http://www.legislation.gov.uk/ukpga/2000/8/section/214C/2002-08-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-04-072002-07-18 Part XV The Financial Services Compensation Scheme Provisions of the scheme<Addition ChangeId="d29p26713" CommentaryRef="c2081104"><CommentaryRef Ref="c2081108"/>Limit on amount of special resolution regime payments</Addition>214C1The total amount of special resolution regime payments required to be made in respect of a person (“the institution”) may not exceed—anotional net expenditure (see subsection (3)), minusbactual net expenditure (see subsection (4)).2A “special resolution regime payment” is—aa payment under section 214B(2); orba payment required to be made by the scheme manager by virtue of section 61 of the Banking Act 2009 (special resolution regime: compensation).3Notional net expenditure is—athe total amount of expenses that would have been incurred under the compensation scheme in respect of the institution if the stabilisation power had not been exercised and the institution had been unable to satisfy claims against it, minusbthe total amount that would have been likely, at the time when the power was exercised, to be recovered by the scheme manager in respect of the institution in those circumstances.4Actual net expenditure is—athe total amount of expenses (other than special resolution regime payments) actually incurred by the scheme manager in respect of the institution, minusbthe total amount actually recovered by the scheme manager in respect of the institution.5In subsection (3)(a) “expenses” includes interest at a specified rate on the difference, at any time, between—athe total amount of expenses (including interest) that would have been incurred as mentioned in subsection (3)(a) at or before that time; andbthe total amount that would have been likely to have been recovered as mentioned in subsection (3)(b) at or before that time.6In subsection (4)(a) “expenses” includes interest at a specified rate on the difference, at any time, between—athe total amount of expenses (including special resolution regime payments and interest) actually incurred by the scheme manager in respect of the institution at or before that time; andbthe total amount actually recovered by the scheme manager in respect of the institution at or before that time.7In paragraph (b) of subsections (3) to (6) references to amounts recovered (or likely to have been recovered) by the scheme manager do not include any levy received (or likely to have been received) by it.Ss. 214B-214D applied (with modifications) (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 16(2), 26(1)Ss. 214B-214D substituted (8.4.2010) for s. 214B by Financial Services Act 2010 (c. 28), ss. 16(1), 26Pt. XV (ss. 212-224) excluded (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9J (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)Pt. XV (ss. 212-224) modified (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 5Pt. 15 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 29 (with art. 30(6))Pt. 15 modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 14 (with art. 15(8)Pt. 15 modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 15 (with art. 16(8))