S.I. No. 418/2004 - Asset Covered Securities Act, 2001 (Section 61(3)) [Irish Residential Property/Loan Valuation] Regulation 2004

Section 33C of the Central Bank Act, 1942 (as amended) designates the Irish Financial Services Regulatory Authority (the “Authority”) as being the body responsible for exercising the powers conferred on the Central Bank and Financial Services Authority of Ireland by Section 61 (3) of the Asset Covered Securities Act, 2001 (no 47 of 2001) (as amended). The Authority hereby makes the following Regulation:

1.         This Regulation may be called the Asset Covered Securities Act, 2001 (Section 61 (3)) (Residential Property/Loan Valuation) Regulation 2004.

2.         In this Regulation the “Act” means the Asset Covered Securities Act, 2001 (No. 47 of 2001) (as amended). 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 cover-assets monitor appointed in respect of a designated mortgage credit institution is responsible for monitoring the designated mortagage credit institution's compliance with the Asset Covered Securities Act, 2001 Regulatory Notice (Section 41 (1)) 2004 [Irish Residential Property Assets/Mortgage Credit Assets].

EXPLANATORY NOTE

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

This Regulation prescribes as an additional responsibility for the cover-assets monitor appointed in respect of a designated mortgage credit institution, the monitoring of the designated mortgage credit institution's compliance with the Asset Covered Securities Act 2001 Regulatory Notice (Section 41 (1) 2004 [Irish Residential Property Assets/Mortgage Credit Assets].