In section 55Z2 (notification of EBA) M1 after subsection (1) insert—

“(1A)

A notification given in accordance with paragraph (a) or (c) of subsection (1) must contain a statement to the effect that the compensation scheme makes provision for cases where the credit institution concerned is unable, or likely to be unable, to satisfy claims against it.”.

In section 215 (rights of the scheme in insolvency), after subsection (2) insert—

“(2A)

Any payment made by the scheme manager under section 214B(2) M2 in connection with the exercise of a stabilisation power in respect of a bank, building society or credit union is to be treated as a debt due to the scheme manager from that bank, building society or (as the case may be) credit union.

(2B)

In subsection (2)—

“bank” has the meaning given in section 2 of the Banking Act 2009 M3;

“building society” has the meaning given in the Building Societies Act 1986 M4;

“credit union” means a credit union within the meaning of—

(a)

the Credit Unions Act 1979 M5; or

(b)

article 2 of the Credit Unions (Northern Ireland) Order 1985 M6.”.

In section 218A (regulators power to require information) M7, for subsection (1) substitute—

“(1)

Each regulator may make rules enabling that regulator to require authorised persons to—

(a)

provide information to the scheme manager on the request of that regulator or the scheme manager; or

(b)

provide information to that regulator, which may then be made available to the scheme manager by that regulator.”.