[215 Rights of the scheme in insolvency]
[215 Rights of the scheme in insolvency]

[(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;

“building society” has the meaning given in the Building Societies Act 1986;

“credit union” means a credit union within the meaning of—

(a)     the Credit Unions Act 1979; or