Irish Bank Resolution Corporation Act 2013

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Amendment of certain regulations for the purposes of their application to IBRC.

19.— (1) The European Communities (Deposit Guarantee Schemes) Regulations 1995 ( S.I. No. 168 of 1995 ) are amended—

(a) in Regulation 3, by inserting the following after paragraph (4):

“(5) In their application to a credit institution in respect of which the Special Liquidation Order has been made under the Irish Bank Resolution Corporation Act 2013 (No. _ of 2013), references in these Regulations to—

(a) a liquidator shall be construed as a reference to a special liquidator appointed under section 7 of that Act, and

(b) a credit institution being wound up by the Court, howsoever expressed, shall be construed as a reference to the credit institution being wound up by reason of that Special Liquidation Order and references to the Court shall be construed as references to that special liquidator.”,

(b) in Regulation 8A(1), by substituting the following for subparagraphs (b) and (c):

“(b) a court has appointed a liquidator or examiner of the credit institution,

(c) a judicial authority has made, for reasons directly related to the credit institution’s financial circumstances, any other ruling that has the effect of suspending depositors’ ability to make claims against it, or

(d) the Special Liquidation Order has been made in respect of the credit institution under the Irish Bank Resolution Corporation Act 2013.”,

and

(c) in Regulation 17 by inserting the following after paragraph (1):

“(1A) Notwithstanding any legal or contractual restriction, other than section 33AK(1A) of the Central Bank Act 1942 (No. 22 of 1942), the Bank and any entity listed in paragraph (1B) may disclose to each other any information, or any book, record, report, certificate or other document, that either one obtains in connection with a person believed to be a depositor of IBRC, any deposit held by that person with IBRC, any amount owed to IBRC or the person believed to owe that amount.

(1B) The entities referred to in paragraph (1A) are—

(a) the Minister for Finance;

(b) the National Treasury Management Agency;

(c) the National Asset Management Agency;

(d) a special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013;

(e) an agent or adviser of any of the entities specified in subparagraphs (a) to (d).

(1C) The disclosure of any information, or any book, record, report, certificate or other document under paragraph (1A) does not contravene any duty of confidentiality to which the entity disclosing that information, book, record, report, certificate or other document would otherwise be subject.

(1D) The production of any book, record, report, certificate or other document under paragraph (1A) that the entity concerned could not have been compelled to produce to any court on the grounds of legal professional privilege does not constitute a waiver of that privilege.”.

(2) The European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 ( S.I. No. 131 of 2003 ) are amended in Regulation 6—

(a) in paragraph (2), by inserting the following after subparagraph (e):

“(f) a winding up pursuant to the Special Liquidation Order made by the Minister for Finance under the Irish Bank Resolution Corporation Act 2013 (No. _ of 2013).”,

and

(b) by inserting the following after paragraph (2):

“(2A) Where the Minister for Finance makes the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013 that Minister shall be taken to be a competent public authority for the purposes of these Regulations.”.

(3) The European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 ( S.I. No. 48 of 2011 ) are amended in Regulation 2—

(a) in paragraph (1), in the definition of “administrative authority”, in subparagraph (a)(ii)(II) by substituting “that Act or the making of the Special Liquidation Order, the issuing of instructions or the giving of directions by that Minister to a special liquidator pursuant to the Irish Bank Resolution Corporation Act 2013 (No. _ of 2013),” for “that Act,”,

(b) in paragraph (1), in the definition of “administrative authority”, in subparagraph (a) by substituting the following for clauses (iii) and (iv):

“(iii) an administrator,

(iv) a liquidator, or

(v) a special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013,”,

(c) in paragraph (1), in the definition of “liquidator”, by substituting “a special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013, a liquidator” for “a liquidator”, and

(d) in paragraph (4), by substituting the following for paragraph (g):

“(g) the Central Bank and Credit Institutions (Resolution) Act 2011 (No. 27 of 2011);

(h) the Irish Bank Resolution Corporation Act 2013 (No. _ of 2013).”.