965.1—Definitions.
As used in this part:
Deposits in banks or trust companies means:
(i)
An insured depository institution, as defined in section 2(12 )(A) of the Act (12 U.S.C. 1422(12)(A) ), that is designated by a Bank's board of directors;
(ii)
A trust company that is a member of the Federal Reserve System or insured by the FDIC, and is designated by a Bank's board of directors; or
(iii)
A U.S. branch or agency of a foreign bank, as defined in the International Banking Act of 1978, as amended (12 U.S.C. 3101
et seq. ), that is subject to the supervision of the FRB, and is designated by a Bank's board of directors.
Repurchase agreement means an agreement in which a Bank sells securities and simultaneously agrees to repurchase those securities or similar securities at an agreed upon price, with or without a stated time for repurchase.