The Board of the Reserve Bank has agreed to the following changes: •  That the requirement that non-resident companies refinance 50 percent of their local borrowing has been dropped;  •  The local borrowing by non-resident companies will be governed by the gearing ratio which will depend on the proportion of their local equity.
BIS Review 11/1998  -5-  International Initiatives - Foreign Banking Organizations Let me now turn more directly to international initiatives which are likely to be of particular interest here tonight given the extent of business you conduct with customers and banks outside the United States.