Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-11 - Maximum Amount of Uninsured Public Funds Allowed to be Held by Any Qualified Depository
Section R628-11-5 - General Rule
Current through Bulletin 2024-06, March 15, 2024
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
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 |
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.