The city began its discharge planning in June, two months after Judge Richard F. Braun of State Supreme Court approved amended terms of the settlement.
"The amended terms and conditions allowed the private bank to refuse a cash withdrawal request, and placed strict controls on withdrawals over $10,000 [£6,600]," its statement said.
It was "a necessary condition to obtain the full set of amended terms," Alan Schwartz, Bear's chief executive, said in Monday's news release.
"We believe the amended terms are fair to all sides and reflect the value and risks of the Bear Stearns franchise," said JP Morgan's chief executive, Jamie Dimon.
After the antitrust division sued to block the deal, InBev amended terms of its takeover in a way that would split off Modelo's U.S. business from the rest of the company.
"We believe the amended terms are fair to all sides and reflect the value and risks of the Bear Stearns franchise," Jamie Dimon, the chief executive of JPMorgan, said in 2008.
"We judge the chances of a termination at around 20percentt, with an 80percentt chance of the deal proceeding on amended terms," Sandy Soames, an analyst at the Cazenove Group, wrote yesterday in a note to investors.
"The substantial share issuance to JPMorgan Chase was a necessary condition to obtain the full set of amended terms, which in turn, were essential to maintaining Bear Stearns' financial stability," Mr. Schwartz said.
HSBC said it had since introduced a tax transparency initiative under which "amended terms and conditions allowed the private bank to refuse a cash withdrawal request, and placed strict controls on withdrawals over US$10,000".
The amended terms and conditions include those that made the consumer pay the cost of carriage when returning faulty goods, imposed time limits for reporting defects, and refunds being conditional on the return of cancelled goods.
