Central Bank Act, 1989.

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Eligible deposits.

62.—(1) In this Chapter “eligible deposits”, in relation to every person maintaining deposits (including deposits on current accounts) with the holder or former holder of a licence which is being wound up, means the amount of the total liability of the holder or former holder remaining due to every such person in respect of—

(a) deposits denominated in Irish pounds, and

(b) any deposits denominated otherwise than in Irish pounds as may be specified (either generally or in particular) by regulations under section 72 (2),

at offices in the State of the holder or former holder, together with any interest or other premium accrued thereon up to and including the day of the commencement of the winding up but does not include—

(i) any amount to which subsection (2) relates,

(ii) any deposit maintained by an excluded depositor,

(iii) any deposit which relates to moneys due to the Bank,

(iv) interbank deposits,

(v) deposits represented by negotiable certificates of deposit,

(vi) any deposit which relates to moneys due to any body or category of persons to whom section 7(4) (as amended by this Part) of the Act of 1971 applies, other than a credit union or a friendly society, and

(vii) any deposit to which paragraph (b) relates where the relevant provisions of the regulations concerned came into operation after the commencement of the winding up.

(2) In calculating the amount of an eligible deposit—

(a) there shall be deducted from the total liability of the holder or former holder to the person maintaining a deposit to which subsection (1) relates, the amount of any liability of that person to that holder or former holder in respect of which a right of set-off against the said deposit existed immediately before the commencement of winding up or in respect of which such a right would have existed had—

(i) the said deposit been repayable on demand, and

(ii) such liability fallen due,

immediately before such winding up, and

(b) no account shall be taken of any debt—

(i) of the holder or former holder of the licence concerned unless it has been proved in accordance with sections 283 and 284 of the Companies Act, 1963 , and

(ii) where the holder's licence has been revoked, for any sum deposited by a person with that former holder after such revocation where the Bank is satisfied that, at the time the deposit was made, the person knew or could reasonably be expected to have known that the licence had been revoked.

(3) In this section “commencement of winding up” shall, where appropriate in the circumstances, be construed in accordance with section 220 or 253 of the Companies Act, 1963 .