CP-A.1 CP-A.1 Purpose
CP-A.1.1
The purpose of this module is to set out rules and regulations establishing a Deposit Protection Scheme (the 'Scheme') for compensating eligible depositors (as defined under section CP-2.1) when the banks (referred to under section CP-2.1) are unable, or likely to be unable, to satisfy claims against them.
CP-A.1.2
The body established to operate and administer the compensation scheme is the Deposit Protection Board (the 'Board'). The module sets out rules and regulations that would allow the Board to:
(a) administer and implement the scheme;(b) calculate compensation amount; and(c) establish rules of operation.CP-A.1.3
The module also specifies:
(a) who is eligible for receiving compensation;(b) how the scheme will be funded;(c) who the contributing banks are; and(d) what are contributing banks' responsibilities regarding the implementation of the scheme.
