Document ID: chunk:federal_register_of_legislation:F2018L01116:body:0:p12
Version: federal_register_of_legislation:F2018L01116
Segment Type: other
Provision Reference: 
Character Range: 34037–37247

* accounts from which payments may be made to third parties (e.g. Automated Teller Machines, cheque, debit card or another electronic device); and
                                       * savings deposits linked to an account from which payments may be made to third parties (e.g. Automated Teller Machines, debit card or another electronic device) where funds may be transferred to the linked account almost instantaneously and subsequently withdrawn or transferred to a third party on demand.

Other Definitions

Account-holder          Has the meaning given in subsection 5(1) of the Banking Act.

Associated entities     Has the meaning given in AASB 127 Separate Financial Statements, AASB 3 Business Combinations and AASB 128 Investments in Associates and Joint Ventures.

Controlled entities     Has the meaning given in AASB 127 Separate Financial Statements, AASB 3 Business Combinations and AASB 128 Investments in Associates and Joint Ventures.

Declared ADI            declared ADI has the meaning given in subsection 5(1) of the Banking Act.

Domestic books          Means an unconsolidated report of positions, transactions and other information recorded on the Australian books of the body corporate authorised by APRA to carry on banking business as per the Banking Act. Includes transactions and positions with both residents and non-residents that are recorded on the Australian books of these entities.

                        Do not consolidate positions, transactions and other information recorded on the books of Extended Licensed Entities (ELEs), of any other entity not consolidated at Level 1 (for example, related parties such as subsidiaries, SPVs or parent entities) and of overseas-based entities (e.g. overseas-based branches and offshore banking units (within the meaning of section 128AE of the Income Tax Assessment Act 1936)).

Exception accounts      Refers to accounts where the FCS balance amount cannot be paid to the account holder in the first instance.

FCS limit               Means the limit on payments to an account–holder with a declared ADI, as set out in the regulations made under section 16AG of the Banking Act.

Joint Venture entities  Has the meaning as in AASB 11 Joint Arrangements, AASB 127 Separate Financial Statements and AASB 128 Investments in Associates and Joint Ventures.

Licensed ADI            Refers to the ultimate Australian parent entity, typically referred to as 'Bank', 'Company' or 'Parent Entity' in the ADI's financial statements.

Liabilities             Means the value of all present obligations of the reporting entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits, measured in accordance with Australian Accounting Standards.

Non-related parties     Any party that is not a related party.

Non-resident            Means any institutional unit whose centre of predominant economic interest (principal place of residence or principal place of production) is outside Australia's economic territory.

                        It includes:
                               * households whose principal place of residence is overseas;