Commonwealth Consolidated Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998 - SECT 54B

  (1)   There must be credited to the Account amounts equal to the following:

  (a)   an amount specified in a declaration under section   16AD of the Banking Act 1959 or section   62ZZC of the Insurance Act 1973 as an amount to be credited to the Financial Claims Scheme Special Account;

  (b)   an amount borrowed under this Division.

  (2)   To avoid doubt, if:

  (a)   the amount specified in a declaration described in paragraph   (1)(a) is credited to the Financial Claims Scheme Special Account; and

  (b)   the declaration is later amended so as to increase the amount;

only the increase, and not the whole of the increased amount, is to be credited to the Account as a result of the amendment.

Note:   Crediting the whole of the increased amount to the Account would lead to double - counting of the amount specified in the declaration before the amendment.