Finance Act 2011

[F129(1)Liabilities representing protected deposits are excluded.U.K.

(2) A deposit is “protected” so far as it is covered by the Financial Services Compensation Scheme under section 213 of FISMA 2000 (“the FSCS”).

(3)A deposit is “protected” so far as it is covered by a scheme which—

(a)operates outside the United Kingdom, and

(b)is comparable to the FSCS.

F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)A deposit is “protected” so far as it is covered by a guarantee—

(a)which is given explicitly by a national government (other than the government of the United Kingdom), and

(b)under which the government guarantees to compensate depositors for losses on their deposits.

(8) In sub-paragraph (2)F3... “ deposit ” has the meaning given by article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544).

(9) In sub-paragraphs (3) and (7)F4... “ deposit ” has the meaning given by article 5(2) of that Order but ignoring the exclusions in articles 6 to 9AB.

(10)If two or all of sub-paragraphs (2), (3) and (7) apply to a deposit, the amount of the deposit “protected” is the highest amount which results from any one of those sub-paragraphs.]