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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent o f the United States Circular No. 10365 August 6, 1990 [ BLOCKING OF KUWAITI GOVERNMENT PROPERTY Executive Order No. 12723 To All Banks, and Other Concerned, in the Second Federal Reserve District: On A ugust 2, 1990, the President issued Executive O rder No. 12723 blocking all property and interests in property of the Governm ent of Kuwait. Printed on the following pages is a copy of a letter from the Office of Foreign Assets Control of the Departm ent of the Treasury directed to this Bank concerning the status of various banks under that Executive Order. Additional questions regarding this m atter may be directed to Bradley K. Sabel, Counsel (Tel. No. 212-720-5041). E. G erald C o r r ig a n , President. ”1 DEPARTMENT OF THE TREASURY W AfHlNOTON AU6 05 1990 Dear Mr. Patrikis: You have asked about the status of various banks under Executive Order Mo. 12723 signed by President Bush on August 2, 1990, blocking all property in which the Government of Kuwait has an interest. Me have had only a brief time to consider this question and, based on the information available to us within this period and consultation with the Government of Kuwait, we have determined that the banks listed below in Category I should be considered blocked entities owned by the Government of Kuwait. Category II contains the names of banks that should not be considered blocked entities, based on the information available to us at this time. However, we will need further information from these banks by August 18, concerning their ownership and control, if they are to continue to be included in Category II. Category H I contains the names of banks in which the Government of Kuwait and the government of another country subject to sanctions under the International Emergency Economic Powers Act each have a substantial ownership interest. We are reviewing with these institutions relevant issues pertaining to ownership and control. We anticipate making a final determination regarding their status by August 18, 1990. In the meantime, we are licensing transactions between these banks and persons subject to the jurisdiction of the United States. The range of such licensed transactions will be the same as the range of permitted transaction between persons subject to the jurisdiction of the United States and banks listed in Category II. Mo such transactions may result in the transfer of funds to the Government of Kuwait or the Government of Iraq. Finally, Category IV banks are those in which we have learned the Government of Kuwait has such a significant financial stake by virtue of loans and guarantees as to be considered in de facto oontrol and, thus, these banks are also blocked. The limitation applicable to transactions by persons subject to U.s. jurisdiction with Category I banks will also be applicable to transactions by such persons with Category IV banks• -2- CATEGORY _I Bank of Xuvalt 6 Middle East Burgan Bank Central Bank of Kuwait Credit de Bergues Kuwait Finanee House Savings and Credit Bank CATEGORY II Bahrain Middle East Bank Banco Atlantico Dao Hang Bank Gulf International Bank B.S.C. Kuwait and Bahrain Bank Kuwait French Bank Kuwait Real Estate Bank National Bank of Kuwait Swiss Kuwaiti Bank UBAF Arab American Bank United Bank of Kuwait CATEGORY III Arab African International Bank Arab Banking Corp Arab Hellenic Bank Arab Turkish Bank Banco Arabe Espanol CATEGORY IV Al-Ahlie Bank of Kuwait Commercial Bank of Kuwait Industrial Bank of Kuwait The Gulf Bank Director Office of Foreign Assets Control Ernest T* Fatrlkis General Counsel and Executive Vice President Federal Reserve Bank of New York 33 Liberty street New York, New York 10045
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