638                            THE NEW ZEALAND GAZETTE                            No. 20

at the Reserve Bank plus holdings of Reserve Bank notes
and of New Zealand Government securities, such that the
aggregate of the averages of those balances and holdings
during that calendar month (determined in accordance with
clauses 1, 2, 3, and 4 of this notice) equals or exceeds the
aggregate of:

34 per cent of that trading bank's average demand
deposit liabilities in New Zealand in the immediately
preceding calendar month (determined in accordance
with the provisions of Clause 5 of this notice); plus

22½ per cent of that trading bank's average time deposit
liabilities in New Zealand in the immediately preceding
calendar month (determined in accordance with the
provisions of clause 5 of this notice).

Provided that a trading bank may make up its balances
and holdings as aforesaid for a calendar month to the amount
hereinbefore required for that calendar month by way of
borrowings from the Reserve Bank made during that calen-
dar month, or during the first 10 business days of the next
following calendar month, and on terms and conditions to
be determined by the Reserve Bank, and the proceeds of
all such borrowings shall be credited to the account of that
trading bank with the Reserve Bank.

For the purposes of this notice:

(1) Balances held by a trading bank at the Reserve Bank
shall (subject to clause 6 of this notice) include both
demand deposit balances and time deposit balances
of that trading bank.

(2) The average of a trading bank's holdings of Reserve
Bank notes for a calendar month shall be the
average of the figures shown in all weekly returns
of Bank- ing Statistics by that trading bank under
the Statistics Act 1975 received during that calendar
month.

(3) The average of a trading bank's balances at the
Reserve Bank and holdings of New Zealand Govern-
ment securities for a calendar month shall in each
case be the average of the figures for balances and
such securities held by that trading bank on each
day during that calendar month.

(4) Government securities held by a trading bank shall
consist of Government stock and Treasury bills (all
at nominal value) held by that trading bank.

(5) The average demand deposit liabilities and the average
time deposit liabilities of a trading bank in a calen-
dar month shall in each case be the average of the
figures for days within that calendar month, as
shown in that trading bank's weekly returns of Bank-
ing Statistics under the Statistics Act 1975.

(6) The proceeds of any borrowings made by a trading
bank pursuant to the proviso to this notice shall:
(a) in the case of a borrowing made during a
calendar month to make up balances and holdings
for that calendar month, be included in the balances
held by that trading bank at the Reserve Bank dur-
ing the calendar month for which that borrowing is
made; and
(b) that in the case of a borrowing made during
the first 10 business days of a calendar month to
make up balances and holdings for the preceding
calendar month, be deemed to be a part of and be
included in the balance held by that trading bank
at the Reserve Bank on the last day of the preceding
calendar month;
and the proceeds of any such borrowing shall not
be included in the balances held by that trading
bank at the Reserve Bank during any other calendar
month.

D. L. WILKS, Deputy Governor.

Notice Under the Regulations Act 1936

PURSUANT to the Regulations Act 1936, notice is hereby given of the making of regulations as under:

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