Central Bank Act, 1989.
|
Payment out of deposit protection account on winding up. |
60.—(1) There shall be paid, out of the amount vesting in a liquidator under section 58 (1), to each person maintaining an eligible deposit with the holder or former holder of the licence concerned— | |
(a) the amount calculated in accordance with section 59 (3) (a), or | ||
(b) if the amount so vesting is insufficient for such purpose, a proportion of that person's eligible deposits which is calculated in accordance with section 59 (3) (b). | ||
(2) Where the provisions of subsection (1) apply, every person with eligible deposits concerned may, subject to section 61 , claim as an ordinary creditor of the holder or former holder of the licence in respect of so much of those deposits as remains unpaid. | ||
(3) Where it appears to the Bank that the amount available, or likely to become available, to the liquidator concerned (including the amount vesting in the liquidator in accordance with section 58 ) will be insufficient to enable each person maintaining eligible deposits with the holder or former holder to be paid in respect of such deposits— | ||
(a) the amount calculated in accordance with section 59 (3) (a), or | ||
(b) within such period of time as the Bank considers reasonable in the circumstances, the amount so calculated, | ||
then, there shall be provided by the Bank out of the deposit protection account a sum sufficient to pay in respect of each such person— | ||
(i) where paragraph (a) of this subsection applies, the difference between the amounts calculated in accordance with paragraphs (a) and (b) of section 59 (3), | ||
(ii) where paragraph (b) of this subsection applies, the difference between the amount calculated in accordance with paragraph (a) of section 59 (3) and the amount paid or payable by the liquidator within that period of time. | ||
(4) The manner and mode of making payments for the purposes of subsection (1) from the moneys vesting in the liquidator concerned by virtue of section 58 shall be as agreed to between the liquidator and the Bank or, in the event of a disagreement, as the Court shall order on an application by either or both the liquidator and the Bank. | ||
(5) For the purposes of subsections (3) and (4), the Bank shall take all reasonable steps to ensure that payments to which this section relates are paid as expeditiously and with the least expense to the Bank as is possible consistently with the orderly winding up. | ||
(6) Where moneys have been provided by the Bank for the payment of persons maintaining eligible deposits, proof of those payments shall be given to the Bank by the person to whom the moneys were so provided. | ||
(7) Every payment to which this section relates shall be charged on the deposit protection account in the general fund. |