Central Bank and Credit Institutions (Resolution) Act 2011

42.

Report by Assessor.

42.— (1) When the Assessor has determined, in accordance with section 40 , the fair and reasonable amount of compensation, if any, payable to each creditor who has applied for it, the Assessor shall report to the Bank—

( a) the name of each such creditor,

( b) whether compensation is payable to each such creditor, and

( c) the amount of compensation, if any, payable to each such creditor.

(2) In the report under subsection (1) the Assessor shall set out—

( a) a summary of the evidence on which the Assessor relied in making his or her determination, and

( b) the Assessor’s reasons for making the determination.

(3) The Bank shall make such arrangements as are necessary for sufficient funds to be made available out of the Fund to enable payments of compensation to be made in accordance with the Assessor’s report under subsection (1).

(4) The Bank shall cause the Assessor’s report under subsection (1) to be published as soon as is practicable.

(5) As soon as practicable after the publication of the Assessor’s report, the Bank shall—

( a) notify each creditor whether or not compensation has been determined to be payable to him or her, and

( b) pay compensation in accordance with the report to each creditor to whom compensation has been so determined to be payable.