Banking (Savings Banks) Regulations (Amendment) (Cth)

Statutory Rules 1987 No. 521

 

Banking (Savings Banks) Regulations2

(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Banking Act 1959.

Dated 2 April 1987.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Paul Keating

Treasurer

 

Investment of funds of savings banks

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.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 3 April 1987.

2. Statutory Rules 1960 No. 6 as amended by 1962 No. 58; 1963 No. 80; 1966 No. 69; 1970 No. 167; 1974 No. 155; 1977 Nos. 63, 86, 87 and 196; 1978 No. 160; 1982 No. 206; 1984 No. 168; 1986 Nos. 303 and 392.

 

Printed by Authority by the Commonwealth Government Printer

(S.R. 78/87)—Cat. No.  15/31.3.1987