# The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, Article 103: Debt in a foreign currency

Extent: E+W

(1) A relevant funds claim payable in a foreign currency must state the amount of the relevant funds claim in that currency.
(2) The administrator must convert all such relevant funds claims into sterling at a single rate for each currency determined by the administrator by reference to the exchange rates prevailing on the date the institution entered special administration.
(3) On the next occasion when the administrator communicates with the customers the administrator must advise them of any rate so determined.
(4) A customer who considers that the rate determined by the administrator is unreasonable may apply to the court.
(5) If on hearing the application the court finds that the rate is unreasonable it may itself determine the rate.

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Source: https://www.legislation.gov.uk/uksi/2021/1178/article/103 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-103
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.