ALERT 96-40
Type: Unauthorized Banking              Subject:  European Union Bank 

TO:  Chief Executive Officers of all National Banks; all State Banking Authorities; Chairman,
     Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance
     Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (Districts);
     District Administrators; District Counsel and Examining Personnel.

Information is being received that the European Union Bank, an offshore registration in Antigua,
West Indies, is soliciting deposits on the Internet offering high rate interest.  Such deposits do not
have the protection of the Federal Deposit Insurance Company.  Further, the subject entity is not
authorized, supervised or regulated by any U.S. financial institutions regulator.

It is urged that careful due diligence be conducted before any involvement occurs relative
to this subject matter.

Any information which you may have concerning this matter should be brought to the
attention of:
     
                    Office of the Comptroller of the Currency
                    Enforcement & Compliance Division
                    250 E Street, SW
                    Washington, DC  202l9
                    Fax (202) 874-5301



     



                                      
     Daniel P. Stipano
     Director
     Enforcement & Compliance Division
     Date:     October 22, 1996