Irish Bank Resolution Corporation Act 2013
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Netting agreements, etc. |
18.— (1) Subject to subsection (3), nothing in this Act— | |
(a) affects the operation of— | ||
(i) the Netting of Financial Contracts Act 1995 , | ||
(ii) the European Communities (Settlement Finality) Regulations 2010 ( S.I. No. 624 of 2010 ), | ||
(iii) the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010 ), or | ||
(iv) Regulation 30 of the European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 ( S.I. No. 48 of 2011 ), | ||
in relation to an agreement to which IBRC or any of its subsidiaries or subsidiary undertakings is a party, or | ||
(b) affects the operation of any provision of the law of a Member State required for the implementation of the provisions of— | ||
(i) Directive 98/26/EC 1 of the European Parliament and of the Council of 19 May 1998 (as amended by Directive 2009/44/EC 2 of the European Parliament and of the Council of 6 May 2009), or | ||
(ii) Directive 2002/47/EC 3 of the European Parliament and of the Council of 6 June 2002 (as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009). | ||
(2) Nothing in this Act affects the operation of the Asset Covered Securities Acts 2001 and 2007. | ||
(3) The European Communities (Settlement Finality) Regulations 2010 ( S.I. No. 624 of 2010 ) are amended— | ||
(a) in Regulation 2, in subparagraph (a) of the definition of “insolvency proceedings”, by substituting the following for clauses (iii) and (iv): | ||
“(iii) a voluntary winding up (either creditors’ or members’) of the body, | ||
(iv) proceedings for the appointment of an administrator in respect of the body, and | ||
(v) a winding up of the body pursuant to the Irish Bank Resolution Corporation Act 2013 (No. _ of 2013),”, | ||
(b) in Regulation 3(a), by substituting the following for subparagraphs (ii) and (iii): | ||
“(ii) the making by the Court of an order for the winding up of the body, | ||
(iii) the passing by the members of the body of a resolution for the voluntary winding up (whether creditors’ or members’) of the body, and | ||
(iv) the making of the Special Liquidation Order by the Minister under the Irish Bank Resolution Corporation Act 2013,”, | ||
and | ||
(c) in Regulation 9(2), by substituting “a special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013, a liquidator” for “a liquidator”. | ||
1 OJ No. L 166, 11.9.1998, p.45. |