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Amendment of section 45 of Principal Act.
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33.— Section 45 of the Principal Act is amended—
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(a) in subsection (2)(b), by inserting “(including those relating to pool hedge collateral)” after “into”,
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(b) by substituting the following for subsections (3) and (4):
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“(3) If—
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(a) a contract of a kind referred to in subsection (1) relates only to—
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(i) public credit securities issued by a designated public credit institution,
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(ii) public credit assets or substitution assets, or both, that are comprised in a cover assets pool maintained by a designated public credit institution, or
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(iii) both—
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(I) public credit securities issued by a designated public credit institution, and
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(II) public credit assets or substitution assets, or both, that are comprised in a cover assets pool maintained by that institution,
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and
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(b) the institution and each other party to the contract have agreed that the contract is to be comprised in the cover assets pool as a cover asset,
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the institution shall ensure that the contract complies with the requirements of subsections (4) and (5).
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(4) A contract of the kind referred to in subsection (3)—
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(a) may relate only to—
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(i) public credit covered securities issued by the institution,
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(ii) public credit assets of substitution assets, or both, that are comprised in a cover assets pool maintained by it, or
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(iii) both—
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(I) public credit covered securities issued by the institution, and
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(II) public credit assets or substitution assets, or both, that are comprised in a cover assets pool maintained by it,
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and
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(b) may consist of one or more contracts or transactions which when taken together directly or indirectly so relate.”,
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and
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(c) by inserting the following after subsection (9):
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“(10) A designated public credit institution shall establish and keep a register in respect of any pool hedge collateral that it holds from time to time.
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(11) The register referred to in subsection (10) shall be called the register of pool hedge collateral and shall be kept separate from the register of public credit covered securities business.
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(12) The register of pool hedge collateral may be kept in book form, in electronic form or in any other form so long as the register is capable of being reproduced visually.
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(13) The institution shall include in the register of pool hedge collateral the following particulars:
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(a) particulars of the pool hedge collateral it holds from each counterparty to a cover assets hedge contract;
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(b) particulars of the cover assets hedge contracts that relate to the pool hedge collateral;
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(c) where the institution is registered as more than one kind of designated credit institution under this Act, particulars of the relevant cover assets pool to which the pool hedge collateral relates; and
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(d) such other particulars as are prescribed by the regulations made by the Authority pursuant to subsection (15).
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(14) Unless—
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(a) the Authority otherwise requires, by a direction in writing, whether to an individual designated public credit institution or to designated public credit institutions generally, or pursuant to a regulatory notice made in accordance with subsection (15), or
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(b) a designated public credit institution is potentially insolvent or insolvent,
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the consent of the cover-assets monitor shall not be required for an institution to make, amend or delete an entry in its register of pool hedge collateral.
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(15) The Authority may, by regulatory notice published in Iris Oifigiúil, specify requirements in relation to—
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(a) the type of assets or property that qualify as pool hedge collateral,
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(b) the maintenance and operation of the register of pool hedge collateral,
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(c) particulars that an institution shall include in the register of pool hedge collateral for the purposes of paragraph (d) of subsection (13),
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(d) the circumstances in which, pursuant to subsection (14), the consent of the cover assets monitor is required for a designated public credit institution to make, amend or delete an entry in its register of pool hedge collateral.
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(16) The Authority or any person authorised by the Authority may inspect and take copies of the register of pool hedge collateral.
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(17) The Authority may, by notice in writing, require a designated public credit institution to provide to the Authority or the cover-assets monitor, or both of them, such information in relation to pool hedge collateral held by that institution and at such intervals as may be specified to the institution by the Authority.”.
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