Central Bank and Credit Institutions (Resolution) Act 2011
|
Provision of financial incentive to transferee. |
46.— (1) The Minister may, at the request of the Bank, directly or indirectly provide a financial incentive, on terms and conditions that the Minister considers appropriate, to a person to become a transferee under— | |
(a) a transfer order, or | ||
(b) where a transfer order has been varied under section 33 , the transfer order as so varied. | ||
(2) For the purposes of subsection (1)(a), the person to which the financial incentive is given may be a bridge-bank. | ||
(3) A financial incentive may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance, and may be or may include financial support within the meaning of the Act of 2008. | ||
(4) Where the Minister provides a financial incentive under this Act, a term of the provision of the financial incentive may be in respect of the repayment in case of setting-aside of the transfer order, whether or not there is re-transfer of any assets or liabilities to the transferor. | ||
(5) The Minister may recover from the Fund the amount of any financial incentive that the Minister has provided. | ||
(6) The amount of any financial incentive provided is a debt due and owing to the Fund by the transferor and may be recovered as a simple contract debt in any court of competent jurisdiction. |