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the making
this Statutory Instrument was published in “Iris Oifigiúil”
9th November, 2021. I, PASCHAL DONOHOE, Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving effect to Directive (EU) 2019/2162
the European Parliament and
the Council
27 November 20191 , hereby make the following regulations: Citation and Commencement 1.
2001). Amendment
section 3
Principal Act 3. Section 3
the Principal Act is amended— (a) in subsection
the following definitions: “ ‘covered bond programme’ means a programme
issues
asset covered securities— (
the European Parliament and
the Council
27 November 20192 ; ‘extendable maturity structure’ means a mechanism which provides for the possibility
extending the scheduled maturity
asset covered securities for a pre-determined period
time and in the event that a maturity extension trigger, within the meaning
section 29A (including that section as modified in accordance with section 41B) or section 44A, occurs; ‘EBA’ means the European Banking Authority; ‘primary assets’ means— (a) in respect
the cover assets pool
a designated mortgage credit institution, mortgage credit assets, (b) in respect
the cover assets pool
a designated commercial mortgage credit institution, commercial mortgage credit assets, and (c) in respect
the cover assets pool
a designated public credit institution, public credit assets; ‘tier 1 creditor’, in relation to a designated or formerly designated credit institution, means all or any
the following persons: (a) the holder
an outstanding asset covered security issued by the institution; (b) a person (other than the holder) who has rights under or in respect
any such security by virtue
any legal relationship with the holder; (c) a person with whom the institution has entered into a cover assets hedge contract, but only if the person is in compliance with the financial obligations imposed under the contract; ‘tier 2 creditor’, in relation to a designated or formerly designated credit institution, means all or any
the following persons appointed in respect
the institution: (
the following definition for the definition
“preferred creditor”: “ ‘preferred creditor’ means all or any
the following persons: (
“credit institution”— (I) by the deletion
paragraph (c), and (II) by the substitution
the following paragraph for paragraph (e): “(e) a credit institution within the meaning
point
Regulation (EU) No 575/2013, that is authorised under Article 14
Council Regulation (EU) No 1024/2013;”, and (iv) by the deletion
the definitions
“article 22
the following subsection after subsection
section 4
Principal Act 4. Section 4
the Principal Act is amended— (a) by the deletion
subsection
the definition
“securitised”. Amendment
section 5
Principal Act 5. Section 5
the Principal Act is amended by the deletion
subsection
section 6
Principal Act 6. Section 6
the Principal Act is amended by the substitution
the following subsection for subsection
this Act: (a) exposures to credit institutions that qualify for credit quality step 1 or credit quality step 2, where those exposures are in the form
short-term deposits referred to in point (c)(i)
Regulation (EU) No 575/2013; (b) exposures to credit institutions that qualify for credit quality step 3, where those exposures are in the form
short-term deposits referred to in point (c)(i)
Regulation (EU) No 575/2013; (c) any specified kind
property that is for the time being designated by an order made under subsection
section 9
Principal Act 7. Section 9
the Principal Act is amended by the insertion
the following subsection after subsection
public supervision
asset covered securities referred to in Article 18
the Covered Bonds Directive.”. Cooperation an disclosure obligations 8. The Principal Act is amended by the insertion
the following sections after section 11: “Cooperation obligations 11A.
credit institutions in accordance with relevant European Union law applicable to those institutions, and (b) the resolution authority concerned in the event
the resolution
a credit institution issuing covered bonds.
the Covered Bonds Directive, including by providing such competent authorities with any information which is relevant for the exercise
those other authorities’ supervisory tasks under the provisions
national law
the Member State concerned transposing the Covered Bonds Directive.
subsection
a competent authority referred to in subsection
the Covered Bonds Directive, cooperate with the EBA or, where relevant, with the European Supervisory Authority (European Securities and Markets Authority), established by Regulation (EU) No 1095/2010
the European Parliament and
the Council.
the issue
covered bonds in another Member State. Disclosure obligations 11B.
