If you are a licensed deposit taker, you must pay a levy to the Bank or a prescribed person. The levy is the amount prescribed by the regulations made under this subpart. You pay the levy to help with the depositor compensation scheme.

You have to pay the levy by the date specified for payment, which is on an invoice or other document given to you by the Bank or the prescribed person. This date must be at least 30 days after the date of the invoice or document. You should check your invoice or document for the payment date.

If you do not pay the levy, you will have to pay interest on the unpaid amount, as stated in section 237. The Bank can recover the unpaid levy and interest under section 197(4). This rule is also subject to section 236, which has more information about the levy.