Australian Prudential Regulation Authority Act 1998
View history note
Hide history noteThere 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.
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