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    money, deposits or investments which, in each case, fall within any of the following:

      1. (a) money which is deposited with an eligible institution or an approved bank in:
        1. (i) a current account; or
        1. (ii) a deposit account, if the money can be withdrawn immediately and without payment of a penalty exceeding seven days' interest calculated at ordinary commercial rates;
      1. (b) certificates of deposit issued by an eligible institution or an approved bank if immediately redeemable at the option of the holder;
      1. (c) government and public securities , if redeemable at the option of the holder or bound to be redeemed within two years;
      1. (d) bills of exchange which are government and public securities;
      1. (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Investments Act 1961, and equivalent deposits with any local authority in another EEA State , if the money can be withdrawn immediately and without payment of a penalty as described in (a).25