Finance (Miscellaneous Provisions) Act 2015

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Amount to be maintained in deposit protection account

9. The Act of 2009 is amended by substituting for section 4 the following:

“4. (1) Subject to subsection (2), a credit institution which is required to contribute to the contributory fund shall not carry on the business of a credit institution unless 0.2 per cent of its covered deposits has been transferred, on its behalf, from the deposit protection account to the legacy fund on a date determined by the Bank under section 3(3), other than where it is a credit institution authorised after the commencement of Part 3 of the Finance (Miscellaneous Provisions) Act 2015 and, in such case, section 5A(4) shall apply.

(2) Nothing in subsection (1) shall prevent a credit institution carrying on the business of a credit institution prior to the Bank making the transfer referred to in that subsection.”.