Explanatory note

This Order is made under the Banking (Special Provisions) Act 2008 (c.2) and makes certain amendments to the Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674) (“the Transfer Order”).

Article 2(a)(ii) modifies the ability of the Financial Services Compensation Scheme “(FSCS”) and Kaupthing Singer & Friedlander Limited to revise the estimates of the amounts which are relevant for determining the sum which is to be paid to ING pursuant to article 14 of the Transfer Order. The effect of the amendment is that no revisions of the estimates (or no further revisions) may be made if the FSCS, Kaupthing Singer & Friedlander Limited, the Treasury and ING all agree that it is not appropriate or reasonable to make such revisions.

Article 2(c) amends article 21(11) of the Transfer Order to provide that, where the administrator of Kaupthing Singer & Friedlander Limited has obtained the consent of a creditors’ committee established under insolvency law to a transaction for which consent is required under article 21(11) of the Transfer Order, the consent of the Treasury to the transaction is not required.

The Order also corrects certain drafting errors in the Transfer Order.