I, NICK MINCHIN, Minister for Finance and Administration, make this Determination under subsections 20 (2) and (3) of the Financial Management and Accountability Act 1997.

Dated                             26 JULY 2006

Nick Minchin

1              Name of Determination

                This Determination is the Financial Management and Accountability Determination 2006/25 — Lloyd’s Deposit Trust Account Variation and Abolition 2006.

2              Commencement

                This Determination commences at the time at which subsection 22 (4) of the Financial Management and Accountability Act 1997 is complied with.

 Note      This Determination takes effect in accordance with section 22 of the Financial Management and Accountability Act 1997. The Parliament must consider the Determination before it can take effect, and either House may pass a resolution disallowing the Determination. If neither House passes such a resolution, the Determination takes effect on the day immediately after the last day upon which such a resolution could have been passed.

3              Variation

                Schedule 1 varies the determination entitled Initial Determination to Establish Components of the Reserved Money Fund which established, among others, the Lloyd’s Deposit Trust Account.

4              Abolition

                The Lloyd’s Deposit Trust Account is abolished with effect from the time at which:

(a)        Schedule 1 has taken effect; and

(b)       the balance of the appropriation for the Lloyd’s Deposit Trust Account reaches zero.

Schedule 1        Variation

(section 3)

Do not delete : Schedule Part Placeholder

[1]           Determination, attachment, Department of the Treasury, item for Lloyd's Deposit Trust Fund Reserve, second column

omit

Recording deposits made in accordance with the provisions of the Insurance Act 1973.

insert

(1)    Recording deposits made in accordance with the provisions of the Insurance Act 1973.

(2)    To credit amounts to the Lloyd's Deposit Trust Special Account.