Queensland Subordinate Legislation as Made

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FINANCIAL AND PERFORMANCE MANAGEMENT STANDARD 2019 - REG 31

Definitions for division

31 Definitions for division

In this division—

"approved security provider" means—

(a) a financial institution rated by—
(i) Fitch Ratings with a long-term credit rating not less than A-; or
(ii) Moody’s Investors Service with a long-term credit rating not less than A3; or
(iii) Standard & Poor’s with a long-term credit rating not less than A-; or
(b) an insurance company rated by—
(i) Fitch Ratings with an insurance claims-paying ability rating not less than A-; or
(ii) Moody’s Investors Service with an insurance financial strength rating not less than A3; or
(iii) Standard & Poor’s with an insurer financial strength rating not less than A-; or
(c) the Queensland Treasury Corporation; or
(d) a guarantee provider approved by the Treasurer or a nominated officer under section 35 as an approved security provider.

"contractor" means a person who enters into a contract with a department’s accountable officer or a statutory body.

"contract performance guarantee" means a security given by a contractor, or for a contractor by an approved security provider, for the performance of 1 or more of the contractor’s obligations under a contract with a department’s accountable officer or a statutory body.

"guarantee provider" means an entity carrying on a business of providing contract performance guarantees.

"insurance company" means a body corporate authorised under the Insurance Act 1973 (Cwlth) to carry on insurance business.

"monetary security deposit" means a deposit of funds that is immediately available in the form of 1 or more of the following—
(a) cash;
(b) a cheque drawn by a financial institution on itself;
Example—
bank cheque
(c) a telegraph transfer;
(d) a direct deposit;
(e) an electronic transfer.


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