Glossary
P249 – Revision of banking arrangements under the BSC
Formal title: Revision of banking arrangements under the BSC
Current Status
Submission
Initial Written Assessment
Assessment Procedure
Report Phase
With Authority
Awaiting Implementation
Implemented
Summary
P249 proposes to revise the BSC banking arrangements in order to enable the BSC Clearer to invest a proportion of the monies lodged in the Reserve Account in financial institutions other than the BSC Banker, and to provide capability for these monies to be invested on term deposit. This arrangement is intended to enhance the rate of return for Trading Parties on the cash balances lodged in the Reserve Account.
Progression
On 26 May the Authority approved P249 with an Implementation Date of 3 June 2010.