Depositor Compensation Scheme

L.N. 262 of 2022

BANKING ACT

(CAP. 371)

Depositor Compensation Scheme

(Amendment No. 2) Regulations, 2022

IN EXERCISE of the powers conferred by articles 3(1) and 28A

of the Banking Act, the Minister responsible for the regulation of

financial services, acting on the advice of the Malta Financial Services

Authority, has made the following regulations:-

The title of these regulations is the Depositor

Compensation Scheme (Amendment No. 2) Regulations, 2022 and

these regulations shall be read and construed as one with the Depositor

Compensation Scheme Regulations, hereinafter referred to as the

"principal regulations".

In sub-regulation (2) of regulation 23 of the principal

regulations, the words "The available financial means of the Scheme

shall amount to 1.3% of the covered deposits of its members, or such

higher percentage as may be established by banking rules pursuant to

regulation 42:" shall be substituted by the words "The available

financial means of the Scheme shall reach a target level of the covered

deposits of its members as follows

(a)

1.10% from 1 January 2022 until 31 December 2022;

(b)

1.20% from 1 January 2023 until 31 December 2023;

(c)

1.30% from 1 January 2024 until 31 December 2024;

or such higher target level as may be established by

banking rules in accordance with regulation 42:".

€0.09