Schedule 4 was amended by S.I. 2005/1455 (N.I. 10). There are other amendments not relevant to this Order.

2000 c.8.

2008 c.31.

OJ no 173, 12/6/2014, p 190.

OJ no L176, 27/6/2013, p.1. For corrigenda see OJ no L208, 2/8/2013 p.68 and OJ no L321, 30/11/2013 p. 6.

Art. 23 in force at 1.1.2015, see art. 1(2)

http://www.legislation.gov.uk/uksi/2014/3486/article/23/2015-01-01The Banks and Building Societies (Depositor Preference and Priorities) Order 2014enBANKS AND BANKINGBUILDING SOCIETIESStatute Law Database2024-10-24Expert Participation2015-01-01This Order implements the obligation in Article 108 of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms (OJ L 173, 12.6.2014, p.190) (“the Directive”) to ensure that both deposits which are eligible for compensation under the financial services compensation scheme (“eligible deposits”) and other deposits which would be eligible deposits but for the fact that they are made in branches of UK banks outside the EEA, are treated as preferential debts, and that eligible deposits are given a higher priority within the class of preferential debts than other deposits.PART 4Amendments of Insolvency (Northern Ireland) Order 1989
23Additional preferential debts

In Schedule 4 to the Insolvency (Northern Ireland) Order 1989 (categories of preferential debts), after paragraph 17 insert—

18Category 7: Deposits covered by Financial Services Compensation Scheme

So much of any amount owed at the relevant date by the debtor in respect of an eligible deposit as does not exceed the compensation that would be payable in respect of the deposit under the Financial Services Compensation Scheme to the person or persons to whom the amount is owed.

Category 8: Other deposits
19

So much of any amount owed at the relevant date by the debtor to one or more eligible persons in respect of an eligible deposit as exceeds any compensation that would be payable in respect of the deposit under the Financial Services Compensation Scheme to that person or those persons.

20

An amount owed at the relevant date by the debtor to one or more eligible persons in respect of a deposit that—

a

was made through a non-EEA branch of a credit institution authorised by the competent authority of an EEA state, and

b

would have been an eligible deposit if it had been made through an EEA branch of that credit institution.

21Interpretation for Categories 7 and 81

In paragraphs 18 to 20 “eligible deposit” means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme.

2

For the purposes of those paragraphs and this paragraph a “deposit” means rights of the kind described in—

a

paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits), or

b

section 1(2)(b) of the Dormant Banks and Building Society Accounts Act 2008 (balances transferred under that Act to authorised reclaim fund).

3

In paragraphs 19 and 20, “eligible person” means—

a

an individual, or

b

a micro-enterprise, a small enterprise or medium-sized enterprise, each of those terms having the meaning given in Article 2.1(107) of the Directive 2014/59/EU of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms.

4

In paragraph 20—

a

“credit institution” has the meaning given in Article 4.1(1) of the capital requirements regulation;

b

EEA branch” means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established in an EEA state;

c

“non-EEA branch” means a branch, as so defined, which is established in a country which is not an EEA state;

and for this purpose “the capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.

.

