Commonwealth Consolidated Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998 - SECT 54C

                   The purposes of the Financial Claims Scheme Special Account are as follows:

                     (a)  APRA:

                              (i)  meeting account‑holders' entitlements under Subdivision C (Payment of account‑holders with declared ADI) of Division 2AA of Part II of the Banking Act 1959 ; or

                             (ii)  paying APRA's agents or delegates amounts equal to the entitlements the agents or delegates meet on APRA's behalf or in the performance of APRA's delegated functions;

                     (b)  APRA:

                              (i)  meeting persons' entitlements under Division 3 (Early payment of claims) of Part VC of the Insurance Act 1973 ; or

                             (ii)  paying APRA's agents or delegates amounts equal to the entitlements the agents or delegates meet on APRA's behalf or in the performance of APRA's delegated functions;

                     (c)  repayment of principal under a borrowing under this Division;

                     (d)  payment of interest and other costs connected with a borrowing under this Division.

Note:          See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).