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The Central Bank of Chile has for sometime imposed a requirement to deposit with it on a non-interest earning basis (or to pay as an alternative a fee) an amount equal to 30% of almost all equity investments made under Chapter XIV of the Compendium of Foreign Exchange Regulations and of loans registered under that Chapter and under Decree Law 600.

A statutory entity can only operate in accordance with its enabling statute. A considerable amount of activity in Ireland is carried on through statutory entities controlled by the state but operating in the commercial sector. From time to time legislative amendments are required to ensure that the borrowing powers and capital financing requirements of these entities keep pace with commercial developments. The latest piece of such legislation the Borrowing Powers of Certain Bodies Act, 1966 which came into force on August 1 1996. In particular it increased the borrowing limit of ACC Bank plc.

A recent change in policy by the Central Bank of Cyprus means it is now possible to establish Administered Banking Units (ABUs) on the island. Applicant banks should be licensed in jurisdictions which exercise proper licensing and banking supervision. In addition, the prospective applicant banks must be institutions enjoying a good reputation internationally and which have an established track record of growth and profitable operation.

The lack of an international insolvency regime is a glaring anachronism in the era of global markets. While regulators are getting their act together, private initiatives offer the best alternative. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

Measures have been adopted by the Brazilian government in the last two years to safeguard the economic stabilization programme by curbing money supply increases caused by foreign investment inflows. On October 31 1996, two of the measures were relaxed as follows:

Comparing the growth of the main foreign offices of the New York and London firms, Richard Forster identifies strategies that work and examines the prospects for a merged, truly global law firm

Resolution No. 58/3/96 of the Board of Directors of the Central Bank concerning the regulation of finance companies (Resolution 58) was promulgated under the authority set forth in Articles 114 to 119 of the Central Bank Law, which pertain to Financial Corporations (mu'assasat maliyyah). Article 114 of the Central Bank Law defines Financial Corporations as those institutions whose principal functions are to extend credit, to carry out financial transactions, to take part in the financing of existing or planned projects, to invest in movable property and such other functions as may be specified by the Central Bank. Financial Corporations may not accept funds in the form of deposits but may borrow from their head offices, from local and foreign banks, or from financial markets.

The UN Compensation Commission set up to investigate Gulf War claims must make sure that pre-invasion Iraqi debts are given the same importance as war damage, argue Anthony Gardner, Roger Alford and Richard Weiner, of Hogan & Hartson LLP, Brussels and Washington

Simon Firth of Linklaters & Paines, London, looks at the growth of a trend that has contributed significantly to the reduction of credit risk in the financial markets, and a proposal to boost it further

A recent bill published by the Brazilian authorities is set to make money-laundering in Latin America's largest country a specific criminal offence for the first time. By Bruno Balduccini of Pinheiro Neto Advogados, São Paulo