A. Maximum Insured
Public Funds
Any qualified depository may accept, receive, and hold
deposits of public funds without limitation, if the total amount of deposits
from each public treasurer does not exceed the applicable federal depository
insurance limit.
B. Maximum
Deposits in Excess of the Federal Insurance Limits For Qualified Utah
Depository Institutions
(1) For all qualified
Utah depository institutions which receive a qualified opinion issued by an
independent certified public accountant upon completion of an annual audit
performed in accordance with generally accepted auditing standards, and for all
qualified Utah depository institutions which do not have an audit conducted by
an independent certified public accountant, the maximum amount of uninsured
public funds which may be held shall be according to the following schedule:
|
TABLE 1
|
|
Ratio of Tier one Capital to Total
Assets
|
Uninsured Public Funds Allotment
|
|
5.0% or more
|
One X Capital
|
|
4.00% to 4.99%
|
.5 X Capital
|
|
Less than 4.00%
|
None
|
(2) A
qualified Utah depository institution which receives an unqualified opinion
issued by an independent certified public accountant upon completion of an
annual audit performed in accordance with generally accepted auditing
standards, may submit the audit report within 100 days of the date of the audit
to the Department of Financial Institutions for review and the Commissioner of
Financial Institutions must authorize that the ratios of Tier one capital to
total assets applicable to the institution submitting the audit for determining
the maximum amount of uninsured public funds allowed may be according to the
following schedule:
|
TABLE 2
|
|
Ratio of Tier one Capital to Total
Assets
|
Uninsured Public Funds Allotment
|
|
5% or more
|
1.5 X Capital
|
|
4.00% to 4.99%
|
.75 X Capital
|
|
Less than 4.00%
|
None
|
C. A qualified out-of-state depository
institution will be treated as a qualified Utah depository subject to all the
provisions of this section in determining its uninsured public funds allotment
except that the uninsured public funds allotment will be reduced by multiplying
by a factor of total deposits outstanding at Utah branches of the institution
divided by the total deposits at the institution. Nothing in R628-11 shall
prohibit an out-of- state depository institution from qualifying as a permitted
out-of-state depository in accordance with R628-10.