ficial website: (a) the text
this Act and any other Act relating to the issue
asset covered securities; (b) the text
statutory instruments, if any, relating to the issue
asset covered securities; (c) the text
administrative rules and general guidance, if any, adopted in relation to the issue
asset covered securities; (d) a list
designated credit institutions; (e) a list
asset covered securities that are entitled to use the label ‘European Covered Bond’; (f) a list
asset covered securities that are entitled to use the label ‘European Covered Bond (Premium)’.
the approach adopted by the Authority and the approach adopted by competent authorities designated pursuant to Article 18
the Covered Bonds Directive by Member States other than the State.
any changes to that information.
— (a) the list
designated credit institutions referred to in subsection
asset covered securities referred to in subsection
asset covered securities referred to in subsection
section 16
Principal Act 9. Section 16
the Principal Act is amended, in subsection
“is relevant to covered bonds” for “is relevant to article 22
the Codified Banking Directive”. Covered bond programmes 10. The Principal Act is amended by the insertion
the following Part after Part 3: “Part 3A COVERED BOND PROGRAMMES Application for permission for covered bond programme 26A.
the notice, within which the request is to be complied with.
operations setting out the issue
asset covered securities; (b) adequate policies, processes and methodologies aimed at investor protection for the approval, amendment, renewal and refinancing
loans included in the cover asset pool; (c) management and staff dedicated to the covered bond programme who have adequate qualifications and knowledge regarding the issue
asset covered securities and the administration
the covered bond programme; (d) an administrative set-up
the cover asset pool and the monitoring thereof that meets the applicable requirements under this Act. Operation
Covered Bond Programme 26C.
each covered bond programme for which it has been granted permission under section 26B. Review
covered bond programme 26D. The Authority may review a covered bond programme on a regular basis to assess compliance with this Act. Publication obligation – covered bond programmes 26E. The Authority shall publish the following on its website: (a) a list
the covered bond programmes for which permission has been granted under section 26B; (b) a list
the covered bond programmes in respect
which permission has been withdrawn under section 99A.”. Extendable maturity structures – designated mortgage credit institution 11. The Principal Act is amended by the insertion
the following section after section 29: “29A.
this section.
mortgage covered securities issued by a designated mortgage credit institution may only be extended by the institution where— (
the securities.
mortgage covered securities issued by the institution.
mortgage covered securities issued by the institution to enable the investors to determine the risk
the securities, including a detailed description
— (
the insolvency or resolution
the institution, and (c) the role
the Authority and, where relevant,
a manager with regard to the maturity extension.
mortgage covered securities issued by the institution is at all times determinable.
the insolvency or resolution
a designated mortgage credit institution, maturity extensions shall not affect the ranking
the investors in the mortgage covered securities issued by the institution or invert the sequencing
the original maturity schedule
a covered bond programme
the institution.
mortgage covered securities regarding dual recourse and bankruptcy remoteness.
the circumstances described in paragraph (a) or (b)
subsection
section 30
Principal Act 12. Section 30
the Principal Act is amended by the insertion
the following subsections after subsection
the kind referred to in subsection
a reduction in the risk being hedged, (
paragraph
Regulation (EU) No 575/2013. (5B) A designated mortgage credit institution shall provide to the Authority all necessary documentation in relation to a contract
a kind referred to in subsection
section 32
Principal Act 13. Section 32
the Principal Act is amended— (a) by the substitution
the following subsection for subsection
not less than that
the mortgage covered securities that relate to the pool, (b) that the prudent market value
the pool is greater than the total
the principal amounts
those securities, (c) that the total amount
interest payable in a given period
12 months in respect
the pool is, during that 12 month period, not less than the total amount
interest payable in respect
that period on those securities, and (
paragraphs (b), (c) and (d), the effect
any cover assets hedge contract that the institution has entered into in relation to the pool and those securities (but, for the purposes
this subsection, disregarding the effect
any pool hedge collateral), and (ii) in the case
paragraph (b), the expected costs related to maintenance and administration for the winding-down
the covered bond programme.”, (b) by the insertion
the following subsections after subsection
paragraphs (b) and (c)
subsection
Regulation (EU) No 575/2013. (8C) A designated mortgage credit institution shall calculate— (a) interest payable in respect
outstanding asset covered securities, and (b) interest receivable in respect
cover assets, in a manner which reflects sound prudential principles in accordance with applicable accounting standards.”, and (c) by the insertion
the following subsection after subsection
damage, and (b) the segregation
a mortgage credit asset encompasses any financial obligation to the institution consequent upon an insurance claim in respect
the residential property concerned.”. Cover asset pool liquidity buffer – designated mortgage credit institution 14. The Principal Act is amended by the insertion
the following section after section 32: “32A.
