New York § 19 Assessments for deficiency in reserves against deposits

New York Statutes

§ 19 — Assessments for deficiency in reserves against deposits

New York § 19

Law BNKBanking

Art. 2Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

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Bluebook

N.Y. Banking § 19 (2026).

Text

  § 19. Assessments for deficiency in reserves against deposits.  If any\nbanking organization or branch of a foreign banking corporation shall\nnot maintain the total reserves prescribed by or pursuant to this\nchapter, the superintendent may levy an assessment upon it for such\nperiod as any deficiency in its total reserves amounting to one per\ncentum or more of its deposits against which reserves are required to be\nmaintained shall continue, at rates not in excess of the following:\n  (1) Six per centum per annum upon any such deficiency not exceeding\ntwo per centum of such deposits.\n  (2) Eight per centum per annum upon any additional deficiency in\nexcess of two and not exceeding three per centum of such deposits.\n  (3) Ten per centum per annum upon any additional deficiency in e

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§ 19. Assessments for deficiency in reserves against deposits. If any\nbanking organization or branch of a foreign banking corporation shall\nnot maintain the total reserves prescribed by or pursuant to this\nchapter, the superintendent may levy an assessment upon it for such\nperiod as any deficiency in its total reserves amounting to one per\ncentum or more of its deposits against which reserves are required to be\nmaintained shall continue, at rates not in excess of the following:\n (1) Six per centum per annum upon any such deficiency not exceeding\ntwo per centum of such deposits.\n (2) Eight per centum per annum upon any additional deficiency in\nexcess of two and not exceeding three per centum of such deposits.\n (3) Ten per centum per annum upon any additional deficiency in excess\nof three and not exceeding four per centum of such deposits.\n (4) Twelve per centum per annum upon any additional deficiency\ntherein.\n