C1C2C3C4 Part XV The Financial Services Compensation Scheme

Annotations:
Modifications etc. (not altering text)
C2

Pt. 15 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 29 (with art. 30(6))

C3

Pt. 15 modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 14 (with art. 15(8)

C4

Pt. 15 modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 15 (with art. 16(8))

Miscellaneous

223BF1Borrowing from National Loans Fund

1

The scheme manager may request a loan from the National Loans Fund for the purpose of funding expenses incurred or expected to be incurred under the scheme.

2

The Treasury may arrange for money to be paid out of the National Loans Fund in pursuance of a request under subsection (1).

3

The Treasury shall determine—

a

the rate of interest on a loan, and

b

other terms and conditions.

4

The Treasury may make regulations—

a

about the amounts that may be borrowed under this section;

b

permitting the scheme manager to impose levies under section 213 for the purpose of meeting expenses in connection with loans under this section (and the regulations may have effect despite any provision of this Act);

c

about the classes of person on whom those levies may be imposed;

d

about the amounts and timing of those levies.

5

The compensation scheme may include provision about borrowing under this section provided that it is not inconsistent with regulations under this section.