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uc~-~~-~~ 11128 FROM.H.B.S.S. ;.;w Cl c:: ~~ ~)), A ,.;..~ .-- --. . -;::.~~ ,...: -- ~ .,' ..'" ..' ........,.. ~.. "...;" _.....~ -- - .-.-:" ..;:"~' .~..~t~ . Bani: Establisbmenl Process. The banking guide- Iincs esublish a Mitigallon Bank Rcvkw Team (MBRl) consJstiI:Ig of the ColpS, I!PA. the U.S_ '1sh on<! Wildlife Service (FWS), the National Resourees <:o=v.ltlon Service. the National Marine FISheries Service, Illd appropriate ~te agencies that will tCYiew each bank, ing proposal. Review by the MBRT could pose lDlljor bureaucratic obsuclcs to suceessful banking. III COQ- cept, the MBRT is suppose<! to tadlilalC the establlsb- men! of bonking inStrUmentS and linaI1Ditigation plans through consensus. HO\Vcvcr, 'llItIiIe the Guidance dear!)' indic>tes that the Corps has tile tiDal say In authoriZing tile Innk, the very exiStence of a tam com- posed of agencies tll:tt 112"e dfggrccd ov<:r wetlands poticy (for example. we ColpS and FWS) is likely to de~ and ftustrare final approwl The bank. spoll5Or flees tile: daunting prospea of up to six ":agendes nego- tiating over the detalIs of a ptUticular projeCt. This wlI1 undoubtedly have a chilling effeCt on both the sponsor and any lenders and in''eStors. The .Coq>s Illd the appropriate st3te cnVironmcmal :agency should, after eonsulting with the appropriaIe teSOUt<X agencies as issues arise, have: fuW approval authority. WilbdrawaJ 01 Bani: Credirs. Key clements in suc- cessful prtvate banking :olio... for up-troot sale 0( credo NRlI:E Summer 1998 10,970 247 8627 rMI..I,e. """'\,-.. ~ .1'. , .. .. ."" .~ ... '---,,-. Its, expansion of the market ara, and "out-of~d" mit- igalion_ The Guidance furthers tIlesc objectiVQ by c:xpressly aDowing approval of the sale of aedi15 wdl Wore the bank is fuUy functioning.. Critics of mi., lion banking, fearing that it would lead to "buying" per- mits and the cootinued loss of ,.-eIbnds, :lJ1l'Ied thaI credits should tlOt be sold 10 applicants WltU the '?mil: proved 5IIcccssfu1 over scv=1 gwwing seasoIlS-in some cases, up to five years_ The Guidan<:e reje<:ts this approach, recognizing that priw.te entities will nOt C11ler the banIdog business unless they can achieve a 1COS00lIbIe and predicable =urn on inv=ent. The Guidance's aDowmcc for debiting a b2nk-aftcr the bank iastrumeDt bas been applO\-ed, the site sccumI, 2nd appropriau: financial assurances given-Is a positive SICp, but the :ogencies still require a rcasoaable likelihood that the wetlands conditioIlS Will be su<:ccsstWIy created or ......ta...d.. They may also require higher Cttclit ratios. Thus, the old re2I = adage. "location, loouion. l0ca- tion" wj)) be cspcciaDy ~ for successful banI;ing_ A w~ed miligatiOQ w..loaled In a developing watershed is m05t likely IlO get1Cl2le uplroOI credit salei. The service'ozo of the Innk is the geoyaphic = (e.g., worashed. county) where a bank is cxp<:ctc:d to pro.;de appropriate a>n1~on for ",'erland , \ I I ! I ~ f 1. i , " i. i' ,- \ ! ! ~1 w , ; I I I I