PART 2The compensation scheme

F1Transitional maximum compensation level7A

1

For the period from 3rd July 2015 to 31st December 2015, the maximum compensation payable in accordance with PRA compensation scheme rules in respect of eligible deposits held by a relevant person with a compensation scheme member is £85,000 (and no account shall be taken of any lower limit provided for in PRA compensation scheme rules), unless paragraph (2) applies.

2

This paragraph applies if additional compensation is payable to a relevant person under PRA compensation scheme rules made to give effect to Article 6.2 of the deposit guarantee schemes directive.

3

After 31st December 2015, the maximum compensation payable in respect of eligible deposits held by a relevant person with a compensation scheme member is the amount provided for by PRA compensation scheme rules.

4

For the purposes of this regulation, a person is a “relevant person” if deposits held by that person—

a

were, or would have been, eligible for compensation under the compensation scheme before 3rd July 2015, and

b

are eligible for compensation under the compensation scheme on 3rd July 2015 and after that date.