(1) A building society shall not exercise any function to which an authorisation under section 17 relates unless it maintains on deposit with the Central Bank an amount determined in accordance with this section.
(2) The amount of a deposit by a society under this section shall be a sum equal to 0.2 per cent., or such other proportion as may be prescribed in regulations made under section 94, of the society's total liabilities in respect of -
(a) shares and deposits (including deposits on current accounts if any, but, subject to paragraph (b), excluding shares and deposits specified in subsection (4) and deposits represented by negotiable certificates of deposit) denominated in Irish pounds, and
(b) such other shares and deposits as may be prescribed in regulations made under section 94,
issued or held by a society at its offices in the State but shall not be less than £20,000.
(3) The amount of the deposit shall be calculated by the Central Bank as soon as practicable after the