The Heritable Bank plc Transfer of Certain Rights and Liabilities (Amendment) Order 2009

EXPLANATORY NOTE

(This note is not part of the Order)

This Order is made under the Banking (Special Provisions) Act 2008 (c.2) and makes provision in relation to the Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644) (“the Transfer Order”).

Article 2 modifies the ability of the Financial Services Compensation Scheme “(FSCS”) and Heritable Bank to revise the estimates of the amounts which are relevant for determining the sum which is to be paid to Deposits Management (Heritable) pursuant to article 13 of the Transfer Order. The effect of article 2 is that no revisions of the estimates (or no further revisions) may be made if the FSCS, Heritable, the Treasury and ING all agree that it is not appropriate or reasonable to make such revisions.

Article 3 provides that the reference to the Treasury in article 23(1) of the Transfer Order (expenses of the administrator incurred in performing obligations under article 20 of the Transfer Order) is to be treated as a reference to ING. This provision has effect from the date on which the accounts transferred to Deposits Management (Heritable) under the Transfer Order were transferred to ING under the Transfer of Rights and Liabilities to ING Order 2008 (SI 2008/2666).

Article 4 amends certain drafting errors and ambiguities in the Transfer Order. The amendment in article 4(1)(b) has effect from the date on which the Transfer Order came into force.