Australian Prudential Regulation Authority Act 1998

PART 5 - FINANCIAL AND TAXATION MATTERS  

Division 2 - Financial Claims Scheme Special Account and related borrowing  

Subdivision A - Financial Claims Scheme Special Account  

SECTION 54B   CREDITS TO THE FINANCIAL CLAIMS SCHEME SPECIAL ACCOUNT  

54B(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;

54B(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.