1301:2-2-02 Reserve requirement.

(A) The reserves required pursuant to section 1151.33 of the Revised Code shall be 0 per cent of total assets for savings and loan associations that meet all of the following conditions:

(1) Maintain reserves 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 and loan association.

(B) For all savings and loan associations that do not meet the requirements of paragraph (A) of this rule, the reserve required by 1151.33 of the Revised Code shall be at least 3 percent of total assets, unless the superintendent approves a lower percentage for a savings and loan association.

(C) Savings and loan associations 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: Prior Eff. 12-27-84, 1-17-92; Replaces 1301:2-1-11, eff. 6-3-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 1155.20

Rule amplifies: RC 1151.33

R.C. 119.032 review dates: 05/24/2009