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Schedule 4 was amended by
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<heading>Amendments of Insolvency (Northern Ireland) Order 1989</heading>
<article eId="article-23" period="#period1">
<num>
<noteRef href="#key-ef6b108ce6eeecc2d6a957f8da28a3cb" marker="I1" class="commentary I"/>
23
</num>
<heading>Additional preferential debts</heading>
<content>
<p>
In Schedule 4 to the Insolvency (Northern Ireland) Order 1989 (categories of preferential debts)
<noteRef href="#f00030" class="footnote" marker="30"/>
, after paragraph 17 insert—
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="secondary unknown unknown double" startQuote="" endQuote="">
<article eId="d4e133">
<num>18</num>
<heading>Category 7: Deposits covered by Financial Services Compensation Scheme</heading>
<content>
<p>So much of any amount owed at the relevant date by the debtor in respect of an eligible deposit as does not exceed the compensation that would be payable in respect of the deposit under the Financial Services Compensation Scheme to the person or persons to whom the amount is owed.</p>
</content>
</article>
<hcontainer name="P1group" eId="d4e139">
<heading>Category 8: Other deposits</heading>
<article eId="d4e142">
<num>19</num>
<content>
<p>So much of any amount owed at the relevant date by the debtor to one or more eligible persons in respect of an eligible deposit as exceeds any compensation that would be payable in respect of the deposit under the Financial Services Compensation Scheme to that person or those persons.</p>
</content>
</article>
<article eId="d4e148">
<num>20</num>
<intro>
<p>An amount owed at the relevant date by the debtor to one or more eligible persons in respect of a deposit that—</p>
</intro>
<subparagraph eId="d4e154">
<num>a</num>
<content>
<p>
was made through a non-EEA branch of a credit institution authorised by the competent authority of an
<abbr class="Acronym" title="European Economic Area">EEA</abbr>
state, and
</p>
</content>
</subparagraph>
<subparagraph eId="d4e163">
<num>b</num>
<content>
<p>
would have been an eligible deposit if it had been made through an
<abbr class="Acronym" title="European Economic Area">EEA</abbr>
branch of that credit institution.
</p>
</content>
</subparagraph>
</article>
</hcontainer>
<article eId="d4e175">
<num>21</num>
<heading>Interpretation for Categories 7 and 8</heading>
<paragraph eId="d4e179">
<num>1</num>
<content>
<p>In paragraphs 18 to 20 “eligible deposit” means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme.</p>
</content>
</paragraph>
<paragraph eId="d4e185">
<num>2</num>
<intro>
<p>For the purposes of those paragraphs and this paragraph a “deposit” means rights of the kind described in—</p>
</intro>
<subparagraph eId="d4e191">
<num>a</num>
<content>
<p>
paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000
<noteRef href="#f00031" class="footnote" marker="31"/>
(deposits), or
</p>
</content>
</subparagraph>
<subparagraph eId="d4e199">
<num>b</num>
<content>
<p>
section 1(2)(b) of the Dormant Banks and Building Society Accounts Act 2008
<noteRef href="#f00032" class="footnote" marker="32"/>
(balances transferred under that Act to authorised reclaim fund).
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="d4e207">
<num>3</num>
<intro>
<p>In paragraphs 19 and 20, “eligible person” means—</p>
</intro>
<subparagraph eId="d4e213">
<num>a</num>
<content>
<p>an individual, or</p>
</content>
</subparagraph>
<subparagraph eId="d4e219">
<num>b</num>
<content>
<p>
a micro-enterprise, a small enterprise or medium-sized enterprise, each of those terms having the meaning given in Article 2.1(107) of the Directive 2014/59/
<abbr class="Acronym" title="European Union">EU</abbr>
of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms
<noteRef href="#f00033" class="footnote" marker="33"/>
.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="d4e230">
<num>4</num>
<intro>
<p>In paragraph 20—</p>
</intro>
<subparagraph eId="d4e236">
<num>a</num>
<content>
<p>“credit institution” has the meaning given in Article 4.1(1) of the capital requirements regulation;</p>
</content>
</subparagraph>
<subparagraph eId="d4e242">
<num>b</num>
<content>
<p>
<abbr class="Acronym" title="European Economic Area">EEA</abbr>
branch” means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established in an
<abbr class="Acronym" title="European Economic Area">EEA</abbr>
state;
</p>
</content>
</subparagraph>
<subparagraph eId="d4e254">
<num>c</num>
<content>
<p>
“non-EEA branch” means a branch, as so defined, which is established in a country which is not an
<abbr class="Acronym" title="European Economic Area">EEA</abbr>
state;
</p>
</content>
</subparagraph>
<wrapUp>
<p>
and for this purpose “the capital requirements regulation” means Regulation (
<abbr class="Acronym" title="European Union">EU</abbr>
) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (
<abbr class="Acronym" title="European Union">EU</abbr>
) No 648/2012
<noteRef href="#f00034" class="footnote" marker="34"/>
.
</p>
</wrapUp>
</paragraph>
</article>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</article>
</part>
</portionBody>
</portion>
</akomaNtoso>