TITLE VII U.K. FINANCING ARRANGEMENTS

Article 108 U.K. Ranking of deposits in insolvency hierarchy

Member States shall ensure that in national law governing normal insolvency proceedings:

(a)

the following have the same priority ranking which is higher than the ranking provided for the claims of ordinary unsecured, non-preferred creditors:

(i)

that part of eligible deposits from natural persons and micro, small and medium-sized enterprises which exceeds the coverage level provided for in Article 6 of Directive 2014/49/EU;

(ii)

deposits that would be eligible deposits from natural persons, micro, small and medium–sized enterprises were they not made through branches located outside the Union of institutions established within the Union.

(b)

the following have the same priority ranking which is higher than the ranking provided for under point (a):

(i)

covered deposits;

(ii)

deposit guarantee schemes subrogating to the rights and obligations of covered depositors in insolvency.