Article 145 Borrowing power of Compensation BoardI1

Section 78 of the Pensions Act 1995 (the Compensation Board) is amended as follows.

In subsection (5), for the words from “an” to “1987” substitute “a deposit-taker”.

After that subsection, insert—

“(5A)

“Deposit taker” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits.

(5B)

Sub-paragraph (5A) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.