liquid assets available to cover the net liquidity outflow
its covered bond programme.
Regulation (EU) No 575/2013.
Regulation (EU) No 575/2013 shall not be used to contribute to a cover asset pool liquidity buffer.
the final maturity date in accordance with the contractual terms and conditions
the asset covered securities concerned.”. Amendment
section 33
Principal Act 15. Section 33
the Principal Act is amended— (a) by the insertion
the following subsection after subsection
fers a level
security similar to that
collateral assets located in the European Union, and (c) ensure that the realisation
the asset is legally enforceable in a way which is equivalent in effect to the realisation
collateral assets located in the European Union.”, and (b) by the insertion
the following subsections after subsection
Regulation (EU) No 575/2013, and (b) meets the requirements specified in Article 129
Regulation (EU) No 575/2013.
Regulation (EU) No 575/2013, and (b) meets the requirements specified in Article 129
Regulation (EU) No 575/2013.
this Chapter and section 58, a designated mortgage credit institution may use, as cover assets, assets originated by another credit institution which have been purchased from that other credit institution for the purpose
using them as cover assets.”. Amendment
section 35
Principal Act 16. Section 35
the Principal Act is amended, in subsection
“tier 1 creditor” for “preferred creditor (other than a super-preferred creditor)”. Reporting requirements – designated mortgage credit institution 17. The Principal Act is amended by the insertion
the following section after section 38: “38A.
assets and cover pool requirements, in accordance with sections 30 to 37, 39A, 58A and 58C; (
cover assets, in accordance with sections 38 and 83; (f) where applicable, the functioning
the cover pool monitor, in accordance with Part 5.
the insolvency or resolution
a designated mortgage credit institution.”. Investor information – designated mortgage credit institution 18. The Principal Act is amended by the insertion
the following section after section 40: “40A.
the covered bond programme, and (b) to carry out their due diligence.
the cover pool and outstanding asset covered securities; (b) a list
the ISINs for all asset covered securities issues under that programme, to which an ISIN has been attributed; (c) the geographical distribution and type
cover assets, their loan size and valuation method; (
cover assets and asset covered securities, including an overview
the maturity extension triggers if applicable; (f) the levels
required and available coverage, and the levels
statutory, contractual and voluntary overcollateralisation; (g) the percentage
loans where a default is considered to have occurred pursuant to Article 178
Regulation (EU) No 575/2013; (h) the percentage
loans which are more than 90 days past due.”. Repeal
section 41A
Principal Act 19. Section 41A
the Principal Act is repealed. Amendment
section 41B
Principal Act 20. Section 41B
the Principal Act is amended, in subsection
paragraph (g), (b) by the insertion
the following paragraph after paragraph (l): “(la) in section 32
“
this section;” for “
this section; and”, and (d) by the insertion
the following paragraphs after paragraph (m): “(ma) in section 33
Regulation (EU) No 575/2013’ shall be construed as a reference to ‘Article 129
Regulation (EU) No 575/2013’; (mb) in section 33
Regulation (EU) No 575/2013’ shall be construed as a reference to ‘Article 129
Regulation (EU) No 575/2013’;”. Extendable maturity structures – designated public credit institution 21. The Principal Act is amended by the insertion
the following section after section 44: “44A.
