Clause 20

by deleting paragraph (c) of subsection (2) and substituting the following paragraph:“(c)make payments of compensation out of the PPF Life Fund and the PPF General Fund in respect of protected liabilities to any covered party after the Agency has determined the covered party’s eligibility and entitlement;”;

by deleting paragraphs (e) and (f) of subsection (2) and substituting the following paragraphs:“(e)make interim payments of compensation, of such amounts as the Agency considers appropriate, out of the PPF Life Fund and the PPF General Fund to any covered party;

where the transfer of the whole or part of the insurance business from a failed PPF Scheme member, or from a company set up to hold the insured policies of the failed PPF Scheme member, to another PPF Scheme member is reasonably practicable, make payment out of the PPF Life Fund or the PPF General Fund to fund such transfer;”;

by inserting, immediately after paragraph (h) of subsection (2), the following paragraph:“(ha)carry out the termination of insured policies issued by a failed PPF Scheme member and make payment out of the PPF Life Fund or the PPF General Fund to fund such termination;”;

by deleting paragraph (j) of subsection (2) and substituting the following paragraph:“(j)claim from the failed PPF Scheme member for reimbursement of the amount of compensation paid to covered parties out of the PPF Life Fund or the PPF General Fund, together with any accrued interest;”;

by deleting paragraph (l) of subsection (2) and substituting the following paragraph:“(l)claim payment from the liquidator or provisional liquidator of a failed PPF Scheme member, out of the assets of the failed PPF Scheme member, for reimbursement of the amount of compensation paid to covered parties out of the PPF Life Fund or the PPF General Fund, together with any accrued interest;”;

by deleting the full‑stop at the end of paragraph (m) of subsection (2) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraph:“(n)submit to the liquidator of a failed DI Scheme member a consolidated proof of debt on behalf of insured depositors of a failed DI Scheme member in relation to each of their insured deposits placed with the failed DI Scheme member that exceeds the Maximum DI Coverage.”;

by inserting, immediately after subsection (3), the following subsection:“(3A) Without affecting the generality of subsection (3), the Agency may —

for the purpose of making payments of compensation to insured depositors in respect of their insured deposits under the DI Scheme, raise loans by means of a charge over the assets of the DI Fund; and

for the purpose of making payments out of the PPF Life Fund or the PPF General Fund, raise loans by means of a charge over the assets of the PPF Life Fund or the PPF General Fund.”; and

by deleting the words “annual estimates” in subsection (4) and substituting the word “estimates”.