Cash-like assets

cash or near cash, units in a regulated money market fund, or units in a fund authorised as a money market fund. The FCA Handbook Glossary 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:
- a current account; or
- a deposit account, if the money can be withdrawn immediately and without payment of a penalty exceeding seven days' interest calculated at ordinary commercial rates;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. deposits with a local authority of a kind which fall within paragraph 9 of Part II of the First Schedule to the Trustee Investments Act 1961, and equivalent deposits with any local authority in another EEA State , if the money can be withdrawn immediately and without payment of a penalty as described in (a).