Which of the following istrueof International Banking Facilities (IBFs) in the U.S.?

Group of answer choices

1. IBFs were legalized by the Federal Reserve Board in 1970.
2. IBFs are bookkeeping systems set up in existing bank offices of the U.S. to record international banking transactions
3. IBFs are "shell" bank branches of U.S. banks in the Caribbean.
4. Loans extended by the IBFs are subject to reserve requirements and interest rate regulations.
5. IBFs are allowed to extend loans to the residents and businesses of the United States and not to the nonresidents