Word: escrowed
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...firms and individuals with financial claims against Iran. The agreement sets up an international arbitration panel (three members to be selected each by Iran and the U.S. and another three to be chosen jointly) to rule on the claims and settle the valid ones from Iranian funds held in escrow by the Bank of England. Said a high official in the State Department: "It seems very unlikely that a conservative Republican Administration will launch its term by taking action that would cost major American banks $1.4 billion...
...talks moved swiftly on all fronts. At 12:40 a.m. Sunday in Algiers, Christopher went to the Algerian Foreign Ministry to study the Iranian reply to a number of American reassurances concerning the passing of assets from the Algerian escrow account to the Iranians once the hostages were released. It appeared that the gap between the U.S. and Iran was now virtually eliminated, and Christopher phoned Washington. Speaking with lawyerly caution, he told Vice President Walter Mondale: "We do not yet have a final agreement, but we may be very close...
...Tuesday Algerian time, some $7.9 billion in Iranian assets had been placed in an escrow account for the Central Bank of Algeria at the Bank of England. Christopher returned to the embassy, telling reporters as he walked in, "Just say I'm a happy man." Inside the building, embassy staffers were about to uncork 24 bottles of Mumm's Cordon Rouge champagne. -By Edward E Scharff...
...State Edmund Muskie. The new offer looked interesting. Bank Markazi suggested that when the Iranian funds were unfrozen, it would repay with interest outstanding loans that had been negotiated with about 100 international banks during the Shah's regime. In addition, Iran agreed to set up an escrow account to pay off other loans. An escrow account is a bank deposit that is controlled by a third party until certain terms are fulfilled. For example, banks often establish escrow accounts into which homeowners with mortgages deposit money that is used to pay property taxes. As Citicorp Chairman Walter Wriston...
...complicated thing." Most of the branches keep funds on deposit at their home offices in the U.S., and each bank's top officials apparently could order them transferred to the Federal Reserve System. The Fed, in turn, could order the funds held in escrow by the Bank of England. Iran seemed likely to trust the English bank, which had loudly protested the freezing of Iranian funds in the first place...