Plan and Budget 2008-09
Class A Deposit |
£5m 2008/09 estimated gross initial funding requirement |
Cost drivers |
Claims relating to credit union failures and a share of FSCS's management expenses. |
Any credit or debit from previous contribution groups? |
NO - special rules mean the estimated £0.9m credit has been used to reduce the 2008/09 funding requirement. |
What will firms in this Sub-class pay? |
The net amount to be paid by individual firms is their share of the £5m funding requirement, according to their 2008/09 tariff data. |
Firms in the previous contribution group (A1) benefited from funds transferred from the previous deposit protection body, the Deposit Protection Board (DPB), at N2, which amounted to some £9m. These funds have been used to pay deposit claims, such as the few remaining BCCI claims, those against London Trust Bank and credit union claims.
Of the funds transferred at N2, £0.9m is forecast to remain at 31 March 2008. The transitional requirements for money transferred from the DPB restricts the use of this money to deposit claims and related funding needs. The funds will continue to be used to pay claims against deposit-takers, such as credit unions, and have been used to reduce the 2008/09 funding requirement in Class A.
