The Dunfermline Building Society Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009

PART 1 General

Citation and commencement

1.  This Order may be cited as the Dunfermline Building Society Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009 and shall come into force on the day after the day on which it is made.

Interpretation

2.  In this Order—

“Account Holder” has the meaning given in paragraph 1(2) of Schedule 1;

“the Act” means the Banking Act 2009;

“Bridge Bank” means DBS Bridge Bank Limited, a company with the registered number SC356970 whose registered office is Caledonia House, Carnegie Avenue, Dunfermline KY11 8PJ;

“Bridge Bank business” means the property, rights and liabilities transferred from Dunfermline to the Bridge Bank by virtue of paragraph 12 of the Transfer Instrument and any property, rights and liabilities transferred from Dunfermline to the Bridge Bank by virtue of a supplemental property transfer instrument(1);

“Dunfermline” means Dunfermline Building Society, a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986(2) and authorised and regulated by the Financial Services Authority (Reg no: 158765);

“Dunfermline Resolution Account” means the account established in accordance with article 6(1);

“Financial Services Compensation Scheme” means the scheme established under Part 15 of the Financial Services and Markets Act 2000(3);

“financial year” means the twelve months ending with 31st March;

“independent valuer” means the person appointed in accordance with article 5(2);

“Nationwide business” means the property, rights and liabilities transferred from Dunfermline to Nationwide Building Society (incorporated under the Building Societies Act 1986 with registered number 355B) by virtue of paragraph 3 of the Transfer Instrument;

“Transfer Instrument” means the Dunfermline Building Society Property Transfer Instrument 2009(4).

(1)

Where the Bank of England has made a property transfer instrument in accordance with section 11(2) or 12(2) of the Act, the Bank of England may make a supplemental property transfer instrument in exercise of the power conferred by section 42 of the Act.

(2)

1986 c.53.

(3)

2000 c.8.

(4)

The Transfer Instrument was made by the Bank of England in exercise of the powers conferred on it by sections 11(2) and 12(2) of the Act (as applied by section 89). The Transfer Instrument is available on the Bank of England’s website: www.bankofengland.co.uk.