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legacy costs levy
Term Definition Legal instruments

legacy costs

03/07/2015

THIS DEFINITION ONLY APPLIES TO THE DEPOSITOR PROTECTION PART

means the costs incurred prior to 3 July 2015 by the FSCS:

(1) in paying compensation; or

(2) under section 214B or section 214D of FSMA; or

(3) by virtue of section 61 of the Banking Act 2009;

(including the costs of paying interest, principal and other costs of borrowing to pay such costs).