. Does high resolution
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Wand. Enters programs and data by reading bar
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MORE THAN A BOOKSTORE
549 E. Un versity at the corner of East U. and South U. 662-3201

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