A recent Advisory Opinion concluded that a non-U.S. banking organization’s New York office did not meet the definition of a “branch” under former Article 32 of the Tax Law. Advisory Opinion, TSB-A-16(7)C (N.Y.S. Dep’t of Taxation & Fin., Dec. 16, 2016) (released Feb. 1, 2017). While the banking organization’s New York office met three of the four criteria to be considered a “branch” — it was used on a regular and systematic basis to approve loans, disburse funds, and conduct one or more other functions of a banking business — it did not meet the fourth criterion because it did not accept loan repayments. Therefore, the New York office was not a “branch” within the meaning of the Tax Law, and the deposits from that office were not includable in the banking organization’s deposits factor.