Document ID: chunk:federal_register_of_legislation:C2004A03877:front:0:p6
Version: federal_register_of_legislation:C2004A03877
Segment Type: other
Provision Reference: 
Character Range: 13523–16148

during the month before the month in which the first-mentioned Wednesday falls.
"(4) The regulations may provide that a reference in this section to Wednesday shall be read as a reference to such other day as is prescribed.

Determination of non-callable deposit ratios
"20. (1) The Reserve Bank may, by notice in the Gazette, determine that the non-callable deposit ratio applicable to banks is such percentage, not exceeding 1%, as is specified in the determination.
"(2) The Reserve Bank shall specify in the determination the date from which it is to have effect.
"(3) The determination shall apply to all banks.
"(4) The Reserve Bank shall not give a notice under this section except with the approval of the Treasurer.

Non-callable Deposit Account
"21. Each bank shall, for the purposes of this Division, maintain with the Reserve Bank an account to be known as a Non-callable Deposit Account.

Banks to maintain non-callable deposits
"22. (1) A bank shall, on each day on which a determination that applies to the bank is in force, have on deposit in the bank's Non-callable Deposit Account an amount not less than the amount which, when expressed as a percentage of:
    (a) if deposits for the day concerned are required because of a notice under subsection 18 (3) to be calculated by reference to eligible assets—the bank's eligible assets applicable to that day; or
    (b) if deposits for the day concerned are required because of a notice under subsection 18 (3) to be calculated by reference to eligible liabilities—the bank's eligible liabilities applicable to that day;
is the same as the non-callable deposit ratio specified in the determination.
"(2) Where the minimum amount that, apart from this subsection, a bank would be required under this Division to have on deposit in its Non-callable Deposit Account is not a multiple of $1,000, the amount which the bank is so required to have on deposit is the greatest amount below the first-mentioned amount that is a multiple of $1,000.

Penalty for failure to maintain non-callable deposits
"23. (1) Subject to subsection (2), if a bank fails to comply with section 22 on any day, the bank is guilty of an offence in respect of that day and is, on conviction, liable to a fixed penalty equal to 20% of one-three hundred and sixty-fifth of the shortfall.
"(2) A bank is not guilty of an offence under this section in respect of a day on which it fails to comply with section 22 if:
    (a) that day is a Sunday or, in the State or Territory in which the head office in Australia of the bank is situated, a public holiday or bank holiday; and

    (b) on the