this section.
public credit covered securities issued by a designated public credit institution may only be extended by the institution where— (
the securities.
the public credit covered securities issued by the institution.
public credit covered securities issued by the institution to enable the investors to determine the risk
the securities, including a detailed description
— (
the insolvency or resolution
the institution, and (c) the role
the Authority and, where relevant,
a manager with regard to the maturity extension.
public credit covered securities issued by the institution is at all times determinable.
the insolvency or resolution
a designated public credit institution, maturity extensions shall not affect the ranking
the investors in the public credit covered securities issued by the institution or invert the sequencing
the original maturity schedule
a covered bond programme
the institution.
public credit covered securities regarding dual recourse and bankruptcy remoteness.
the circumstances described in paragraph (a) or (b)
subsection
section 45
Principal Act 22. Section 45
the Principal Act is amended by the insertion
the following subsections after subsection
the kind referred to in subsection
a reduction in the risk being hedged, (
paragraph
Regulation (EU) No 575/2013. (5B) A designated public credit institution shall provide to the Authority all necessary documentation in relation to a contract
a kind referred to in subsection
section 47
Principal Act 23. Section 47
the Principal Act is amended— (a) by the substitution
the following subsection for subsection
not less than that
the public credit covered securities that relate to the pool, (b) that the prudent market value
the pool is greater than the total
the principal amounts
those securities, (c) that the total amount
interest payable in a given period
12 months in respect
the pool is, during that 12 month period, not less than the total amount
interest payable in respect
that period on those securities, and (
paragraphs (b), (c) and (d), the effect
any cover assets hedge contract that the institution has entered into in relation to the pool and those securities (but, for the purposes
this subsection, disregarding the effect
any pool hedge collateral), and (ii) in the case
paragraph (b), the expected costs related to maintenance and administration for the winding-down
the covered bond programme.”, and (b) by the insertion
the following subsections after subsection
paragraphs (b) and (c)
subsection
Regulation (EU) No 575/2013. (8C) A designated public credit institution shall calculate— (a) interest payable in respect
outstanding asset covered securities, and (b) interest receivable in respect
cover assets, in a manner which reflects sound prudential principles in accordance with applicable accounting standards.”. Cover asset pool liquidity buffer – designated public credit institution 24. The Principal Act is amended by the insertion
the following section after section 47: “47A.
liquid assets available to cover the net liquidity outflow
its covered bond programme.
Regulation (EU) No 575/2013.
Regulation (EU) No 575/2013 shall not be used to contribute to a cover asset pool liquidity buffer.
the final maturity date in accordance with the contractual terms and conditions
the asset covered securities concerned.”. Amendment
section 48
Principal Act 25. Section 48
the Principal Act is amended— (a) by the insertion
the following subsection after subsection
fers a level
security similar to that
collateral assets located in the European Union, and (c) ensure that the realisation
the asset is legally enforceable in a way which is equivalent in effect to the realisation
collateral assets located in the European Union.”, (b) by the insertion
the following subsections after subsection
Regulation (EU) No 575/2013. (3B) A designated public credit institution shall not include in a cover assets pool maintained by the institution a substitution asset, unless the asset— (a) is eligible pursuant to Article 129
Regulation (EU) No 575/2013, and (b) meets the requirements specified in Article 129
Regulation (EU) No 575/2013. (3C) Subject to the other provisions
this Chapter and section 58, a designated public credit institution may use, as cover assets, assets originated by another credit institution which have been purchased from that other credit institution for the purpose
using them as cover assets.”, and (c) by the deletion
subsection
section 50
Principal Act 26. Section 50
the Principal Act is amended— (a) in subsection
paragraph (a), and (b) in subsection
“tier 1 creditor” for “preferred creditor (other than a super-preferred creditor)”. Reporting requirements – designated public credit institution 27. The Principal Act is amended by the insertion
the following section after section 53: “53A.
