NOTE: A negative answer below (questions 2 through 8(e)) may be indicative of a condition in need of correction.
Such answers may call for comment, or expanded treatment, below or elsewhere in the examination report.
Description |
Yes |
No |
1. Is the bank engaged, in any manner, in foreign exchange activities? If “Yes”, answer the following questions: |
X |
|
2. Is the net open position of each foreign currency reasonable in relation to the bank's total capital and reserves? |
X |
|
3. Is the aggregate net open position of all foreign currencies reasonable in relation to the bank's total capital and reserves? |
X |
|
4. Are the future maturities of foreign currency assets, liabilities, and contracts reasonably matched with respect to long and short positions in all time periods? |
X |
|
5. Does a current revaluation of the bank's foreign currencies reflect an insignificant profit or loss? |
X |
|
6. Has the directorate and/or head office imposed reasonable guidelines and limits with respect to foreign exchange operations? |
X |
|
7. Are guidelines and limits being adhered to by active management? |
X |
|
8. With respect to foreign exchange operations, are the following adequate: |
(a) recording procedures? |
X |
|
(b) bookkeeping procedures other than 8(a)? |
|
X |
(c) contract confirmation procedures? |
X |
|
(d) internal routines and controls other than 8(c)? |
X |
|
(e) audit procedures? |
X |
|
8(b) Refer to comments under Audit and Internal Controls.
