The Holding Company is provided with an overdraft facility which can be apportioned to cover the short-term cash deficiencies on the accounts of the Holding divisions.
The Holding accounts are financed in compliance with the intra-day debit balance limits established by the CFO on the accounts of the Holding’s divisions.
The end-of-day debit balances on the Holding accounts are covered daily by funds transfers from the main account which is protected with an overall limit.