(1) Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall hold in the State of Mississippi currency, bonds, notes, debentures, drafts, bills of exchange or other evidences of indebtedness, including loan participation agreements or certificates, or other obligations payable in the United States or in United States funds or, with the prior approval of the commissioner, in funds freely convertible into United States funds, or such other assets as the commissioner shall by regulation or order permit, in an amount which shall bear such relationship as the commissioner shall by regulation or order prescribe to liabilities of such foreign bank appearing in the books, accounts or records of its Mississippi state branch or Mississippi state agency, including acceptances, but excluding amounts due and other liabilities to other offices, agencies or branches of, and wholly owned (except for a nominal number of directors’ shares) subsidiaries of, such foreign bank and such other liabilities as the commissioner shall determine.

(2) The commissioner is specifically authorized, in implementing the provisions of this section, to:

(a) Vary the ratio of assets to liabilities for Mississippi branches or Mississippi agencies, applicable under this section, of certain foreign banks as may be determined by the commissioner in his or her sole discretion to be necessary or desirable to reflect differences among such Mississippi branches or Mississippi agencies on account of:

(i) The financial condition of Mississippi branch or agency office(s) of the foreign bank,

(ii) The financial condition of branch or agency offices of the same foreign bank located in other states,

(iii) General economic conditions prevalent in the home country of the parent foreign bank, or

(iv) The financial condition of the parent foreign bank itself, including but not limited to:

1. The financial condition of its branches and agencies located in other countries,

2. The financial condition of its affiliated bank and nonbank subsidiaries in the United States, and

3. The financial condition of the foreign bank on a worldwide consolidated basis or in its home country.

(3) For the purposes of this section, the commissioner shall value marketable securities at principal amount or market value, whichever is lower, shall have the right to determine the value of any non-marketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness, including loan participation agreements or certificates, or of any other asset or obligation held or owed to the foreign bank or its Mississippi state branch or Mississippi state agency in Mississippi, and in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities, shall have the power by regulation or order to exclude in whole or in part any particular asset.

(4) If, by reason of the existence or the potential occurrence of unusual and extraordinary circumstances, the commissioner deems it necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, creditors and the public interest, and to maintain public confidence in the business of a Mississippi state branch or Mississippi state agency, he or she may, subject to such terms and conditions as he or she may prescribe, require such foreign bank to deposit the assets required to be held in the State of Mississippi pursuant to this section with such Mississippi banks, as the commissioner may designate.

(5) The assets held to satisfy the assets to liabilities relationship, prescribed by the commissioner pursuant to this section, shall include obligations of any person for money borrowed from a foreign bank holding a license to establish and maintain a Mississippi state branch or Mississippi state agency only to the extent that the total of such obligations of any person are not more than ten percent (10%) of such assets considered for purposes of this section.