Financial Services (Deposit Guarantee Scheme) Act 2009
Amount to be maintained in deposit protection account.
F7 [ 4. (1) Subject to subsection (2) , a credit institution which is required to contribute to the contributory fund shall not carry on the business of a credit institution unless 0.2 per cent of its covered deposits has been transferred, on its behalf, from the deposit protection account to the legacy fund on a date determined by the Bank under section 3(3) , other than where it is a credit institution authorised after the commencement of Part 3 of the Finance (Miscellaneous Provisions) Act 2015 and, in such case, section 5A(4) shall apply.
(2) Nothing in subsection (1) shall prevent a credit institution carrying on the business of a credit institution prior to the Bank making the transfer referred to in that subsection. ]
Substituted (20.11.2015) by Finance (Miscellaneous Provisions) Act 2015 (37/2015) s. 9, c ommenced as per s. 1(3).
Power pursuant to section exercised (30.06.2009) by European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 (S.I. No. 228 of 2009), in effect as per reg. 2.