Commonwealth Consolidated Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998 - SECT 54B

             (1)  There must be credited to the Account amounts equal to the following:

                     (a)  an amount specified in a declaration under section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 as an amount to be credited to the Financial Claims Scheme Special Account;

                     (b)  an amount borrowed under this Division.

             (2)  To avoid doubt, if:

                     (a)  the amount specified in a declaration described in paragraph (1)(a) is credited to the Financial Claims Scheme Special Account; and

                     (b)  the declaration is later amended so as to increase the amount;

only the increase, and not the whole of the increased amount, is to be credited to the Account as a result of the amendment.

Note:          Crediting the whole of the increased amount to the Account would lead to double‑counting of the amount specified in the declaration before the amendment.