1 At the end of regulation 20
Add:
Security, set-off or escrow accounts
(12) A specified account is an account (a security, set-off or escrow account ) to which the following apply:
(a) the account is held:
(i) as security for a loan or another financial obligation; or
(ii) for set-off or account combination purposes, or for a loan or another financial obligation; or
(iii) in escrow for a contract;
(b) on that basis, the ability of the holder or holders of the account to make deposits and withdrawals is restricted by:
(i) the ADI; or
(ii) the terms and conditions of the establishment of the account.
(13) The conditions relating to a security, set-off or escrow account are that:
(a) no deposits have been made into the security, set-off or escrow account for at least 7 years; and
(b) no withdrawals have been made from the security, set-off or escrow account for at least 7 years.