Insolvency Act 1986

[F1 15C [F2 (A1) In paragraph 15AA “the scheme manager” has the meaning given in section 212(1) of the Financial Services and Markets Act 2000.] E+W+S

(1) In [F3 paragraphs 15B to 15BB] “eligible deposit” means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme.

(2) For [F4 the purposes of those paragraphs and this paragraph] a “deposit” means rights of the kind described in—

(a) paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits), or

(b) section 1(2)(b) of the Dormant Bank and Building Society Accounts Act 2008 (balances transferred under that Act to authorised reclaim fund).]

[F5 (3) In paragraphs 15BA and 15BB, “eligible person” means—

(a) an individual, or

[F6 (b) any micro, small and medium-sized enterprise, as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission recommendation 2003/361/EC.]

(4) In paragraph 15BB—

(a) “credit institution” has the meaning given in Article 4.1(1) of the capital requirements regulation;

[F7 (b) “non-UK branch” means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established outside the United Kingdom;

(c) “UK branch” means a branch, as so defined, which is established in the United Kingdom,]

and for this purpose “the capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 [F8 , as it [F9 forms part of retained EU law]].]

Textual Amendments

F1 Sch. 6 paras. 15B, 15C and cross-headings inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 13(1), 148(5); S.I. 2014/3160, art. 2(1)(a)

F2 Sch. 6 para. 15C(A1) inserted (26.3.2015) by The Deposit Guarantee Scheme Regulations 2015 (S.I. 2015/486), regs. 1(2), 14(3)(c)

F3 Words in Sch. 6 para. 15C(1) substituted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 11(4)(a) (with art. 3)

F4 Words in Sch. 6 para. 15C(2) substituted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 11(4)(b) (with art. 3)

F5 Sch. 6 para. 15C(3)(4) and words inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 11(4)(c) (with art. 3)

F6 Sch. 6 para. 15C(3)(b) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 2 para. 3(a); 2020 c. 1, Sch. 5 para. 1(1)

F7 Sch. 6 para. 15C(4)(b)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 2 para. 3(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in Sch. 6 para. 15C(4) inserted (21.12.2018) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(3), Sch. 2 para. 3(b)(ii) (as amended (31.12.2020) by S.I. 2020/1385, reg. 1(4), Sch. para. 1(1)(2)(k)(ii))

F9 Words in Sch. 6 para. 15C(4) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 37

Modifications etc. (not altering text)

C1 Sch. 6 para. 15C modified (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(3)(4)(6) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)