Document ID: chunk:federal_register_of_legislation:C2024C00079:section:54b
Version: federal_register_of_legislation:C2024C00079
Segment Type: section
Provision Reference: s 54B
Character Range: 53314–54214

54B  Credits to the Financial Claims Scheme Special Account
 (1) There must be credited to the Account amounts equal to the following:
 (a) an amount specified in a declaration under section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 as an amount to be credited to the Financial Claims Scheme Special Account;
 (b) an amount borrowed under this Division.
 (2) To avoid doubt, if:
 (a) the amount specified in a declaration described in paragraph (1)(a) is credited to the Financial Claims Scheme Special Account; and
 (b) the declaration is later amended so as to increase the amount;
only the increase, and not the whole of the increased amount, is to be credited to the Account as a result of the amendment.
Note: Crediting the whole of the increased amount to the Account would lead to double‑counting of the amount specified in the declaration before the amendment.