(1) This Regulation has effect where a compensation event occurs in relation to a credit institution on or after 31 December 2010.
(2) Subject to paragraph (3), the Bank shall be in a position to make guarantee payments in response to duly verified claims by depositors in respect of eligible deposits with the credit institution concerned within 20 working days of the date on which the relevant compensation event occurs.
(3) In wholly exceptional circumstances the Bank may extend the time limit in paragraph (2) by no longer than 10 working days.