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Financial penalty under section 39 of Act

Banking (Financial Penalties under Sections 38 and 39) Order 2024

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—(1) For the purposes of section 39(7) of the Act, the prescribed formula for the financial penalty (F2) that a bank is liable to pay for every day or part of a day that the bank fails to maintain the daily minimum cash balance is —where —(a)B is the deficiency in the amount of cash balance necessary for the bank to maintain the daily minimum cash balance; and(b)r is 3 percentage points above the SORA for —(i)the day on which the bank fails to maintain the daily minimum cash balance — if that day is a business day; or(ii)the last business day immediately before the day on which the bank fails to maintain the daily minimum cash balance — if that day is not a business day.(2) For the purposes of section 39(7) of the Act, the prescribed formula for the financial penalty (F3) that a bank is liable to pay for every day or part of a day that the bank fails to maintain the average minimum cash balance, over any 2‑week period specified by the Authority starting on or after 26 December 2024, is —where —(a)C is the deficiency in the amount of cash balance necessary for the bank to maintain the average minimum cash balance; and(b)r is 3 percentage points above the highest SORA for a day during the 2‑week period.

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