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The Investment Bank Special Administration Regulations 2011

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4.  (1)  An administrator appointed under a special administration (bank insolvency) order has the following objectives—

(a)Objective A is to work with the FSCS so as to ensure that as soon as is reasonably practicable each eligible depositor—

(i)has the relevant account transferred to another financial institution, or

(ii)receives payments from (or on behalf of) the FSCS; and

(b)the special administration objectives as set out in regulation 10.

(2) Objective A takes precedence over the special administration objectives until a full payment resolution is passed (but the administrator is to begin working towards the special administration objectives immediately on appointment, in accordance with regulation 10).

(3) The administrator must not comply with a direction of the FSA given under regulation 16 in a way which prejudices the achievement of Objective A.

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