S.L. 371.9 Art. 13Time limits.

(1) The Scheme shall pay compensation in respect of eligible deposits without a request to the Scheme being necessary within the applicable time period and as soon as reasonably practicable after:

(a) it is satisfied that the conditions in regulation 10(1) have been satisfied; and

(b) it has calculated the amount of compensation due to the depositor.

(2) Saving sub-regulation (3), the applicable time period referred to in sub-regulation (1) shall be reckoned the day following the compensation date as follows:

(a) twenty working days until 31 December 2018;

(b) fifteen working days from 1 January 2019 until 31 December 2020;

(c) ten working days from 1 January 2021 and until 31 December 2023;

(d) seven working days from 1 January 2024.

(3) The applicable period shall be three months reckoned the day following the compensation date in those cases where regulation 12(5) and (6) applies or where the Scheme reasonably believes that regulation 12(5) and (6) may apply.

(4) During the transitional period until 31 December 2023, where the Scheme cannot pay compensation within seven working days, the Scheme shall ensure that depositors have access to an amount, equivalent to three times the gross weekly minimum wage on the compensation date, to cover the cost of living, within five working days of a request from the depositor. The Scheme shall only grant access to the amount referred to in this sub-regulation, within five (5) working days, on the data provided by the member. Such amount shall be deducted from the compensation which may be payable.