1301:12-2-02 Reserve requirement.

(A) The reserves required pursuant to section 1161.53 of the Revised Code shall be 0 per cent of total assets for savings bank that have all of the following:

(1) Maintain reserves with the Federal Reserve System either directly or through other institutions as required by federal law;

(2) Maintain all appropriate allocations for loan and lease loss that are consistent with generally accepted accounting principles, unless the superintendent has determined otherwise for a savings bank.

(3) Maintain adequate capital or net worth as defined in 1301:12-2-01 as determined by the superintendent.

(B) For all savings banks that do not meet the requirements of paragraph (A) of this rule, the reserve required by 1161.53 of the Revised Code shall be at least 3 percent of total assets, unless the superintendent approves a lower percentage for a savings bank.

(C) Savings banks may include permanent or capital stock, contributed surplus, undivided profits, specific and general loss or valuation reserves, and any other nonwithdrawable accounts as reserves meeting the requirement of paragraph (B) of this rule.

HISTORY: Eff. 11-17-91; replaces 1301:12-1-09, eff. 6-3-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 1163.24

Rule amplifies: RC 1161.53

119.032 Review Date: 5-24-09