Which of the following items must be retained for a minimum of five years?

Retaining product application agreements for a minimum of five years is important for compliance and accountability in banking operations. These agreements are critical documents that outline the terms and conditions under which products are provided to customers. Keeping them for at least five years helps ensure that the bank can address any potential disputes or inquiries regarding the products and services offered, as well as comply with regulatory requirements and audits that may arise during that time frame.

The retention period also aligns with various regulatory and legal standards that govern recordkeeping within financial institutions, ensuring that necessary documentation is available for review in case of compliance audits or customer disputes. This practice not only helps in maintaining transparency but also protects the bank from potential legal challenges related to the agreements made with clients.

In contrast, while the other items listed may have their own importance, they typically do not have the same stringent retention requirements linked to compliance regulation as product application agreements do.