Deposit repayment reserve requirement tightened; companies must fund a dedicated reserve annually and meet revised default remediation condition. Companies must deposit, on or before the thirtieth day of April each year, a sum held in a scheduled bank in a separate deposit repayment reserve account equal to not less than a specified proportion of deposits maturing in the following financial year. Clause (d) is omitted, and clause (e) is amended to require that where a default occurred the company must have made good the default and five years must have elapsed since making good that default.
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Deposit repayment reserve requirement tightened; companies must fund a dedicated reserve annually and meet revised default remediation condition.
Companies must deposit, on or before the thirtieth day of April each year, a sum held in a scheduled bank in a separate deposit repayment reserve account equal to not less than a specified proportion of deposits maturing in the following financial year. Clause (d) is omitted, and clause (e) is amended to require that where a default occurred the company must have made good the default and five years must have elapsed since making good that default.
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