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FDIC Enforcement Decisions and Orders
Status of bank as insured branch of a foreign bank terminated.
In the Matter of
Pursuant to section 8(p) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(p), the Federal Deposit Insurance Corporation ("FDIC"), hereby finds that the New York Branch of Arab Bank PLC, New York, New York ("Arab Bank"), is not engaged in the business of receiving deposits, other than trust funds, and issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Arab Bank as an insured branch of a foreign bank be, and hereby is, terminated at the expiration of June 30, 2006, which is the last day of the first full semiannual assessment period following the date of issuance of this ORDER.
IT IS FURTHER ORDERED, that Arab Bank notify its depositors, if any, of the termination of its insured status no later than May 31, 2006, in the manner required by section 308.124(c) of the FDIC's Rules of Practice and Procedure, 12 C.F.R. §308.124(c).
Pursuant to delegated authority.
Dated at Washington, D.C., this 26th day of October, 2005.
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