assets and cover pool requirements, in accordance with sections 45 to 52, 54A, 58A and 58C; (
cover assets, in accordance with sections 53 and 83; (f) where applicable, the functioning
the cover pool monitor, in accordance with Part 5.
the insolvency or resolution
a designated public credit institution.”. Investor information – designated public credit institution 28. The Principal Act is amended by the insertion
the following section after section 55: “55A.
the covered bond programme, and (b) to carry out their due diligence.
the cover pool and outstanding asset covered securities; (b) a list
the ISINs for all asset covered securities issues under that programme, to which an ISIN has been attributed; (c) the geographical distribution and type
cover assets, their loan size and valuation method; (
cover assets and asset covered securities, including an overview
the maturity extension triggers, if applicable; (f) the levels
required and available coverage, and the levels
statutory, contractual and voluntary overcollateralisation; (g) the percentage
loans where a default is considered to have occurred pursuant to Article 178
Regulation (EU) No 575/2013; (h) the percentage
loans which are more than 90 days past due.”. Amendment
section 58
Principal Act 29. Section 58
the Principal Act is amended by the insertion
the following subsections after subsection (12A): “(12B) A designated credit institution may transfer assets by way
a financial collateral arrangement in accordance with the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626
2010 ). (12C) Where a designated credit institution uses, as cover assets, assets originated by an undertaking that is not a credit institution, the designated credit institution shall— (a) assess the credit-granting standards
the undertaking which originated the cover assets, or (b) perform a thorough assessment
the creditworthiness
the borrower concerned.”. Valuation
assets, automatic acceleration, documentation and labels 30. The Principal Act is amended by the insertion
the following sections after section 58: “Valuation
assets 58A. A designated credit institution shall ensure that— (a) at the moment
inclusion
a mortgage credit asset or a commercial mortgage credit asset in a cover pool, a current valuation at or at less than market value or mortgage lending value exists for each residential property or commercial property, as the case may be, which secures the mortgage credit asset or commercial mortgage credit asset, as the case may be, (b) a valuation
the residential property or commercial property, as the case may be, has been carried out by a valuer who possesses the necessary qualifications, ability and experience, and (
the value
the residential property or commercial property, as the case may be, and (iii) documents the value
the residential property or commercial property, as the case may be, in a transparent and clear manner. Automatic acceleration 58B. A designated credit institution shall not issue an asset covered security which is subject to automatic acceleration upon the insolvency or resolution
the institution. Documentation, systems and processes 58C.
the institution’s lending policies with— (i) in the case
a designated mortgage credit institution, this section and sections 32
a designated commercial mortgage credit institution, this section and sections 32
a designated public credit institution, this section and sections 48 and 58A.
ficial translation
that phrase in any
the
ficial languages
the European Union for asset covered securities unless those securities are issued in compliance with this Act.
ficial translation
that phrase in any
the
ficial languages
the European Union for asset covered securities unless those securities are issued in compliance with— (a) this Act, and (b) Article 129
Regulation (EU) No 575/2013.”. Amendment
section 59
Principal Act 31. Section 59
the Principal Act is amended by the substitution
the following subsection for subsection
the Companies Act 2014 )
the first-mentioned body corporate, and (b) in relation to a partnership (in this definition referred to as the ‘first-mentioned partnership’), means another partnership, one or more
the partners in which is a partner in the first-mentioned partnership; ‘qualified person’ means a body corporate or partnership that— (a) has demonstrated to the satisfaction
— (i) the Authority— (I) that it has experience and competence in the following: (A) financial risk management techniques; (B) regulatory compliance reporting, (II) that it has skills and experience relevant to trading on capital markets and the use
derivatives, (III) that it has sufficient human, information technology and financial resources available to it to carry out the responsibilities
a cover-assets monitor in respect
