Depositor Compensation Scheme (Amendment) Regulations, 2012

L.N. 159 of 2012

BANKING ACT

(CAP. 371)

Depositor Compensation Scheme (Amendment) Regulations, 2012

IN exercise of the powers conferred by articles 3 and 28A of the

Banking Act, the Minister of Finance, the Economy and Investment,

acting on the advice of the Malta Financial Services Authority, has

made the following regulations

(1) The title of these regulations is the Depositor Citation and

Compensation Scheme (Amendment) Regulations, 2012 and these scope.

regulations shall be read and construed as one with the Depositor

Compensation Scheme Regulations, hereinafter referred to as "the

principal regulations".

(2) The objective of these regulations is to enhance the

coverage level of the Depositor Compensation Scheme.

(3) The new percentage rates as set out in regulation 3 shall

apply as from year of assessment 2012.

Immediately after sub-regulation (2) of regulation 37 of Amends

the principal regulations, there shall be added the following new sub- regulation

the principal

regulation

regulations.

"(3) For the year of assessment 2012, the adjustment in

the Reserve and any supplementary contributions due by

participants shall apply as from 1st January 2012. Participants

shall pay any additional supplementary contribution due to the

Scheme in 2012 by the 1st June 2012. Furthermore, any

adjustment in the Reserve for 2012 shall be effected by

participants by the same date.".

The Second Schedule to the principal regulations shall be Amends the

Second

amended as follows

Schedule to the

principal

regulations.

(a)

in paragraph 3(b) thereof, for the words "with the

percentage rate of 0.1%.", there shall be substituted the words

"with the percentage rate that is applicable to the year of

assessment in accordance with the following sequence

Year of Assessment

Percentage Rate

0.133%

LN

0.166%

0.2%.";

(b) in paragraph 5(b) thereof, for the words "with the

percentage rate of 0.67%.", there shall be substituted the words;

"with the percentage rate that is applicable to the year of

assessment in accordance with the following sequence

Year of Assessment

Percentage Rate

0.713%

0.757%

0.8%."; and

(c)

in paragraph 5(d)(iv) thereof, for the words "then at

least 60% of the admissible assets shall consist of debt securities

issued by national or international institutions, governments or

central bank authorities that are established in the EEA, and

which have a long term credit rating of not less than A; and",

there shall be substituted the words

"then at least 60% of the admissible assets shall consist of

any one or more of the following

(a)

deposits held with the Central Bank of Malta;

(b) debt securities issued by national or international

institutions, governments or central bank authorities that

are established in the EEA, and which have a long term

credit rating of not less than A; and".

€0.18

LN