S.I. No. 470/2010 - Credit Institutions (Eligible Liabilities Guarantee) (Amendment) Scheme 2010.

Item

Provision amended

Amendment

1

Article 3, definition of “commencement date”

Delete.

2

Article 3, definition of “eligibility criteria”

Delete.

3

Article 3, definition of “guaranteed liability”

Substitute:“ ‘guaranteed liability’ means—(a) subject to paragraph 13 of the Schedule, an eligible liability in the form of a deposit; and(b) any other eligible liability in respect of which the scheme operator has issued an eligible liability guarantee certificate or which is issued under a guaranteed programme;”.

4

Article 3, definition of “issuance period”

Delete.

5

Article 3, definition of “Scheme”

Delete.

6

Article 4

Delete “the commencement date of this Scheme”, substitute “9 December 2009”.

7

Schedule, subparagraphs (a) and (b) of paragraph 3.1

Substitute:“(a) if it is a covered institution, within 60 days after 9 December 2009, or(b) if it is not a covered institution, on or before 31 December 2010;”.

8

Schedule, paragraph 5

Delete “the commencement date”, substitute “9 December 2009”.

9

Schedule, paragraphs 11 and 12

Substitute:“11.1 A liability is an eligible liability if it meets the following criteria:(a) it is in the form of—(i) subject to paragraph 11.2, a deposit,(ii) a senior unsecured certificate of deposit,(iii) senior unsecured commercial paper,(iv) other senior unsecured bonds and notes, or(v) subject to paragraph 11.3, any other form of senior unsecured debt approved by the Minister;(b) it has a maturity of 5 years or less;(c) it was incurred after the relevant participating institution became a participating institution under this Scheme and on or before 31 December 2010;(d) if it is not a deposit—(i) it does not contain an event of default (however described or constituted) constituted by cross-default or cross-acceleration, and(ii) it is denominated—(I) in the case of an eligible liability issued under a programme, in a currency permitted by the programme documentation, or(II) in any other case, in euro, pounds sterling or US dollars or another currency approved by the Minister.11.2 A deposit is not an eligible liability to any extent to which it is covered by a deposit guarantee scheme constituted under the law of the State or of another country.11.3 The Minister shall approve a form of senior unsecured debt for the purposes of paragraph 11.1(a)(v) if and only if—(a) doing so is consistent with European State aid rules and the European Commission’s Communication “The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis” (2008/C 270/02)¹ , and(b) he or she has consulted with the European Commission.”.

10

Schedule, paragraph 14

Delete “issued during the issuance period”.

11

Schedule, paragraph 18

Substitute:“18. The eligible liability guarantee shall terminate at midnight on 31 December 2015.”.

12

Schedule, paragraph 20

Delete.

13

Schedule, paragraph 25.1

Delete “paragraphs 19 and 20”, substitute “paragraph 19”.

14

Schedule, paragraph 30

Delete “the commencement date” (twice occurring), substitute for each such occurrence “9 December 2009”.