19.1 The “Central Fund” described in the Lloyd’s Annual Reports as the third link in the Chain of Security actually comprises two different funds: the “old” Central Fund established under the Central Fund Byelaw (No. 4 of 1986) and the New Central Fund established under the New Central Fund Byelaw (No. 23 of 1996). The New Central Fund, recognising the “firebreak” between 1992 and prior general business established by the Reconstruction and Renewal of 1995–1996, may not be used to make payments to any company in the Equitas Group or meet any liabilities reinsured by Equitas Reinsurance Limited. There are also other assets of Lloyd’s, referred to in the Lloyd’s accounts, which could be made available to meet members’ liabilities if the Council so decided. The “Central Fund” is an important component of the assets meeting the collective capital1 and solvency requirements2 for the Lloyd’s market under FSMA.