- Latest available (Revised)
- Original (As made)
The Credit Institutions (Protection of Depositors)Regulations 1995
You are here:
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Transitional provisions and savings
53.—(1) The provisions of Part III of these Regulations shall not apply in any case where—
(a)an institution becomes insolvent (within the meaning of Part II of the 1987 Act) at any time before the commencement date and at that time—
(i)it is an authorised institution; or
(ii)it is a former authorised institution (not being a recognised bank or licensed institution excluded by an order under section 23(2) of the Banking Act 1979; or
(b)an administration order is made in relation to an institution under section 8 of the Insolvency Act 1986 or under Article 21 of the Insolvency (Northern Ireland) Order 1989 at any time before the commencement date and at that time it is such an institution as is mentioned in sub-paragraph (a)(i) or (ii) above.
(2) The provisions of Part IV of these Regulations shall not apply in any case where a building society becomes insolvent (within the meaning of Part IV of the 1986 Act) at any time before the commencement date.
(3) Where, as regards a UK institution or non-EEA institution, the Bank is satisfied before the commencement date that, for reasons which directly relate to the institution’s financial circumstances, the institution—
(a)is unable to repay protected deposits which are due and payable; and
(b)has no current prospect of being able to do so,
the 21 days mentioned in subsection (4)(a) of section 59 of the 1987 Act shall begin to run on that date.
(4) Where, as regards a building society, the Commission is satisfied before the commencement date that, for reasons which directly relate to the society’s financial circumstances, the society—
(a)is unable to repay investments which are due and payable; and
(b)has no current prospect of being able to do so,
the 21 days mentioned in subsection (4)(a) of section 25A of the 1986 Act shall begin to run on that date.
(5) In this regulation “authorised institution” and “former authorised institution” have the same meanings as in the 1987 Act.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Part
PrintThe Whole Cross Heading
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.