2  BIS central bankers’ speeches  Bank Supervision Enhancement Act of 1991 (FBSEA) required foreign banks to receive approval from the Board before establishing a branch or agency in the United States.8 The law required the Federal Reserve, in turn, to determine that the foreign bank is subject to “comprehensive supervision or regulation on a consolidated basis” in its home country before approving an application either to open a branch or to acquire a U.S. subsidiary bank.
In addition to possibly subsidised set-up of POS terminals, we are also thinking about regulating the level of interchange fees. Despite some declines, interchange fees remain too high in Hungary. Therefore, our intention is to somehow reduce the fee level, either by following the US and Australian examples or by reacting to recent European developments.