The Credit Institutions (Protection of Depositors)Regulations 1995

Function of Investor Protection Board

36.—(1) In subsection (1) of section 24 of the 1986 Act (the Investor Protection Board), for paragraph (b) there shall be substituted the following paragraph—

“(b) shall, if a participating institution becomes insolvent, levy contributions to the Fund from other participating institutions in accordance with section 26; and.”

(2) In subsection (3) of that section, for the words “sections 25 to 29” there shall be substituted the words “sections 25 to 29A”.

(3) After that subsection there shall be inserted the following subsection—

“(4) In this section and the protective scheme provisions—

‘the 1992 Regulations’ means the Banking Coordination (Second Council Directive) Regulations 1992(1);

‘the 1995 Regulations’ means the Credit Institutions (Protection of Depositors) Regulations 1995;

‘ecu’ means—

(a)

the European currency unit as defined in Article 1 of Council Regulation No. 3320/94/EC(2); or

(b)

except in section 27(5A), any other unit of account which is defined by reference to the European currency unit as so defined;

‘EEA currency’ means the currency of an EEA State or ecus;

‘EEA State’ means a State which is a Contracting Party to the Agreement on the European Economic Area signed at Oporto on 2nd May 1992(3) as adjusted by the Protocol signed at Brussels on 17th March 1993(4);

‘European authorised institution’ has the same meaning as in the 1992 Regulations;

‘home State’ and ‘home State scheme’ have the same meaning as in the 1995 Regulations;

‘Irish building society’ means an institution which is incorporated in or formed under the laws of the Republic of Ireland and whose characteristics correspond as nearly as may be to those of a building society;

‘participating EEA institution’ means—

(a)

a European authorised institution which, in accordance with Chapter I of Part II of the 1995 Regulations, is participating in the scheme established by the protective scheme provisions; or

(b)

an institution which was formerly such an institution and continues to have a liability in respect of any investment for which it had a liability when it was such an institution;

‘participating institution’ means a building society or participating EEA institution.”

(1)

S.I. 1992/3218: amended by S.I. 1993/3225.

(2)

O.J. L35, 31.12.94, page 1.

(3)

Cm 2073.

(4)

Cm 2183.