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<br />uc~-~~-~~ 11128 FROM.H.B.S.S.
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<br />Bani: Establisbmenl Process. The banking guide,
<br />Iincs esublish a Mitigallon Bank Rcvkw Team (MBRl)
<br />consJstiI:Ig of the ColpS, I!PA. the U.S, '1sh on<! Wildlife
<br />Servicc (FWS), the National Resourees <:o=v.ltlon
<br />Servicc, the National Marine FISheries Service, Illd
<br />appropriate ~te agencies that will tCYiew each bank,
<br />ing proposal. Review by the MBRT could pose lDlljor
<br />bureaucratic obsuclcs to suceessful banking. III COQ-
<br />ccpt, the MBRT is suppose<! to tadlilalC the establlsb-
<br />men! of bonking inStrUmentS and linaI1Ditigation plans
<br />through consensus. HO\Vcvcr, 'llItIiIe the Guidance
<br />dear!)' indic>tes that the Corps has tile tiDal say In
<br />authoriZing tile Innk, the very exiStence of a tam com'
<br />posed of agencies tll:tt 112"e dfggrccd ov<:r wetlands
<br />poticy (for example. we ColpS and FWS) is likely to
<br />de~ and ftustrare final appro\"lll The bank. spoll5Or
<br />flees tile: daunting prospea of up to six ':agendes nego-
<br />tiating over the detalIs of a ptUticular projeCt. This wlI1
<br />undoubtedly have a chilling effeCt on both the sponsor
<br />and any lenders and in''eStors. The ,Coq>s Illd the
<br />appropriate st3te cnVironmcmal :agency should, after
<br />eonsulting with thc appropriaIe teSOUt<X agencies as
<br />issues arise, have: fuW approval authority.
<br />WilbdrawaJ 01 Bani: Credirs. Key clements in suc-
<br />cessful prtvate banking :olio... for up.troot sale 0( credo
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<br />NRlI:E Summer 1998
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<br />10,970 247 8627
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<br />Its, expansion of the market ara, and "out-of~d" mit-
<br />igalion, The Guidance furthers tIlesc objectiVQ by
<br />c:xpressly aDowing approval of the sale of aedi15 wdl
<br />Wore the bank is fuUy functioning.. Critics of mi.-
<br />lion banking, fearing that it would lead to "buying" per-
<br />mits and the cootinued loss of ,,'eIbnds, :lJ1l'Ied thaI
<br />credits should tlOt be sold 10 appliCUIts WltU the '?mil:
<br />proved 5IIcccssfu1 over scv=1 gwwing seasoIlS-in
<br />some cases, up to five years, The Guidan<:e ,qeas this
<br />approach, recognizing that priVllte entities will nOt
<br />C11ler the banIdog business unless they can achieve a
<br />1COS00lIbIe and predicable =urn on inv=ent.
<br />The Guidancc's aDowmcc for debiting a b2nk-after
<br />the bank iastrumeDt bas been applO\-ed, the site sccumI,
<br />2nd appropriau: financial assurances given-Is a positive
<br />Step, but the :ogencies still require a rcasoaable likelihood
<br />that the wetlands conditioIlS Will be su<:ccsstWIy crearc1
<br />or ......ta...d.. They may also require higher Cttclit ratios.
<br />Thus, the old re2I = adage. "location, location. l0ca-
<br />tion" wj)) be cspcciaDy ~ for successful banI;ing, A
<br />w~ed miligatiOQ w..loalcd In a developing
<br />watershed is m05t likely IlO get1Cl2le uplroOI credit salei.
<br />The service'OZQ of the Innk is the geoyaphic =
<br />(e,g., worashed. county) where a bank is cxp<:ctc:d to
<br />pro.;de appropriate a>mpensarlon for ",'erland
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