Editorial Board. Note on the fribf. Foreword. The changing role of banks and the changing value of deposit guarantees (P. Ritchken et al.). International equity markets integration and settlement and clearing procedures (Kyung-Won Kim, J.E. Finnerty). The relative cost of financial distress in the international firm (D.M. Reeb). Fitting the term structure of nominal interest rates with an extended Vasicek model (Chen Guo). Loan sales: Pacific Rim trade in non-tradable assets (J.G. Haubrich, J.B. Thomson). Mixed currency contracts of international bank loans (Swapan Sen, R. Peszek). Policy issues. Regulatory design and sharemarket ownership in New Zealand (M.A. Fox, G.R. Walker). Foreign banks in the United States: entry strategies and operations (S.J. Khoury).