Remarks before the Comptroller of the Currency Conference on "Foreign Banks in the United States: Economic, Supervisory, and Regulatory Issues," Washington, D.C., July 13, 1995.

In addition to dominating the list of the world's largest banks, Japanese banks currently account for about two-fifths of measured international banking assets of all banks. Between year-end 1984 and year-end 1988 Japanese banks accounted for slightly over one-half of the measured growth of...

Foreign penetration of U.S. wholesale banking already exceeds that of most other industry groups; unless market capitalization ratios for U.S. banks go up—or down for foreign banks—this trend is likely to continue.

The pace has been most rapid at the wholesale, bank-to-bank and bank-to multinational level; at the retail customer level, globalization will soon quicken, particularly in Europe.