(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.
(2) In distributing any relevant assets, the liquidator concerned shall pay to the Bank any dividend which would have been payable to a person to whom paragraph (1) relates and, accordingly, the person concerned shall not be entitled to such a dividend or any part thereof until the Bank has been paid by the liquidator the full amount paid to that person by the Bank and to which paragraph (1) relates.