the designated credit institution concerned, and (IV) that its employees have sufficient— (A) academic or professional qualifications, and (B) experience, in financial services, and (
the designated credit institution concerned and any undertaking which is part
the same group as that designated credit institution, (c) is not itself, nor are any
its affiliates, engaged as auditor or legal advisor to the designated credit institution concerned or any undertaking which is part
the same group as that designated credit institution, (d) does not itself, nor does any
its affiliates, provide any services (other than legal or auditing services), other than where it has been established to the satisfaction
the Authority that no conflict
interest will arise as a result
the provision
those services and the performance
the functions
a cover-assets monitor under this Act, (e) does not hold any shares or similar interests in the designated credit institution concerned or in any undertaking which is part
the same group as that designated credit institution, and (f) other than as permitted under this Act or the regulations, regulatory notices or orders made under this Act, is not involved in any decision-making function or directional activity
the designated credit institution concerned, or any undertaking which is part
the same group as that designated credit institution, which could unduly influence the judgment
the management
the designated credit institution concerned or any undertaking which is part
the same group as that designated credit institution .”. Amendment
section 72
Principal Act 32. Section 72
the Principal Act is amended, in subsection
the following paragraphs after paragraph (b): “(ba) the institution has been determined to be failing or likely to fail pursuant to Article 32
Directive 2014/59/EU; (bb) in exceptional circumstances, if the Authority determines that the proper functioning
the institution is seriously at risk;”. Amendment
section 78
Principal Act 33. Section 78
the Principal Act is amended— (a) in paragraph (a), by the substitution
“section 72
“relate to those activities,” for “relate to those activities.”, and (c) by the insertion
the following paragraphs after paragraph (b): “(c) for the initiation
proceedings in order to bring assets back into the cover pool
the institution, and (d) for the transferral
the remaining assets to the insolvency estate
the institution which issued the asset covered securities after all liabilities in relation to those securities have been discharged.”. Amendment
section 79
Principal Act 34. Section 79
the Principal Act is amended— (a) in paragraph (a), by the substitution
“notice
appointment,” for “notice
appointment, and”, (b) in paragraph (b), by the substitution
“cover assets hedge contracts, and” for “cover assets hedge contracts.”, and (c) by the insertion
the following paragraph after paragraph (b): “(c) shall verify the continuous and sound management
the institutions covered bond programme during the period
the manager’s appointment.”. Co-operation between Authority and manager 35. The Principal Act is amended by the insertion
the following section after section 79: “79A. Where— (a) a manager has been appointed in respect
a designated or formerly designated credit institution, and (b) the institution is subject to an insolvency or resolution process, the Authority and the manager shall co-ordinate their activities and exchange information for the purposes
the insolvency or resolution process, as the case may be.”. Amendment
section 83
Principal Act 36. Section 83
the Principal Act is amended— (a) in subsection
“an insolvency or resolution process” for “an insolvency process”, (b) in subsection
“tier 1 creditors” for “super-preferred creditors”, and (c) in subsection
“any insolvency or resolution process” for “any insolvency process”. Amendment
section 85
Principal Act 37. Section 85
the Principal Act is amended— (a) in subsection
“an insolvency or resolution process” for “an insolvency process”, and (b) in subsection
“any insolvency or resolution process” for “any insolvency process”. Amendment
section 88
Principal Act 38. Section 88
the Principal Act is amended, in subsection (3A), by the substitution
“tier 2 creditors” for “super-preferred creditors”. Resolution 39. The Principal Act is amended by the insertion
the following section after section 90: “90A. Where a credit institution which has issued asset covered securities is subject to resolution, the Authority shall ensure that the rights and interests
investors in those securities are preserved, including by verifying the continuous and sound management
the covered bond programme during the period
the resolution process.”. Amendment
section 91
Principal Act 40. Section 91
the Principal Act is amended by the deletion
subsection (2A). Guidelines 41. The Principal Act is amended by the insertion
the following section after section 91: “91A.
asset covered securities.
