Given our concern that the organization needs to use its resources to address its deficiencies, rather than expanding, the Federal Reserve also asks the organization for advance notification before entering into any contractual commitments or making public announcements pertaining to prospective acquisitions that require Federal Reserve approval.
The agency can then determine the possible effects of the expansionary BIS Review 37/1998  ˝  -9-  proposal on the organization’s deficient Y2K readiness efforts, and possibly discourage or deny expansion if financial and managerial factors are inconsistent with approval of the application. 5.