(1) After the occurrence of a compensation event in relation to a credit institution, the Bank shall pay or cause to be paid to each person maintaining an eligible deposit with the credit institution an amount calculated in accordance with Regulation 10(1).
(2) A payment to a person pursuant to paragraph (1) is called in these Regulations a 'guarantee payment'.
(3) A guarantee payment shall be charged on the deposit protection account.
(4) The Bank shall take all reasonable steps to ensure that guarantee payments are paid as expeditiously and with the least expense to the Bank as is possible consistent with these Regulations.