Section 26
Definition of deposit
In this Part —
“deposit” means the unpaid balance of the aggregate of deposits as defined in section 2 received or held by a member institution from or on behalf of a person in the usual course of the business of deposit-taking of the member institution and shall include —
(a)
non-member institution Brunei dollar and foreign currency deposits;
[S 67/2012]
Deposit Protection
B.L.R.O. 7/2023 21
(b)
a bank draft, certified cheque or other similar instrument or payment instruction, drawn or made against a deposit account for which the member institution is primarily liable;
(c)
a cheque entered into a payment system or a clearing house notwithstanding any delay or failure by the member institution in crediting the account; or
(d)
any other liability or financial instrument as may be specified by the Corporation, but excludes —
(i)
a deposit that is not payable in Brunei Darussalam;
(ii)
money market deposits;
(iii)
any structured deposits;
(iv)
negotiable instruments of deposit and other bearer deposits;
(v)
repurchase agreements; and
(vi)
any other liability or financial instrument as may be specified by the Corporation;
“trust accounts” includes monies held on account for the purpose of trust.