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

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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 —(a)for any business day — at the close of business that day; and(b)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 —(a)on its Internet website at https://www.mas.gov.sg; or(b)where the website is unavailable to the public, in any other form that is readily accessible by the public.

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