Central Bank and Credit Institutions (Resolution) Act 2011

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Number 27 of 2011

CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1. Short title, collective citation and commencement.

2. Interpretation.

3. References to certain credit institutions.

4. Purposes of Act.

PART 2

General matters in relation to resolution powers

5. Responsibility for exercise of functions of Bank under this Act.

6. Independence of Bank and Governor not affected.

7. Minister and Bank to have regard to European Union law.

8. Bank to cooperate with relevant authorities outside State.

9. Intervention conditions.

PART 3

Credit Institutions Resolution Fund

10. Credit Institutions Resolution Fund.

11. Management and administration of Fund.

12. Minister may contribute to Fund.

13. Authorised credit institutions to contribute to Fund.

14. Offence in relation to Fund.

15. Regulations in relation to Fund.

16. Minister to consult Bank in certain circumstances.

PART 4

Bridge-banks

17. Bank’s power to establish bridge-banks.

18. Bridge-bank may carry on banking business.

19. Regulations in relation to bridge-banks.

PART 5

Transfer of assets and liabilities

20. Interpretation (Part 5).

21. Preconditions for making a proposed transfer order.

22. Bank’s power to impose requirements.

23. Bank may disclose information to potential transferee.

24. Directors’ duties where Bank imposes requirements on authorised credit institutions.

25. Bank not to be director, etc.

26. Proposed transfer order — written notice.

27. Transferor not to dispose of assets, liabilities.

28. Transfers to be at market value.

29. Proposed transfer order — contents.

30. Hearing of application for transfer orders — procedure.

31. Publication of transfer orders.

32. Application to vary transfer order.

33. Application to vary transfer order where transferee is bridge-bank.

34. Application to set aside transfer order.

35. Application by creditor for permission to apply for compensation.

36. Appointment of Assessor.

37. Expenses, etc., of Assessor and engagement of staff.

38. Applications to Assessor.

39. Submissions to Assessor.

40. Determination of fair and reasonable compensation.

41. Circulation of draft report for comment.

42. Report by Assessor.

43. Review of determination of compensation, etc.

44. Limitation of judicial review of the Assessor’s determination.

45. Content of transfer order.

46. Provision of financial incentive to transferee.

47. Repayment of financial incentive.

48. Procedure if transferor disputes consideration for assets and liabilities.

49. Effect of transfer order — general.

50. Effect of transfer order in relation to securities.

51. Transfer of foreign assets and liabilities.

52. Application of Bankers’ Books Evidence Acts 1879 to 1989.

53. Stamp duty.

PART 6

Special management

54. Interpretation (Part 6).

55. Preconditions for making a proposed special management order.

56. Proposed special management order — written notice.

57. Proposed special management order — contents.

58. Hearing of application for special management orders — procedure.

59. Publication of special management orders.

60. Application to vary special management order.

61. Application to set aside special management order.

62. Content of special management order.

63. Terms of appointment.

64. Remuneration, etc., of special managers.

65. Resignation and vacancy in office, etc.

66. Effect of special management order — general.

67. Functions of special managers.

68. Performance of functions of special managers.

69. Effect of appointment of special manager.

70. Powers of special manager to remove officers, employees and others.

71. Relationship between special manager and directors.

72. Special manager not to be director, etc.

73. Extension of special management.

74. Termination of special management.

PART 7

Bank’s powers in liquidation of authorised credit institutions

75. Interpretation (Part 7).

76. Application of Companies Acts to winding-up of authorised credit institutions.

77. Bank may petition to have authorised credit institution wound up, etc.

78. Bank’s role in winding-up authorised credit institutions.

79. Liquidators of authorised credit institutions.

80. Objectives of liquidator of authorised credit institution.

81. Bank may make money available.

82. Payments from deposit protection account to be debts due to Bank.

83. Liquidation committee — establishment.

84. Liquidation committee — functions.

85. Liquidation committee — procedure.

86. Functions of Bank after liquidation committee ceases to exist.

87. Achievement of Objective 1.

88. Transfer of accounts.

89. Modifications to Companies Acts in winding-up of authorised credit institutions.

90. Application of this Part to bodies incorporated outside State.

PART 8

Recovery plans and resolution plans

91. Recovery plans.

92. Implementation of recovery plans.

93. Resolution plans.

94. Offences.

PART 9

Miscellaneous

95. Effect of CIWUD Directive.

96. Application of certain laws in relation to transfers, etc., of credit institutions.

97. Proposed orders, etc., to be kept in confidence.

98. Costs incurred in relation to making orders, etc.

99. Confidentiality of proceedings.

100. Effect of orders on certain other obligations.

101. Limitation of operation of section 100.

102. Limitation of judicial review.

103. Limitation of certain rights of appeal to Supreme Court.

104. Application of laws in relation to netting agreements, etc.

105. Saving of legal proceedings, etc.

106. Codes of practice.

107. Guidelines on Bank’s exercise of functions under this Act, etc.

108. Relationship framework between Minister and Bank.

109. Regulations.

PART 10

Amendment of other enactments and statutory instruments

110. Amendments of Acts.

111. Amendments of statutory instruments.

SCHEDULE 1

Powers to Require Persons to Give Evidence or Produce Documents

SCHEDULE 2

Amendments of Acts

PART 1

Amendments of Act of 1942

PART 2

Amendment of Central Bank Act 1989

PART 3

Amendments of Credit Union Act 1997

PART 4

Amendments of Land and Conveyancing Law Reform Act 2009

PART 5

Amendments of Act of 2010

SCHEDULE 3

Amendments of statutory instruments

PART 1

Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010

PART 2

Amendments of Regulations of 2011

Acts Referred to

Number 27 of 2011

CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

AN ACT TO MAKE PROVISION FOR AN EFFECTIVE AND EXPEDITIOUS RESOLUTION REGIME FOR CERTAIN CREDIT INSTITUTIONS AT THE LEAST COST TO THE STATE; TO AMEND CERTAIN ENACTMENTS; AND FOR RELATED MATTERS.

[20th October, 2011]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: