Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2AA - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision C - Payment of account-holders with declared ADI  

SECTION 16AIB   Payment amounts under transferred liabilities determination  

(1)  
For the purposes of paragraph 16AIA(1)(f) , APRA may work out:


(a) an amount (the FCS payment amount ) that:


(i) is equal to or less than the FCS amount; and

(ii) APRA considers to be appropriate; and


(b) an amount (the administration payment amount ) that:


(i) is equal to or less than the administration amount; and

(ii) APRA considers to be appropriate; and


(c) the amount (the total payment amount ) that is the sum of the FCS payment amount and the administration payment amount.

(2)  
In working out the FCS payment amount and the administration payment amount, APRA must have regard to the following:


(a) the total value of the assets that will be transferred from the declared ADI to the receiving body in accordance with the transfer of business;


(b) the total value of the liabilities that will be transferred from the declared ADI to the receiving body in accordance with the transfer of business;


(c) any other matter that APRA considers appropriate.

(3)  
The FCS payment amount or the administration payment amount may be a nil amount.




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