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165.—(1) This rule applies—
(a)in a special administration (bank insolvency); and
(b)in a special administration (bank administration) if all or part of a creditor’s claim against the investment bank is in respect of protected deposits.
(2) Rule 164 shall apply, but for the purpose of determining the sums due from the investment bank to an eligible depositor in respect of protected deposits under rule 164(3)—
(a)where the total of the sums held by the investment bank for the depositor in respect of protected deposits is no more than the amount prescribed as the maximum compensation payable in respect of protected deposits under Part 15 of the Financial Services and Markets Act 2000 (“the limit”), then paragraph (3) applies; and
(b)where the sums held exceed the limit, then paragraph (4) applies.
(3) Where this paragraph applies, there shall be deemed to have been no mutual dealings, regardless of whether there are any sums due from the depositor to the investment bank, and the sum due to the depositor from the investment bank will be the total of the sums held by the investment bank for that depositor in respect of the protected deposits.
(4) Where this paragraph applies then—
(a)any mutual dealings shall be treated as being mutual dealings only in relation to the amount by which the total of the sums due to the depositor exceeds the limit, and
(b)the sums due from the investment bank to the depositor in respect of the protected deposits will be—
(i)the amount by which that total exceeds the limit, set off against the amounts due to the investment bank from the depositor in accordance with rule 164(3); and
(ii)the sums held by the investment bank for the depositor in respect of protected deposits up to the limit.
(5) Any arrangements with regard to set-off between the investment bank and the eligible depositor in existence before the date of the notice referred to in rule 164(1) shall be subject to this rule in so far as they relate to protected deposits.
(6) In this rule—
“eligible depositor” has the meaning given to it by section 93(3) of the 2009 Act;
“FSA Rules” means the FSA’s Compensation Sourcebook, as amended from time to time, made under section 213 of the Financial Services and Markets Act 2000(1); and
“protected deposit” means a protected deposit within the meaning given by the FSA Rules held by the investment bank at the date of the notice referred to in rule 164(1).
2000 c.8: section 215 was amended by sections 169 and 170(2) of the 2009 Act.
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