PART 2 The compensation scheme

Designation of competent authority and designated authority

4.—(1) For the purposes of the deposit guarantee schemes directive the PRA(1) is the competent authority(2) and the designated authority(3).

(2) In exercising its functions under the deposit guarantee schemes directive as the competent authority and the designated authority the PRA must co-operate with EBA(4).

(1)

“PRA” is defined in section 417 of FSMA.

(2)

“competent authority” is defined in point (17) of Article 2(1) of the deposit guarantee schemes directive.

(3)

“designated authority” is defined in point (18) of Article 2(1) of the deposit guarantee schemes directive.

(4)

“EBA” is defined in section 417 of FSMA.