Document ID: chunk:federal_register_of_legislation:C2004A03877:front:0:p12
Version: federal_register_of_legislation:C2004A03877
Segment Type: other
Provision Reference: 
Character Range: 28245–30992

or Deputy Governor of the Reserve Bank;
    (b) a specified office in the Reserve Bank Service; or
    (c) a specified office in the Department of the Treasury.
"(2) The delegate is, in the exercise of the power delegated under subsection (1), subject to the directions of the Treasurer.".

Regulations
22. Section 71 of the Principal Act is amended by adding at the end the following subsections:
"(2) Without limiting the generality of subsection (1), the regulations may confer on the Reserve Bank functions relating to the supervision of banks in relation to prudential matters.
"(3) The Governor-General shall not make regulations for or in relation to requiring banks to observe requirements in relation to prudential matters except in accordance with the recommendation of the Treasurer.
"(4) Before making a recommendation for the purposes of subsection (3), the Treasurer shall consult the Reserve Bank.".

First Schedule
23. (1) The First Schedule to the Principal Act is repealed and the Schedule set out in Schedule 1 to this Act is substituted.
(2) The First Schedule to the Principal Act is amended:
    (a) by omitting the headings to Parts I and II;
    (b) by re-ordering the names in alphabetical order (on a letter-by-letter basis).

Repeal of Second Schedule
24. The Second Schedule to the Principal Act is repealed.

Amendments relating to offences
25. The Principal Act is amended as set out in Schedule 2.

Formal amendments
26. The Principal Act is amended as set out in Schedule 3.

Transitional—non-callable deposit ratios
27. (1) In this section:
    "amended Act" means the Principal Act as amended by this Act.
(2) The Reserve Bank may, by notice in the Gazette, determine that the non-callable deposit ratio applicable to a specified bank in respect of a period ending before 1 October 1991 shall, notwithstanding section 20 of the amended Act, be such percentage as is specified in the determination.
(3) A determination under subsection (2) of this section has effect as if it were a determination under section 20 of the amended Act.
(4) Where:
    (a) a determination under subsection (2) applicable to a particular bank is in force on a particular day (in this subsection called the "deposit day");
    (b) the determination specifies a percentage exceeding 1%; and
    (c) apart from this subsection, the bank would be required to have on deposit in the bank's Non-callable Deposit Account on the deposit day an amount that exceeds the amount (in this subsection called the "26 September 1988 SRD amount") that the bank was required to have on deposit in the bank's Statutory Reserve Deposit Account on 26 September 1988;
section 22 of the amended Act applies as if the amount that the bank is required to have