Financial Services (Deposit Guarantee Scheme) Act 2009

4.

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. ]

Annotations:

Amendments:

F7

Substituted (20.11.2015) by Finance (Miscellaneous Provisions) Act 2015 (37/2015) s. 9, c ommenced as per s. 1(3).

Editorial Notes:

E3

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.