Rule 80-1-7-.01 - Definitions(1) Legal Reserve: (a) Lawful money of the United States in the office and vaults of the financial institution.(b) Moneys on deposit subject to immediate call with other federally insured financial institutions such as approved by the Department of Banking and Finance pursuant to Code Section 7-1-370 or with a Federal Reserve Bank, except where such deposits are for the purpose of meeting reserve requirements against assets pursuant to the Federal Credit Control Act of 1969 and regulations pursuant thereto. 1.Reciprocal demand balances due to such financial institutions shall be deducted from the balance due from those financial institutions before making any calculations.2.Outgoing cash letters shall be included and incoming cash letters deducted before making any calculations of available moneys on deposit. (c) Cash items and clearings held over shall not be regarded as Legal Reserves within the meaning of this regulation.(2) Financial institutions eligible to act as a depository for reserves of other financial institutions shall be either a Federal Reserve Bank or a federally insured bank or credit union domiciled within the United States; provided that no financial institution may deposit reserve balances in any such depository in excess of the greater of ten (10) percent of the depositing financial institution's total capital notes, common capital, and surplus, or $250,000, unless prior approval of such depository is granted by the Commissioner.(3) The biweekly averaging period shall commence on any Thursday and shall continue for the next consecutive 14-calendar-day period. Calculations of reserves and reserve requirements shall include data from all business days; provided financial institutions which are open for business, making loans, taking deposits, or both, six days per week may designate to exclude data from any Wednesday, Thursday, or Saturday for which deposit ledgers are not regularly posted, but not more than one day each week may be so excluded. Wherever data is unavailable or excluded for a calendar day, data from the previous business day shall be used in lieu thereof.Ga. Comp. R. & Regs. R. 80-1-7-.01
Ga. L. 1974, pp. 733, 820-822.
Original Rule entitled "Amounts of Reserves to be Maintained" was filed and effective on June 30, 1965.Amended: Rule repealed and a new Rule of the same title adopted. Filed June 9, 1972; effective June 29, 1972.Amended: Filed July 5, 1973; effective July 25, 1973.Amended: Rule repealed and a new Rule entitled "Definitions" adopted. Filed August 28, 1975; effective September 17, 1975.Amended: Rule repealed and a new Rule of the same title adopted. Filed June 9, 1980; effective October 1, 1980, as specified by the Agency.Amended: F. June 20, 2016; eff. July 10, 2016.