eligible bank

A person that is an authorised firm with an authorisation for deposit taking, or a person in relation to whom all of the following requirements are satisfied:

(a) the person is incorporated in a jurisdiction outside the QFC;
(b) the Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction;
(c) the person is regulated as a bank, and principally regulated for prudential purposes, by an overseas regulator in the jurisdiction;
(d) the person is required to prepare audited accounts;
(e) the person has minimum assets of US $10 million (or its equivalent in any other currency at the relevant time);
(f) the person had surplus revenue over expenditure for the person's last 2 financial years;
(g) the person's latest annual audit report is not materially qualified.
Derived from QFCRA RMI/2008-2 (as from 1st October 2008).