Singapore legislation
Regulation 2
of Banking (Financial Penalties under Sections 38 and 39) Order 2024
Regulation 2
Definitions
In this Order —“average minimum cash balance” means the average of the daily minimum cash balances that a bank is required to maintain over any 2‑week period specified by the Authority in the written notice to the bank under section 39(1) of the Act;“daily minimum cash balance” means the minimum cash balance that a bank is required to maintain under section 39(1) of the Act —
for any business day — at the close of business that day; and
for any other day — at the close of business of the last business day immediately before that day;“liquid assets requirement” means any requirement imposed by the Authority on a bank under section 38(1) of the Act;“Singapore Overnight Rate Average” or “SORA”, for a business day, means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m. of that business day, as published on the next business day, by the Authority —
on its Internet website at https://www.mas.gov.sg; or
where the website is unavailable to the public, in any other form that is readily accessible by the public.
Definition
“average minimum cash balance” means the average of the daily minimum cash balances that a bank is required to maintain over any 2‑week period specified by the Authority in the written notice to the bank under section 39(1) of the Act;
Definition
“daily minimum cash balance” means the minimum cash balance that a bank is required to maintain under section 39(1) of the Act —
for any business day — at the close of business that day; and
for any other day — at the close of business of the last business day immediately before that day;
Definition
“liquid assets requirement” means any requirement imposed by the Authority on a bank under section 38(1) of the Act;
Definition
“Singapore Overnight Rate Average” or “SORA”, for a business day, means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m. of that business day, as published on the next business day, by the Authority —
on its Internet website at https://www.mas.gov.sg; or
where the website is unavailable to the public, in any other form that is readily accessible by the public.