Mutual Banks Act, 1993 (Act No. 124 of 1993)RegulationsRegulations relating to Mutual BanksChapter II : Risk-based Returns and Instructions, Directives and Interpretations relating to the completion thereof10. Calculation of averages |
| (1) | The average daily balance for the month in respect of each liability or asset item, or any other balance or prescribed magnitude, identified in the prescribed forms, shall be calculated by totalling the amounts thereof for each day of all the days in the month and by dividing such total by the number of calendar days in the particular month to which the statement relates. |
| (2) | The balance to be used in respect of a day on which the reporting mutual bank is not open for business shall be the total of the relevant liability or asset item, balance or magnitude as at the close of business on the preceding business day. |
| (3) | If a reporting mutual bank is unable to calculate an average daily balance for a month as envisaged in subregulation (1) it may apply to the Authority for approval to use, in respect of a particular item, the month-end figure for the reporting month and the relevant figures for the preceding t two month-ends to calculate an average balance. |