S.L. 371.9 Art. 12Calculating compensation.

(1) Compensation shall be calculated by reference to eligible deposits held on the compensation date.

(2) The limit referred to in regulation 10 applies to the aggregate eligible deposits placed by a depositor with the same member, irrespective of the number of accounts, the currency, or the location within the EEA.

(3) The share of each depositor of a joint account shall be considered separately in calculating the limits provided for in regulation 10, except where sub-regulation (4) applies. In the absence of contrary provision, the joint account shall be divided equally among the depositors.

(4) Deposits in an account to which two or more persons are entitled as members of a business partnership, association, or grouping of a similar nature, without legal personality, shall be aggregated and treated as if made by a single depositor for the purpose of calculating the limit provided for in regulation 10.

(5) Where a depositor is not absolutely entitled to the sums held in an account and another person is absolutely entitled to such sums, the person who is absolutely entitled shall be entitled to compensation in respect of the deposit, provided that such person has been identified or is identifiable before the compensation date.

(6) Where several persons are absolutely entitled, the share of each under the arrangements subject to which the deposit is managed shall be taken into account when the limit provided for in regulation 10 is calculated.

(7) Liabilities of the depositor due to the member shall not be taken into account when calculating the repayable amount.

(8) Any compensation payable by the Scheme shall be calculated on the amounts credited to a depositor’s accounts and on any interest which has accrued until, but has not been credited on the compensation date. Such compensation shall not exceed the limits referred to in regulation 10 in the aggregate.