Anglo Irish Bank Corporation Act 2009

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Effect on certain other rights.

9.— (1) In this section “relevant instrument” means an agreement, licence, security, obligation or other instrument (other than the Credit Institutions (Financial Support) Scheme 2008 ( S.I. No. 411 of 2008 ) or an instrument entered into under that Scheme) to which any of the following is a party or by which any of the following is bound:

(a) Anglo Irish Bank;

(b) any of its subsidiaries or subsidiary undertakings;

(c) any body corporate in which Anglo Irish Bank or any of its subsidiaries or subsidiary undertakings has any interest.

(2) Any provision in a relevant instrument that would (apart from this subsection) cause any of the consequences specified in subsection (4) to follow by virtue of—

(a) the announcement by the Minister of the intention to enact this Act,

(b) the transfer of shares to the Minister under this Act,

(c) the re-registration of Anglo Irish Bank as a private company limited by shares by virtue of section 6 ,

(d) the de-listing of any equity or other security by virtue of section 12 , or

(e) any other thing done or authorised to be done pursuant to or resulting from any provision of this Act,

is of no effect, except to any extent to which the Minister provides otherwise by order under subsection (5).

(3) A provision referred to in subsection (2) shall be taken never to have been of any effect at any time after 14 January 2009, except to any extent to which the Minister provides otherwise by order under subsection (5).

(4) The consequences are the following:

(a) the creation of an obligation;

(b) the suspension or extinction (however described, and whether in whole or in part) of a right or an obligation or the becoming subject to a right or an obligation;

(c) the termination of the relevant instrument concerned or a right or obligation under it;

(d) the becoming exercisable of a right to terminate the instrument or a right or obligation under it;

(e) the becoming due and payable or capable of being declared due and payable of an amount;

(f) any other change in the amount or timing of any payment falling to be made or due to be received by any person;

(g) the becoming exercisable of any right to withhold, net or set off any payment;

(h) the arising of an event of default or breach of a right;

(i) the becoming exercisable of any right not to advance any amount, contingent instrument or credit;

(j) the arising of an obligation to provide or transfer a deposit or collateral;

(k) a right to enforce a guarantee, indemnity or security interest (however described);

(l) the triggering of any mandatory prepayment;

(m) any obligation to return collateral or its equivalent;

(n) the cancellation of any obligation to advance any amount or to provide credit or a contingent instrument;

(o) the becoming maintainable of proceedings to enforce the instrument, to any extent that such proceedings would not have been maintainable had the shares not been transferred or had any other thing done or matter arising by virtue of or in connection with this Act not been done or not arisen, as the case may be;

(p) the arising or becoming exercisable of any other right or remedy (whether or not similar in kind to those referred to in paragraphs (a) to (o));

(q) the termination or alteration of an obligation to provide a service or product.

(5) If the Minister is satisfied that in a particular case or cases the effect of subsections (1) to (4) in all the circumstances is unduly onerous, or causes undue unfairness or undue hardship, and that it is appropriate in all the circumstances to do so, he or she may by order provide that, notwithstanding anything in those subsections, a provision in a relevant instrument that provides for a consequence mentioned or referred to in subsection (4) has effect to the extent specified in the order.

(6) An order under subsection (5)—

(a) may make provision in relation to the effect of a provision in—

(i) a particular relevant instrument,

(ii) relevant instruments of a particular kind, or

(iii) rights held under a relevant instrument, or relevant instruments of a particular kind, by a particular person or a particular class of persons,

(b) in the case of an order that makes provision in relation to relevant instruments of a particular kind, may specify the kind by reference to any common characteristic of the instruments concerned,

(c) in the case of an order that makes provision in relation to rights held by a particular class of persons, may specify the class by reference to any common characteristic of the persons concerned, and

(d) may be expressed to have retrospective effect to a date falling after 14 January 2009.

(7) Notice of the making of an order under subsection (5) shall be published as soon as is practicable in Iris Oifigiúil.

(8) If the Attorney General considers that an order under subsection (5) contains matter that is commercially sensitive, he or she may direct—

(a) that the obligations in relation to the order under section 3 (1) of the Statutory Instruments Act 1947 are to be taken to be satisfied by the printing, sending to the institutions mentioned in section 3(1)(a) of that Act, publication and sale of a version of the order from which the commercially sensitive matter is omitted, or

(b) if the preparation of such a version would be impracticable, or would result in the version being seriously misleading, that the order is exempt from the operation of section 3(1) of that Act.

(9) A version of an order prepared in accordance with a direction given by the Attorney General under subsection (8)(a) shall indicate that matter has been omitted from the version of the order and the general nature of that matter.

(10) A direction given by the Attorney General under subsection (8) shall be published in Iris Oifigiúil.

(11) Evidence of a direction given by the Attorney General under subsection (8) may be given by the production of a copy of IrisOifigiúil purporting to contain the direction.

(12) Nothing in this Act affects the operation of the Asset Covered Securities Acts 2001 and 2007 in relation to Anglo Irish Bank and its subsidiaries and subsidiary undertakings.