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报告摘要

Financial Services Compensation Scheme (FSCS) SDD Levies Summary – July 2012

Core Content

The Financial Services Compensation Scheme (FSCS) levied funds to cover the costs associated with the failure of five banks in 2008/09, known as the Specified Deposit-taker Defaults (SDDs). These levies are calculated based on the proportion of each firm's protected deposits to the total industry protected deposits (IPD), using a specific formula.

Key Information

FSCS SDD Loan: In 2008, the FSCS borrowed £20.4bn to fund compensation and account transfers for consumers affected by the SDDs.
Repayment Mechanism: The FSCS repays the loan interest at a rate of 12 months LIBOR plus 30 basis points.
Levy Calculation Formula:
$$
\text {Firm’s SDD levy} = \frac {\text {Firm’s protected deposits}}{\text {Industry protected deposits}} \times \text {SDD interest}
$$
Protected Deposits Definition: The definition of protected deposits changed in December 2010, allowing deposit takers to report amounts under the covered deposit limit (£85,000) per depositor if the information was part of the Single Customer View (SCV).

SDD Levies by Year

Invoicing Date	Payable by	Year for which levy is raised	LIBOR rate used	SDD Interest Payment	SDD Loan Principal Repayment	Industry Protected Deposits (IPD)	Cut Off Date for IPD
July 2009	1 Sep 2009	2008/09	+30bp	£390m	--	£941,066m	31 Dec 2007
July 2010	1 Sep 2010	2009/10	+30bp	£377m	--	£991,707m	31 Dec 2008
July 2011	1 Sep 2011	2010/11	+30bp	£338m	--	£1,034,808m	31 Dec 2009
July 2012	1 Sep 2012	2011/12	+30bp	£362m	--	£890,707m	31 Dec 2010
July 2013	1 Sep 2013	2012/13	+100bp	£510m	--	£927,834m	31 Dec 2011
July 2013	1 Sep 2013	2013/14	+100bp	£270m	tbc	--	31 Dec 2012

Notes on the Table

(a): Figures are rounded to the nearest million.
(b): Includes £34m relating to the 2008/09 SDD interest.
(c): Figures may change based on future adjustments.
(d): The IPD level decreased significantly due to the new definition of protected deposits, which excludes certain types of accounts.

Historical SDD Levies

2008/09: The SDD interest was £390.2m, levied in July 2009. Additional costs of £15.7m were also levied for processing claims and verifying compensation.
2009/10: The SDD interest was £377.4m, with £34m allocated to 2008/09. A £3m adjustment was made, reflecting £5.6m returned to firms and £2.6m management costs.
2010/11: The SDD interest was £338.8m, including £334.4m for loan interest and £4.4m for B&B validation adjustments. Management costs were £2.6m.
2011/12: The SDD interest was £362m, with management costs of £2.9m included in the fees.

Future Levies (Indicative)

2012/13 onwards: The interest rate increased to 12-month LIBOR plus 100 basis points starting 1 April 2012. The FSCS expects to recover £15.6bn from Bradford and Bingley (B&B) but not recover approximately £802m from non-B&B loans.
Repayment Schedule: Three annual instalments of approximately £270m will be levied to repay the un-recoverable loan principal, starting in 2013/14.
Levy Timing: Unlike SDD interest levies, which are issued in July for the previous year, principal repayments are levied in the year they apply.
Invoicing: Firms will be invoiced for both interest and principal components in July 2013.

Conclusion

The FSCS continues to manage the costs associated with the 2008/09 banking defaults through a structured levy system. The levies are calculated based on the proportion of protected deposits, with adjustments made for changes in the definition of protected deposits and market conditions. The agreement with HM Treasury in 2012 indicates an increase in future levies, with a higher interest rate and the introduction of principal repayment instalments.

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