ACC Bank Act, 1992

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Amendment of section 2 of Insurance (Amendment) Act, 1978.

12.—The Insurance (Amendment) Act, 1978 , is hereby amended by the substitution for section 2 (inserted by section 27 of the Insurance Act, 1989 ) of the following section:

“2.—(1) This Act applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by—

(a) a licensee in the course of his banking business, or

(b) the Industrial Credit Corporation public limited company in the course of its business, or

(c) Fóir Teoranta in the course of its business, or

(d) ACC Bank public limited company in the course of its business,

or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both—

(i) a requirement of—

(I) a licensee,

(II) the Industrial Credit Corporation public limited company,

(III) Fóir Teoranta, or

(IV) ACC Bank public limited company, and

(ii) made solely for the purposes of securing financial facilities to be made available by—

(I) that licensee,

(II) the Industrial Credit Corporation public limited company,

(III) Fóir Teoranta, or

(IV) ACC Bank public limited company.

(2) In this section—

‘banking business’ has the meaning assigned to it by section 2 (as amended by section 29 of the Central Bank Act, 1989 ) of the Central Bank Act, 1971 ;

‘licensee’ means the holder of a licence granted under section 9 of the Central Bank Act, 1971 .”.