6.2.3 Treatment of Deposits Denominated in Foreign Currencies
Deposits held in foreign currencies are covered by FDIC, provided they meet other criteria for insurance eligible accounts. The Application determines deposit insurance in terms of US dollars for all accounts, including foreign currency denominated deposits. The currency conversion rates used for this purpose are the 12 PM rates i.e. noon buying rates for cable transfers quoted by the Federal Reserve Bank of New York, unless a different source is specified under the agreement. The exchange rate source for the conversion of foreign currency denominated deposits are captured separately from the rates used for other computations at an insured entity/branch level.