The Credit Institutions (Protection of Depositors)Regulations 1995

Eligibility not to participate in scheme

19.—(1) A non-EEA institution shall be eligible not to participate in the deposit protection scheme (“the scheme”) if the Deposit Protection Board (“the Board”) determines under this regulation, on an application made by the institution, that it is so eligible.

(2) The Board shall not make such a determination under this regulation unless after consultation with such of the relevant authorities (if any) as it considers appropriate, it is satisfied that—

(a)the scope of the protection afforded by the institution’s home State scheme to depositors with United Kingdom offices; and

(b)the level of the protection so afforded,

are each not less than that afforded to such depositors by the scheme.

(3) Written notice of the Board’s decision under paragraph (2) above, stating the reasons for it, shall be given to the institution—

(a)within 90 days after the day on which the institution’s application is received by the Board; or

(b)within that period and such additional period, not exceeding 30 days, as the Bank may in exceptional circumstances allow.

(4) In this regulation and regulation 21 below “the relevant authorities” means—

(a)the Bank and the supervisory authority in the institution’s home State; and

(b)the authority responsible for the institution’s home State scheme.