Consolidated Comment on the Eastern National Bank Licenses

Date issued: Nov. 30 2021

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TURBOFAC Commentary (2848 words)

Consolidated Comment on the Eastern National Bank Licenses

1) BACKGROUND

This consolidated comment addresses the following Research System items:

(i) LICENSE No. VENEZUELA-2018-354717-1
(ii) LICENSE No. VENEZUELA-2019-362675-1-2
(iii) LICENSE No. VENEZUELA-EO13884-2020-367707-1
(iv) LICENSE No. VENEZUELA-EO13884-2020-368971-1
(v) LICENSE No. VENEZUELA-EO13884-2020-368971-2
(vi) Guidance in re: LICENSE No. VENEZUELA-EO13884-2020-368971-2

Note that the PDF file associated with this consolidated comment contains all of those items, in sequential order. All references to page numbers below are references to the page numbers of the PDF file associated with this comment.

2.0) BACKGROUND; NOTABLE “GOVERNMENT OF VENEZUELA” DETERMINATIONS BASED ON INDIRECT “CONTROL” AND NOTWITHSTANDING LACK OF “OWNERSHIP”

As described in the application at p. 6 of the native PDF file associated with this comment, Eastern National Bank (“ENB”) was (and...