Banking Act · s 44

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44.
Minimum liquid assets
(1) The Authority may by notice in writing to each bank require such banks to hold at all times a minimum amount or amounts of liquid assets.
(2) The minimum amount or amounts of the assets so specified to be held shall be expressed in the form of —
(a) a percentage or percentages which those assets shall bear to the sight, savings account, time and other deposit liabilities of each bank and such other liabilities thereof as may be determined by the
Authority, either jointly or separately; and
(b) a percentage which those assets shall bear to the investment account of each bank, and any percentage so specified may be varied by the Authority by notice in writing to each bank.
(3) A notice under subsection (1) shall not take effect before the expiry of a period specified in the notice, being not less than 10 days from the date of the notice.
(4) During any period in which a bank is not in compliance with a notice under subsection (1), the bank shall not make further credit facilities available to any person.
(5) For the purpose of computing the minimum amount of liquid assets under this section and of specified assets within the meaning of section 46 and the savings account, time and other liabilities of a bank carrying on business in Brunei Darussalam and elsewhere and such other liabilities of such a bank as may be determined by the Authority, the office and branches of such a bank in Brunei Darussalam are deemed to constitute a separate bank carrying on business in Brunei Darussalam.
(6) The following are liquid assets for the purposes of this section —
(a) notes and coins which are legal tender in
Brunei Darussalam;

Banking
(b) balances with the Authority; and
(c) such other assets as the Authority may approve.
(7) The Authority may by notice in writing require each bank to render such returns as he considers necessary for the implementation of this section.
(8) A bank which fails to comply with any of the provisions of this section is liable to pay, on being called upon to do so by the Authority, a penalty of $3,000 per day or such larger amount as the Authority may determine for every day during which the failure continues.
(9) A bank which fails or refuses to pay the penalty under subsection (8) is guilty of an offence and liable on conviction to a fine not exceeding $100,000.

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s 44Minimum liquid assets

(1)

The Authority may by notice in writing to each bank require such banks to hold at all times a minimum amount or amounts of liquid assets.

(2)

The minimum amount or amounts of the assets so specified to be held shall be expressed in the form of —

(a)

a percentage or percentages which those assets shall bear to the sight, savings account, time and other deposit liabilities of each bank and such other liabilities thereof as may be determined by the

Authority, either jointly or separately; and

(b)

a percentage which those assets shall bear to the investment account of each bank, and any percentage so specified may be varied by the Authority by notice in writing to each bank.

(3)

A notice under subsection (1) shall not take effect before the expiry of a period specified in the notice, being not less than 10 days from the date of the notice.

(4)

During any period in which a bank is not in compliance with a notice under subsection (1), the bank shall not make further credit facilities available to any person.

(5)

For the purpose of computing the minimum amount of liquid assets under this section and of specified assets within the meaning of section 46 and the savings account, time and other liabilities of a bank carrying on business in Brunei Darussalam and elsewhere and such other liabilities of such a bank as may be determined by the Authority, the office and branches of such a bank in Brunei Darussalam are deemed to constitute a separate bank carrying on business in Brunei Darussalam.

(6)

The following are liquid assets for the purposes of this section —

(a)

notes and coins which are legal tender in

Brunei Darussalam;

Banking

(b)

balances with the Authority; and

(c)

such other assets as the Authority may approve.

(7)

The Authority may by notice in writing require each bank to render such returns as he considers necessary for the implementation of this section.

(8)

A bank which fails to comply with any of the provisions of this section is liable to pay, on being called upon to do so by the Authority, a penalty of $3,000 per day or such larger amount as the Authority may determine for every day during which the failure continues.

(9)

A bank which fails or refuses to pay the penalty under subsection (8) is guilty of an offence and liable on conviction to a fine not exceeding $100,000.