Banking Act · 2024 Revised Edition · Part · Minimum Assets Requirements
46. Minimum asset requirements
Official textFrom Attorney General's Chambers, unchanged
The Authority may by notice in writing to each bank require such bank to hold at all time a minimum amount of specified assets in
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Brunei Darussalam.
The minimum amount of specified assets referred to in subsection (1) shall be expressed as a percentage which the assets shall bear to the demand, savings account, time and other liabilities of each bank, either jointly or separately.
bank
“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
The following are specified assets for the purposes of this section —
the assets specified in section 44(6)(a), (b) and (c);
loans or advances made to persons in Brunei Darussalam;
securities issued by the Government, or by any public authority established by any written law, and any other securities
Banking issued in Brunei Darussalam and approved for the purposes of this section by the Authority; and
other assets in Brunei Darussalam which may be approved by the Authority for the purposes of this section.
On being called upon to do so by the Authority, a bank which fails to comply with any of the requirements under subsection (1) is liable to pay a penalty of $3,000 per day or such larger amount as the Authority may determine for every day during which the failure continues.
A bank which fails or refuses to pay the penalty under subsection (4) is guilty of an offence and liable on conviction to a fine not exceeding $150,000.
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
bank
Defined · s 2“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
Part 7
Part
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part