S.I. No. 387/2002 - Asset Covered Securities Act, 2001 (Section 6(2)) Regulation, 2002

The Central Bank of Ireland (the “Authority”), in exercise of the powers conferred on it by Section 6 (2) of the Asset Covered Securities Act, 2001 (No. 47 of 2001), hereby makes the following Regulation:

1.   This Regulation may be called the Asset Covered Securities Act, 2001 (Section 6(2) Regulation, 2002.

2.   In this Regulation the “Act” means the Asset Covered Securities Act, 2001 (No. 47 of 2001). A word or expression that is used in this Regulation and is also used in the Act has, unless the contrary intention appears, the same meaning in this Regulation as in the Act.

3.   The eligible financial institutions designated for the purposes of Section 6 (1) of the Act shall be :-

(a)        (i)  any credit institution which is authorised within the State or any other EEA country, or

(ii)  a bank which is authorised to receive deposits or other repayable funds from the public and is located in Canada, Japan, the Swiss Confederation, the United States of America, and

(b)       which is rated by :-

(i)  Moody's Investor Service at A1 or higher in respect of its long term debt, or P-1 in respect of its short term debt (the “Moody's rating”), or

(ii)  Standard & Poor's Corporation at a rating equivalent to the Moody's rating, or

(iii) Fitch Investors Services L.P. at a rating equivalent to the Moody's rating, or

(iv) a rating agency acceptable to the Authority for this purpose at a rating equivalent to the Moody's rating.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Regulation designates those financial institutions which are eligible financial institutions to hold deposits which shall be eligible as substitution assets for the purposes of Section 6 of the Act.