ADVOKS GLOBAL · KENYA
The Banking (Deposit Protection Fund) Regulations
9. Protected deposit defined
Edition: 2022-12-31 · In force
9. Protected deposit defined
(1)Subject to the Act, and in relation to a contributory institution, any reference to a protected deposit is a reference to the total liability of the institution to the depositor limited to a maximum of one hundred thousand shillings:Provided that the Cabinet Secretary may, by Order, and with the approval of the Board, increase the sum specified under this regulation to a sum specified in the Order.(2)In determining the liability of a contributory institution to a depositor, no account shall be taken of any liability in respect of a deposit if it is no longer protected or if it was made after termination of the protection of deposits of that institution under section 38(5) of the Act.(3)In all cases before termination of protection of deposit, the Board shall publish a notice in the Gazette and in one national newspaper of its intention to terminate protection of deposits in an institution.(4)Unless the Board otherwise directs, there shall be deducted the amount of any liability of a depositor to the contributory institution in respect of which a right of set-off existed immediately before the institution became insolvent in accordance with section 39 (6) of the Act against any such deposit or in respect of which such a right would then have existed if the deposit in question had been payable on demand and the liability in question had fallen due.