International Banking Facility Law and Legal Definition

According to 12 CFR 28.11 [Title 12 -- Banks and Banking; Chapter I -- Comptroller of the Currency, Department of the Treasury; Part 28 -- International Banking Activities; Subpart B -- Federal Branches and Agencies of Foreign Banks], international banking facility means “a set of asset and liability accounts segregated on the books and records of a depository institution, a United States branch or agency of a foreign bank, or an Edge corporation or Agreement corporation, that includes only international banking facility time deposits and extensions of credit.”