97Application of monetary deposits

1. Subject to subsections (2) and (4), Part 7 of the Public Finance Act 1989 shall apply in respect of all money paid to the chief executive in respect of any monetary deposit or bond required or permitted under this Part.

2. Any money paid to the chief executive by a person in accordance with this section, together with any accrued interest thereon, may be applied by the Minister, as he or she thinks fit, in or towards the payment of any money payable by the person to the Crown in relation to the permit concerned or in relation to any other permit held by that person.

3. Subject to subsections (2) and (5), a permit holder shall, during the currency of a permit in respect of which money is held by the chief executive, be entitled to receive all interest from time to time earned on the money while it is held by the chief executive.

4. Subject to subsection (5), on the termination or transfer of any permit in respect of which money is held by the chief executive the following provisions shall apply:

5. if the permit holder has substantially complied with the conditions of the permit throughout its currency, he or she shall be entitled to a refund of the deposit, together with all accrued interest thereon, less any amount that has been applied by the Minister in accordance with subsection (2):
6. if, in the opinion of the Minister, the permit holder has failed to comply substantially with the conditions of his or her permit, the Minister may direct that the full deposit or such part of it as he or she thinks fit shall be paid into the Departmental Bank Account in respect of outstanding fees, or into a Crown Bank Account in respect of other payments outstanding (including interest payable under section 99J); and in any such case the balance (if any) of the deposit shall be refunded to the permit holder.

7. In the case of any monetary deposit or bond held by the chief executive under a financial security required under section 89ZL, the provisions of subsections (3) and (4) apply subject to the following modifications:

8. the funds held by the chief executive must not be released until any required decommissioning is completed, unless they are released under section 89ZN(5):
9. any interest to be paid to the permit holder must be repaid in 1 lump sum at the time when the principal sum deposited by the permit holder under section 89ZL is refunded.