32
Funding - Use of Existing Mandatory Contributions
32.1
This Chapter applies only to the FSCS.
- 03/07/2015
32.2
If the PRA determines, in accordance with the deposit guarantee scheme regulations, that the FSCS is unable to raise a DGS compensation costs levy from DGS members to meet the liabilities of the deposit guarantee scheme, the FSCS may borrow an amount equal to the amount of such mandatory contributions in order to meet the liabilities of the deposit guarantee scheme.
[Note: Art. 10(4) (third paragraph) of the DGSD]
- 03/07/2015
32.3
The FSCS must impose a DGS compensation costs levy on DGS members sufficient to repay any amounts equal to mandatory contributions borrowed in accordance with Article 10 (4) of the DGSD within a reasonable time and in accordance with repayment deadlines under the applicable loan agreement and 34.3.
[Note: Art. 10(4) (third paragraph) and Article 10(2) (second paragraph) of the DGSD]
- 03/07/2015