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The Deposit Guarantee Scheme (Amendment) Regulations 2015
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- UK Statutory Instruments
- 2015 No. 1456
- Regulation 2
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Amendment of the Deposit Guarantee Scheme Regulations
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2.—(1) The Deposit Guarantee Scheme Regulations 2015(1) are amended as follows.
(2) In regulation 7 the existing text becomes paragraph (1).
(3) After that paragraph, insert—
“(2) Compensation scheme rules(2) made by the PRA in accordance with paragraph (1) are subject to regulation 7A.”
(4) After regulation 7, insert—
“Transitional maximum compensation level
7A.—(1) For the period from 3rd July 2015 to 31st December 2015, the maximum compensation payable in accordance with PRA compensation scheme rules in respect of eligible deposits held by a relevant person with a compensation scheme member(3) is £85,000 (and no account shall be taken of any lower limit provided for in PRA compensation scheme rules), unless paragraph (2) applies.
(2) This paragraph applies if additional compensation is payable to a relevant person under PRA compensation scheme rules made to give effect to Article 6.2 of the deposit guarantee schemes directive(4).
(3) After 31st December 2015, the maximum compensation payable in respect of eligible deposits held by a relevant person with a compensation scheme member is the amount provided for by PRA compensation scheme rules.
(4) For the purposes of this regulation, a person is a “relevant person” if deposits held by that person—
(a)were, or would have been, eligible for compensation under the compensation scheme(5) before 3rd July 2015, and
(b)are eligible for compensation under the compensation scheme on 3rd July 2015 and after that date.”
(1)
(2)
“compensation scheme rules” is defined in regulation 2(1) of the Deposit Guarantee Scheme Regulations 2015.
(3)
“compensation scheme member” is defined in regulation 3(1) of the Deposit Guarantee Scheme Regulations 2015.
(4)
“deposit guarantee schemes directive” is defined in regulation 2(1) of the Deposit Guarantee Scheme Regulations 2015.
(5)
“compensation scheme” is defined in regulation 2(1) of the Deposit Guarantee Scheme Regulations 2015.
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