Depositor Compensation Scheme (Amendment) Regulations, 2022

L.N. 193 of 2022

BANKING ACT

(CAP. 371)

Depositor Compensation Scheme (Amendment) Regulations, 2022

IN EXERCISE of the powers conferred by article 3(1) and article

28A of the Banking Act, the Minister responsible for financial

services, acting on the advice of the Malta Financial Services

Authority, has made the following regulations: -

The title of these regulations is Depositor Compensation Citation.

Scheme (Amendment) Regulations, 2022 and these regulations shall

be read and construed as one with the Depositor Compensation S.L. 371.09.

Scheme Regulations, hereinafter referred to as "the principal

regulations".

In sub-regulation (3) of regulation 23 of the principal Amends

regulations for the words, "By not later than 3 July 2024, the total regulation

the principal

share of payment commitments shall not exceed 30% of the total regulations.

amount of available financial means raised in accordance with this

regulation:", there shall be substituted the words, "The total share of

payment commitments shall not exceed 30% of the total amount of

available financial means raised in accordance with this regulation:"

In sub-regulation (8) of regulation 25 of the principal Amends

regulations, for the words, "Subject to the provisions of regulation regulation

the principal

23(3), the Scheme may provide that a portion of a Compensation regulations.

Contribution be provided to the Scheme by means of a payment

commitment

Provided that by reference to the financial year shown in

the first column, the total portion of payment commitment shall not

exceed the percentage shown in the second column

Financial Year

Payment Commitments

(maximum)

74.50%

69.00%

63.50%

58.00%

52.50%

47.00%

41.50%

36.00%

00%"

there shall be substituted the words, "Subject to the provisions of

regulation 23(3), the Scheme may provide that a portion of a

Compensation Contribution be provided to the Scheme by means of a

payment commitment.".

€0.18