2(1)Section 16 of the 1965 Act (satisfaction of claims) is amended as follows.U.K.
(2)In subsection (1ZA) after “or 9” insert “, other than CSC-only claims,”.
(3)After subsection (1ZA) insert—
“(1ZAA)Notwithstanding subsection (1), if the amount payable by a person in respect of CSC-only claims for compensation under this Act in respect of any one occurrence or event constituting a breach of a duty imposed on that person by section 7, 7B, 8 or 9 reaches, in the aggregate and apart from interest or costs, the equivalent in sterling of 300 million special drawing rights, that person is not required to satisfy further claims for compensation.”
(4)In subsection (1A) for “or (3B)” substitute “, (1ZAA), (3B), (3BA), (3BB), (3BC) or (3BD)”.
(5)In subsection (3)(a) after “subsection (1)” insert “, (1ZA), (1ZAA), (1ZB)”.
(6)In subsection (3B)—
(a)after “or 10” insert “, other than CSC-only claims (“non-CSC-only claims”),”,
(b)after “further” insert “non-CSC-only”, and
(c)after “special relevant claims” insert “or CSC claims (or both)”.
(7)After subsection (3B) insert—
“(3BA)To the extent that further non-CSC-only claims for compensation are special relevant claims, the appropriate authority may be required to satisfy them up to the equivalent in sterling of 1,500 million euros (in the aggregate and apart from interest or costs).
(3BB)To the extent that further non-CSC-only claims for compensation are CSC claims, the appropriate authority may be required to satisfy them up to the equivalent in sterling of the aggregate of 700 million euros and the value of the CSC international pooled funds (in the aggregate and apart from interest or costs).
(3BC)To the extent that further non-CSC-only claims for compensation are both special relevant claims and CSC claims, the appropriate authority may be required to satisfy them up to the equivalent in sterling of the aggregate of 1,500 million euros and the value of the CSC international pooled funds (in the aggregate and apart from interest or costs).
(3BD)If the amount payable in respect of CSC-only claims in respect of any one occurrence or event constituting a breach of a duty imposed on a person by section 7, 7B, 8, 9 or 10 reaches, in the aggregate and apart from interest or costs, the equivalent in sterling of the aggregate of 300 million special drawing rights and the value of the CSC international pooled funds, the appropriate authority is not required to satisfy further such claims for compensation.
(3BE)If the CSC international pooled funds are (or will be) reduced by virtue of claims to which subsection (3) applies by 50%, the appropriate authority is not required to satisfy further claims for compensation if that would give rise to a further reduction of those funds except to the extent that those further claims are non-UK CSC claims.”
(8)In subsection (3C)(a) after “subsection (3B)” insert “or, in a case where the relevant reciprocating territory is also a CSC territory (as defined by section 16AA), (3BB)”.
(9)In subsection (3D)—
(a)in paragraph (b)(i) and (ii) after “subsection (1ZA)” insert “, (1ZAA),”, and
(b)in paragraph (b)(iii) after “subsection (3B)” insert “, (3BA), (3BB), (3BC), (3BD), (3BE)”.
Commencement Information
I1Sch. 22 para. 2 comes into force in accordance with s. 334(4)