Regulation 14 of the Principal Regulations is amended by substituting for paragraph (1) the following:
"(1) Where the Bank has made guarantee payments to persons maintaining eligible deposits with a credit institution -
(a) the Court (or, in the case of a voluntary winding-up of the credit institution, the liquidator) shall admit the amount of each such payment as a proved debt due to the Bank, and
(b) in relation to each such debt -
(i) the Bank shall have the same priority as the person to whom the relevant guarantee payment was paid would have if that payment had not been made, and
(ii) the Bank shall rank ahead of the person for the full amount of the debt.".