Commonwealth Numbered Regulations

1982 No. 206 Banking (Savings Banks) Regulations (Amendment) - RULE 2.

2. Regulation 5 of the Banking (Savings Banks) Regulations is amended-

   (a)  by omitting paragraph (2) (c) and substituting the following
        paragraph:



"(c) Treasury Notes;";

   (b)  by omitting paragraphs (2) (i) and (j) and substituting the following
        word and paragraph:



"; and (i) secured loans to authorized dealers in the short-term money
market.";

   (c)  by inserting after sub-regulation (2) the following sub-regulation:



"(2AA) A savings bank may, in respect of an amount not exceeding 6 per cent of
the amount on deposit in Australia with the savings bank, being an amount that
the savings bank is required, under sub-regulation (2), to maintain in
investments of the kinds specified in that sub-regulation, maintain that
amount, instead, in other investments, not being investments in land,
buildings, furniture or equipment used, or to be used, by the bank in the
conduct of its business.";

   (d)  by omitting sub-regulations (3), (3A) and (4) and substituting the
        following sub-regulations:



"(3) Before 1 July 1983, a savings bank shall at all times maintain in
investments-

   (a)  of the kinds specified in paragraphs (2) (a) and (c)-an amount that is
        not less than 7.5 per cent; or

   (b)  of the kinds specified in paragraphs (2) (a), (c) and (d)-an amount
        that, together with cash on hand in Australia, is not less than 15 per
        cent,

of the amount on deposit in Australia with the savings bank.



"(4) On and after 1 July 1983, a savings bank shall at all times maintain in
investments of the kinds specified in paragraphs (2) (a), (c) and (d) an
amount that, together with cash on hand in Australia, is not less than 15 per
cent of the amount on deposit in Australia with the savings bank."; and

(e) by inserting in sub-regulation (6) "(2AA), (3)," after "(2),".