S.L. 549.68 Art. 19Financial security.

(1) The potential operator shall present proof, as part of the application for a storage permit, that adequate provisions can be established, by way of financial security or any other equivalent and on the basis of arrangements established by the competent authority which may include financial security instruments, bank guarantees and adequate insurance cover, in order to ensure that all obligations arising under the permit issued pursuant to these regulations, including closure and post-closure requirements, as well as any obligations arising from inclusion of the storage site under the European Union Greenhouse Gas Emissions Trading

System for Stationary Installations Regulations can be met. This financial security shall be valid and effective before commencement of injection.

(2) The financial security shall be periodically adjusted to take account of changes to the assessed risk of leakage and the estimated costs of all obligations arising under the permit issued pursuant to these regulations as well as any obligations arising from inclusion of the storage site under the European Union Greenhouse Gas Emissions Trading System for Stationary Installations Regulations.

(3) The financial security or any other equivalent referred to in sub-regulation (1) shall remain valid and effective:

(a) after a storage site has been closed pursuant to regulation 17(1)(a) or (b), until the responsibility for the storage site is transferred to the competent authority pursuant to regulation 18(1) to (5);

(b) after the withdrawal of a storage permit pursuant to regulation 11(3):

(i) until a new storage permit has been issued;

(ii) where the site is closed pursuant to regulation 17(1)(c), until the transfer of responsibility pursuant to regulation 18(7):

Provided that the financial obligations referred to in regulation 20 have been fulfilled.