S.L. 371.9 Art. 3Objectives and functions.

(1) The objective of these regulations is to implement the relevant provisions of the Directive, and these regulations shall be interpreted and applied accordingly.

(2) Without prejudice to any other power or function conferred on it by these regulations or by any other law, it shall be the function of the Scheme:

(a) to maintain a fund or funds out of which payments shall be made to depositors and to meet such other payments or expenses as may be paid out of the fund or funds in accordance with these regulations;

(b) to establish and maintain, after consultations with the competent authority, arrangements for the making of payments to depositors in accordance with these regulations;

(c) to process claims for compensation by depositors as expeditiously as possible and to ensure that compensation is paid out without undue delay in terms of these regulations;

(d) to finance the resolution of members pursuant to regulation 33(2);

(e) to use its available financial means for alternative measures to prevent the failure of a member pursuant to regulation 33(3);

(f) to use its available financial means for alternative measures to preserve the access of depositors to covered deposits, including transfer of assets and liabilities and deposit book transfer, in the context of insolvency proceedings, pursuant to regulation 33(6);

(g) to advise the competent authority on matters relating to the functions of the Scheme.