2.08.1B

Past version: Effective up to 21 Apr 2019

Unless otherwise exempted under Rule 2.08.8, each Bank Clearing Member incorporated outside Singapore shall at all times:—

2.08.1B.1 where it has satisfied Rule 2.02B.1.11. a or b,
Cash and/or Acceptable Government Securities Requirement
a. deposit, as security for its obligations to the Clearing House, cash and/or acceptable government securities of not less than S$5,000,000 with the Clearing House; or
b. in the case of a Bank Clearing Member who is also a clearing member of CDP, deposit, as security for its obligations to the Clearing House, cash and/or acceptable government securities of not less than S$8,000,000 with the Clearing House;
PROVIDED ALWAYS THAT:—
i. if the Bank Clearing Member has deposited S$8,000,000 with CDP or such other amount as prescribed, pursuant to the corresponding provision in the CDP Clearing Rules, it need not deposit a further S$8,000,000 with the Clearing House or such other amount as may be prescribed by the Clearing House; and
ii. the Clearing House shall have the discretion to utilize or apportion in any manner, the S$8,000,000 or such other amount as may be prescribed by the Clearing House and/or CDP, to satisfy the Bank Clearing Member's obligations to the Clearing House and/or CDP under this Rules and the CDP Clearing Rules respectively. In deciding on the apportionment, the Clearing House may, in consultation with CDP, take into account factors, including but not limited to, the amount owed by the Bank Clearing Member to the Clearing House and CDP respectively;
and
c. not cause or permit its cash and/or acceptable government securities deposited with the Clearing House or CDP to fall below its total risk requirement;
or
2.08.1B.2 where it has satisfied Rule 2.02B.1.11. c,
Net Head Office Funds Requirement
a. maintain net head office funds of not less than S$5,000,000 or in the case of a Bank Clearing Member who is also a clearing member of CDP, maintain net head office funds of not less than S$8,000,000; and
Adjusted Net Head Office Funds Requirement
b. not cause or permit its adjusted net head office funds to fall below its total risk requirement;
and
2.08.1B.3 Other Requirements
comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House in relation to the Bank Clearing Member's business governed by this Rules.

Added on 10 August 200710 August 2007 and amended on 25 August 200925 August 2009 and 3 November 20103 November 2010.