Commonwealth Numbered Regulations

1987 No. 52 BANKING (SAVINGS BANKS) REGULATIONS (AMENDMENT) - REG 1

Regulation 5 of the Banking (Savings Banks) Regulations is amended by omitting
subregulation (4) and substituting the following subregulation:

"(4) On and after the commencement of this subregulation, a savings bank shall
at all times maintain in:

   (a)  investments of the kinds specified in paragraphs (2) (a), (c) and (d);
        and

   (b)  loans to authorized dealers in the short-term money market secured by
        securities issued by the Commonwealth; an amount that, together with
        cash on hand in Australia, is not less than 13 per cent of the amount
        on deposit in Australia with the savings bank.