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Banking Act 1987

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This is the original version (as it was originally enacted).

51The Deposit Protection Fund

(1)The Fund shall consist of—

(a)any money which forms part of the Fund when this section comes into force;

(b)initial, further and special contributions levied by the Board under this Part of this Act;

(c)money borrowed by the Board under this Part of this Act; and

(d)any other money required by any provision of this Part of this Act to be credited to the Fund or received by the Board and directed by it to be so credited.

(2)The money constituting the Fund shall be placed by the Board in an account with the Bank.

(3)As far as possible, the Bank shall invest money placed with it under subsection (2) above in Treasury bills; and any income from money so invested shall be credited to the Fund.

(4)There shall be chargeable to the Fund—

(a)repayments of special contributions under section 55(2) below;

(b)payments under section 58 below;

(c)money required for the repayment of, and the payment of interest on, money borrowed by the Board; and

(d)the administrative and other necessary or incidental expenses incurred by the Board.

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