10
(2) The minimum holding of specified liquid assets to be main- tained by a bank shall amount to not less on the average during any calendar month than twenty-five per cent of the deposit liabilities of the bank at the close of business on the last business day of the pre- ceding calendar month.
(3) The minimum holding of specified liquid assets required by subsection (2) shall include not less than the equivalent of fifteen per cent of the deposit liabilities of the bank at the close of business on the last business day of the preceding calendar month in the form of such specified liquid assets as are set out in paragraphs (a), (5), (c), (d) and (e) of subsection (6),
(4) For the purposes of subsection (2), "average" shall be calcu- lated by taking the arithmetical mean of the amounts of specified liquid assets held by a bank according to the bank's books at the close of business on every such weekday as the Financial Secretary may specify during the month in question:
Provided that-
(a) if any such specified weekday is a public holiday the amount of specified liquid assets as at the close of business on the last working day preceding that specified weekday shall be taken for the purposes of such calculation; and
(6) the Commissioner may at any time require that the averago for any bank shall be calculated by taking the arithmetical mean of the amounts of specified liquid assets held by the bank according to the bank's books at the close of business on such working days as he may specify.
(5) For the purposes of computing the minimum holding of speci- fied liquid assets to be held by a back-
(a) the deposit liabilities of a bank shall be deemed to be its gross demand, time, and savings account liabilities, excluding amounts owing to other banks save that there shall be in- cluded the amounts by which balances payable on demand to other banks in the Colony and money at call owing to other banks in the Colony exceed balances payable on demand at other banks in the Colony and money at call with other banks in the Colony.
(6) in the case of a bank operating in the Colony and also cise- where, the offices and branches situated in the Colony shall be deemed collectively to be a separate bauk carrying on business in the Colony:
(c) all the deposit liabilities of a bank owed through any of the offices or branches in the Colony of a bank operating in the Colony and also elsewhere shall be regarded as if they con-
=
il
stituted liabilities of that separate bank, and all the assets held by or to the credit of any of these offices or branches shall be regarded as if they were assets of that separate bank.
(6) For the purposes of this section "specified liquid assets" means all or any of the following-
(a) notes and coins which are legal tender in the Colony;
(b) refined gold in the form of coin or bars, whether or not
situated in the Colony:
(c) total net balances payable on demand at other banks in the Colony and total net money at call with other banks in the Colony,
(d) balances payable on demand at any bank outside the Colony and money at call outside the Colony, which are or is freely remittable to a branch of the bank within the Colony and held in a form approved by the Commissioner:
(e) treasury bills, maturing within ninety-three days, issued by the Government or by the Government of the United Kingdom or by the Government of any other country, the currency of which is freely remittable to a branch of the bank within the Colony;
(f) bills of exchange discountable in a currency which is freely
remittable to a branch of the bank within the Colony;
(g) bills of exchange payable on demand in the form of bank drafts, sight drafts drawn under export commercial or travel- ters letters of credit, travellers cheques, money orders negoti- able in the Colony and issued by or under the authority of the Government of any country in currency freely remittable to a branch of the bank within the Colony and postal orders issued within the United Kingdom or the Irish Republic:
(A) such securities (other than securities specified in paragraph (i)) issued or guaranteed by the Government as may be specified by the Governor in Council and published in the Gazette:
(7) securities with less than five years to maturity issued or guaranteed by the Government, the Government of the United Kingdom or the Government of any other country, if—–
(i) they are quoted on a Stock Exchange in London, Hong Kong or New York;
(i) they have been dealt in during the preceding six months; and
(ii) payment of interest thereon is not in arrear.