Trustee Savings Banks Act 1985

9 (1) This paragraph applies where the transferee is the successor to an existing bank.

(2) For the purposes of Part II of the Banking Act 1979 (the deposit protection scheme) the transferee shall be treated as having such a deposit base as it would have if—

(a) sterling deposits with United Kingdom offices of the transferor at any time had at that time been sterling deposits with United Kingdom offices of the transferee, and

(b) sterling certificates of deposit issued by the transferor had been issued by the transferee.

(3) A transferee which became or becomes a contributory institution at any time before the vesting day shall be liable to make, in accordance with that Part of that Act, a contribution of an amount equal to the initial contribution which it would be liable to make if—

(a) it had become a contributory institution on that day;

(b) its deposit base were calculated by reference only to those sterling deposits of the transferor referred to in sub-paragraph (2) above; and

(c) the amount specified in section 27(2) of that Art (limit on amount of initial or further contribution, currently standing at £300,000) were reduced by the amount of any initial contribution which the transferee has in fact made ;

and, for the purposes of that Part, references to initial contributions made by a contributory institution shall be taken to include references to contributions made by the institution by virtue of this subparagraph.

(4) Expressions used in this paragraph and in that Part of that Act have the same meaning in this paragraph as they have in that Part