Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:1_54c
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 1 cl 54C
Character Range: 76905–77965

54C  Purposes of the Financial Claims Scheme Special Account

  The purposes of the Financial Claims Scheme Special Account are as follows:
 (a) APRA:
 (i) meeting account‑holders' entitlements under Subdivision C (Payment of account‑holders with declared ADI) of Division 2AA of Part II of the Banking Act 1959; or
 (ii) paying APRA's agents or delegates amounts equal to the entitlements the agents or delegates meet on APRA's behalf or in the performance of APRA's delegated functions;
 (b) APRA:
 (i) meeting persons' entitlements under Division 3 (Early payment of claims) of Part VC of the Insurance Act 1973; or
 (ii) paying APRA's agents or delegates amounts equal to the entitlements the agents or delegates meet on APRA's behalf or in the performance of APRA's delegated functions;
 (c) repayment of principal under a borrowing under this Division;
 (d) payment of interest and other costs connected with a borrowing under this Division.

Note: See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).