Document ID: chunk:federal_register_of_legislation:C2024C00079:section:54c
Version: federal_register_of_legislation:C2024C00079
Segment Type: section
Provision Reference: s 54C
Character Range: 54214–55860

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
 (ia) meeting the entitlement of a receiving body under subsection 16AIC(2) of that Act (Payment of receiving body under transferred liabilities determination), to the extent that the entitlement is comprised of the FCS payment amount mentioned in paragraph 16AIB(1)(a) of that Act; 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
 (ia) meeting the entitlement of a receiving body under subsection 62ZZMC(2) of that Act (Payment of receiving body under transferred liabilities determination), to the extent that the entitlement is comprised of the FCS payment amount mentioned in paragraph 62ZZMB(1)(a) of that Act; 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 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).