[(1) The compensation scheme may make provision—
(a) about the effect of a payment of compensation under the scheme on rights or obligations arising out of matters in connection with which the compensation was paid;
(b) giving the scheme manager a right of recovery in respect of those rights or obligations.]
(2) Such a right of recovery conferred by the scheme does not, in the event of [a person's insolvency], exceed such right (if any) as the claimant would have had in that event.
[(2A) Any payment made by the scheme manager under section 214B(2) in connection with the exercise of a stabilisation power in respect of a bank, building society or credit union is to be treated as a debt due to the scheme manager from that bank, building society or (as the case may be) credit union.
(2B) In subsection (2)—
“bank” has the meaning given in section 2 of the Banking Act 2009;
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