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11.—(1) If—
(a)the originator of a relevant transfer requests a refund pursuant to a provision of the law of an EEA State other than the United Kingdom corresponding to regulation 9(1), and
(b)the funds to be transferred to the beneficiary have not been credited to the beneficiary’s institution before the end of the period specified for the purpose of determining the originator’s entitlement to such a refund in the law of that State because of the failure of an intermediary institution nominated by the beneficiary’s institution to perform its part of the transfer,
the beneficiary’s institution shall be liable to make available to the beneficiary the amount specified in paragraph (2).
(2) The amount referred to in paragraph (1) is—
(a)12,500 euro or, if the funds to be transferred were to be made available to the beneficiary in an EEA currency other than euro, its equivalent in that other currency, or
(b)the amount of the funds which should have been made available to the beneficiary,
whichever is the less.
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