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these entities meet the statutory requirements of a "qualified
financial institution", we need not determine the exact location of
petitioner's deposit.7
Although petitioner concedes that neither BCCI, S.A., its
IOMB, nor its Los Angeles agency office satisfy section
165(l)(3)(A), (B), or (C), we nonetheless must examine these
provisions to determine the meaning of the term "similar
institution" under section 165(l)(3)(D).
a. Not a Bank
The first "qualified financial institution" described in
subsection 165(l)(3) is a bank. Section 581 defines a bank as:
a bank or trust company incorporated and doing
business under the laws of the United States *
* * or of any State, a substantial part of the
business of which consists of receiving
deposits and making loans and discounts, or of
exercising fiduciary powers similar to those
permitted to national banks under authority of
the Comptroller of the Currency, and which is
subject by law to supervision and examination
by State, or Federal authority having
supervision over banking institutions. * * *
7 We also need not determine whether the sec. 165(l)
analysis should be applied in this case on an office-by-office
basis (as implied by both petitioner's and respondent's
positions) or on an institution-wide basis because in either case
we would not hold that petitioner's deposits were maintained in a
qualified financial institution.
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