Section 60 Protected deposits.C1C2C3

the principal amount of each deposit in an EEA currency which was made by him with a United Kingdom office of the institution before the time when the institution became insolvent and has become due and payable; and

accrued interest on any such deposit up to the time when it became due and payable,

proof of the debt, or a claim for repayment of the deposit, which gives rise to the liability has been lodged with a liquidator or administrator of the institution; or

the depositor has provided the Board with all such written authorities, information and documents as, in the event of a liquidator or administrator being appointed, the Board will need for the purpose of lodging and pursuing, on the depositor’s behalf, a proof of the debt, or a claim for the repayment of the deposit, which gives rise to the liability.

references to a liquidator or administrator include references to a person whose functions appear to the Board to correspond as nearly as may be to those of a liquidator or administrator; and

references to the lodging, or the lodging and pursuing, of a proof of the debt, or a claim for the repayment of the deposit, which gives rise to the liability include references to the doing of an act or acts which appear to the Board to correspond as nearly as may be to the lodging, or the lodging and pursuing, of such a proof or claim.

it is a secured deposit; or

it is a deposit which is own funds within the meaning given by F4Section 1 of Chapter 2 of Title V of the Banking Consolidation Directive; or

it is a deposit which the Board is satisfied was made in the course of a money-laundering transaction; or

it is a deposit by a person mentioned in item 1 or 2 of Annex I to Directive 94/19/EC F5 which was made otherwise than as trustee for a person not so mentioned; or

the institution is a former UK institution or former authorised institution and the deposit was made after it ceased to be a UK institution or authorised institution unless, at the time the deposit was made, the depositor did not know, and could not reasonably be expected to have known, that it had ceased to be a UK institution or authorised institution; or

the institution is a former participating EEA institution and the deposit was made after it ceased to be a participating EEA institution; or

the institution is a former participating non-EEA institution and the deposit was made after it ceased to be a participating non-EEA institution unless the Board is satisfied—

and references in paragraph (e) above to an institution ceasing to be an authorised institution include references an institution ceasing to be a recognised bank or licensed institution under the Banking Act 1979.

any enactment specified in regulation 2(3) of the Money Laundering Regulations 1993 F6; or

any enactment in force in another EEA State, or in a country or territory outside the European Economic Area, which has effect for the purpose of prohibiting money laundering within the meaning of Article 1 of Directive 91/308/EEC F7,

in respect of which a right of set-off existed immediately before the institution became insolvent F9against any such deposit in an EEA currency as is referred to in subsection (1) . . . above; or

in respect of which such right would then have existed if the deposit in question had been repayable on demand and the liability in question had fallen due.

shall be treated as including—

subject to subsections (10) and (11) below, shall be treated as excluding any sum paid by a trustee for a person falling within paragraph (e) of subsection (3) of that section; and

shall be treated as including any sum the right to repayment of which is evidenced by a transferable certificate of deposit or other transferable instrument and which would be a deposit within the meaning of section 5 as extended by paragraph (a) and restricted by paragraph (b) above if it had been paid by the person who is entitled to it at the time when the institution in question becomes insolvent.