(a) Upon opening a branch or branches or agency or agencies in this State and at all times thereafter, except in the instance where the deposit accounts at a branch or branches of a foreign banking corporation are insured by the Federal Deposit Insurance Corporation, each foreign banking corporation shall keep assets on deposit in accordance with Part 51 of this Title ("assets"), in an amount, based upon the lower of principal amount or fair (market) value, equal to the greater of:

(b) A foreign banking corporation opening its initial branch or agency shall deposit assets based upon the branch's or agency's projection of total liabilities at the end of its first year of operation.

(c) For purposes of paragraph (a)(1) of this section, liabilities arising from "qualified financial contracts" as that term is defined in section 618-a.2(e) of the Banking Law, may be excluded from the calculation of total liabilities to the extent such liabilities are secured by collateral within the meaning of section 618-a.2(d) of the Banking Law, unless a branch or agency has been notified otherwise by the superintendent.

(d) For purposes of paragraph (a)(1) of this section, except as otherwise provided in this Part, calculation of liabilities shall be in accordance with the instructions in the FFIEC 002 Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (call report).

(e) For purposes of paragraph (a)(1) of this section, the asset pledge calculation shall be on the same basis on which quarterly averages are calculated for call report purposes (currently, the average of liabilities subject to asset pledge as of the close of business on each Wednesday during the previous month). The pledged assets, as well as the asset pledge report required under section 322.5(c) of this Part, shall be due on the fifth business day immediately following the end of the monthly period for which the calculation is made.

(f) For a well-rated foreign banking corporation as defined in section 322.7 of this Part, the maximum amount required to be deposited pursuant to paragraph (a)(1) of this section shall be, calculated according to the following schedule, as a percentage of average total liabilities for the previous month of such branch or branches or agency or agencies, including liabilities of an international banking facility maintained by such branch or branches or agency or agencies, but excluding amounts due and other liabilities to other offices, agencies, branches and affiliates as defined in section 322.6 of this Part, of such foreign banking corporations:

(1) one percent of the first $1 billion;

(2) three quarters of one percent of the next $4 billion;

(3) one half of one percent of the next $5 billion;

(4) one quarter of one percent of any additional liabilities;

(5) provided, however, that in no event shall the maximum amount required to be deposited hereunder exceed $100,000,000.