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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 1995 - onwards
  Version 3 of 3    

69. Crediting of moneys to deposit protection account, distributions, etc.

Repealed from 1 July 1995

(1) In addition to amounts representing deposits maintained under section 55 (including amounts duly lodged for the purpose of section 67(3)) there shall be credited to the deposit protection account any sum paid to the Bank,

(a) by a liquidator for the purposes of section 61, or

(b) in respect of the repayment of the principal of any moneys provided by virtue of section 66 or of any interest thereon,

or

(c) which, in its opinion, ought to be lodged to that account.

(2) Where any sum has been credited to the deposit protection account in accordance with subsection (1) it shall -

(a) in the first instance be applied towards repayment of any liability to the Bank charged or chargeable to that account, and

(b) subject to subsection (3), thereafter be distributed (whether by way of payment or by reducing the amount to be lodged on a reconstitution of that account under section 67) among the holders of licences in proportion to the amounts by which each of their deposits were affected

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