Central Bank Act, 1989.
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Consent of Minister to certain acquiring transactions required. |
77.—(1) Where— | |
(a) the holder of a licence proposes to participate in an acquiring transaction and that holder controls, or would control as a consequence of the proposed transaction, whether alone or with any subsidiary or associated company, not less than 20 per cent. of the total assets in the State of all holders of licences, or | ||
(b) a person proposes to participate in an acquiring transaction which involves the acquisition of shares or other interest in a holder of a licence which controls, whether alone or with any subsidiary or associated company, not less than 20 per cent. of the total assets in the State of all holders of licences, | ||
then the Bank shall neither give nor refuse to give its approval without the prior consent of the Minister. | ||
(2) The Minister shall not give his consent under subsection (1) unless— | ||
(a) he is satisfied that the Bank's proposal to give or refuse to give its approval, as the case may be, would be in the interests of the orderly and proper regulation of banking, and | ||
(b) where the proposed acquiring transaction is of such a nature that the provisions of the Mergers, Take-overs and Monopolies (Control) Act, 1978 , apply, he has consulted with— | ||
(i) the Minister for Industry and Commerce, and | ||
(ii) such other Minister of the Government appearing to the Minister to be concerned, | ||
and he shall refuse to give his consent where he considers that the exigencies of the common good so warrant. | ||
(3) A consent by the Minister to a proposal of the Bank to approve a proposed acquiring transaction shall be subject to the imposition by the Bank of conditions (being such conditions, if any, which in the opinion of the Minister are necessary for the orderly and proper regulation of banking) as the Minister may specify in the consent. |