S.I. No. 192/2024 - European Union (Bank Recovery and Resolution) Resolution Fund Levy (Amendment) Regulations 2024

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 10th May, 2024.

In the exercise of the powers conferred on the Central Bank of Ireland (the “Bank”), as designated resolution authority, by Regulation 166 of the European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289 of 2015 ), after consultation with the Minister for Finance in accordance with Regulation 199 thereof, the Bank hereby makes the following regulations:

Citation

1. These Regulations may be cited as the European Union (Bank Recovery and Resolution) Resolution Fund Levy (Amendment) Regulations 2024.

Interpretation

2. In these Regulations, “Principal Regulations” means the European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2023 ( S.I. No. 226 of 2023 ).

Amendment

3. Regulation 3 of the Principal Regulations is amended by inserting after paragraph (2) the following:

“(3) For the purposes of paragraph (1), where the annual target level of the Bank and Investment Firm Resolution Fund is determined to be zero for a levy period, the levy payable in respect of that levy period is zero.

(4) In the circumstances referred to in paragraph (3), Regulations 4, 5, 6, 8, 10, and 11, including the Schedule to these Regulations, do not apply for that levy period.”

Signed for and on behalf of the CENTRAL BANK OF IRELAND

7 May 2024

GABRIEL MAKHLOUF,

Governor of the Central Bank of Ireland

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations amend Regulation 3 of the European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2023 ( S.I. No. 226 of 2023 ) to provide for circumstances where the annual target level of the Bank and Investment Resolution Fund is determined to be zero for a levy period.