1. UK - Financial Conduct Authority (FCA).
The FCA defines near cash as:
Money, deposits or investments which, in each case, fall within any of the following:
- (a) money which is deposited with an eligible institution or an approved bank in:
- (i) a current account; or
- (ii) a deposit account, if the money can be withdrawn immediately and without payment of a penalty exceeding seven days' interest calculated at ordinary commercial rates;
- (b) certificates of deposit issued by an eligible institution or an approved bank if immediately redeemable at the option of the holder;
- (c) government and public securities, if redeemable at the option of the holder or bound to be redeemed within two years;
- (d) bills of exchange which are government and public securities;
- (e) eligible deposits with a UK local authority, and equivalent deposits with any local authority in another EEA State, if the money can be withdrawn immediately and without payment of a penalty, as described in (a).
Outside the FCA context, the term 'near cash' is also used more broadly, and may include fewer, or more, assets than those defined strictly above.