In addition, U.S. intermediate holding companies and the U.S. branches and agencies of foreign banks with a large U.S. presence would be required to meet liquidity requirements similar to those applicable to large U.S. bank holding companies.
The success we have had in  BIS Review 42/2004  1  attracting foreign direct investment could be undermined if inflation were to pick up significantly again. This is all the more important since our price levels are already higher than those of our trading partners.