section 95A
Principal Act 42. Section 95A
the Principal Act is amended by the substitution
the following paragraph for paragraph (e): “(e) regulations and directives made by competent organs
the European Union which have been implemented under the law
the State and which are relevant to asset covered securities.”. Repeal
section 96
Principal Act 43. Section 96
the Principal Act is repealed. Administrative sanctions and publication 44. The Principal Act is amended by the insertion
the following sections after section 99: “Administrative sanctions 99A.
the Act
1942 are invoked in relation to a contravention specified in subsection
a member
the management body
the designated credit institution concerned or some other natural person responsible for the contravention, any or all
the sanctions referred to in subsection
the Act
1942, or (b) in accordance with section 33AR or section 33AV
the Act
1942.
the Authority to impose any
the sanctions referred to in subsection
the sanctions specified in section 33AQ
the Act
1942.
false statements or other irregular means; (
section 58B; (e) a designated credit institution issuing asset covered securities contravenes Chapter 1, that Chapter as modified in accordance with section 41B, Chapter 3 or section 58 in using, as cover assets, assets originated by another credit institution which have been purchased from that other credit institution for the purpose
using them as cover assets,; (
section 40A, that section as modified in accordance with section 41B, or section 55A; (j) a designated credit institution issuing asset covered securities repeatedly or persistently fails to maintain a cover pool liquidity buffer in contravention
section 32A, that section as modified in accordance with section 41B, or section 47A; (
section 38A, that section as modified in accordance with section 41B, or section 53A.
a permission for a covered bond programme; (b) a public statement which indicates the identity
the natural or legal person and the nature
the contravention concerned in accordance with section 99B; (c) an order requiring a natural or legal person responsible for the contravention to cease, and desist from a repetition
, the conduct concerned.
a contravention specified in subsection
1942 to the sanctions set out in section 33AQ
that Act is to be read as including a reference to the sanctions specified in subsection
sanction and, where a pecuniary penalty is to be imposed, the level
that penalty, take into account all
the following circumstances, where relevant: (a) the gravity and the duration
the breach; (b) the degree
responsibility
the natural or legal person responsible for the breach; (c) the financial strength
the natural or legal person responsible for the breach, including by reference to the total turnover
the legal person or the annual income
the natural person; (d) the importance
profits gained or losses avoided because
the breach by the natural or legal person responsible for the breach, insofar as those profits or losses can be determined; (
cooperation with the Authority by the natural or legal person responsible for the breach; (
the breach.
the Act
1942 the grounds on which it has imposed the sanction. Publication 99B.
ficial website information on each sanction which is imposed by it for breach
this Act, including information on— (a) the type and nature
the breach, and (b) the identity
the natural or legal person on whom the sanction is imposed, without undue delay after the person is informed
the sanction and that the information will be published on the
ficial website
the Authority.
ficial website information on the appeal status and outcome thereof.
a court from which there is no appeal annuls a decision imposing a sanction, the Authority shall publish the decision
the court on its
ficial website.
the following conditions is satisfied: (a) the penalty is imposed on a natural person and the publication
personal data is found to be disproportionate; (b) publication on an onymous basis would jeopardise the stability
financial markets or an ongoing criminal investigation; (c) publication on an onymous basis would cause, insofar as it can be determined, disproportionate damage to the designated credit institutions or natural persons involved.
that subsection, is no longer satisfied.
ficial website for not less than 5 years.
any sanctions imposed, including, where relevant, any appeal in relation thereto and the outcome thereof.
the European Parliament and
the Council
27 April 20163 .”. Transitional provisions for asset covered securities issued before 8 July 2022 45. The Principal Act is amended by the insertion
the following section after section 107: “108.
the European Union (Covered Bonds) Regulations 2021 ( S.I. No. 576
2021 ) shall not apply in respect
asset covered securities which are issued before 8 July 2022 and which meet the criteria for bonds under Regulation 70
the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352
2011 ) as it applied on the date
their issue: (
sections 58C
ficial translation
that phrase in any
the
ficial languages
the European Union for asset covered securities which are issued before 8 July 2022 and which meet the criteria for bonds under Regulation 70
the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 as it applied on the date
their issue.
the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 as it applied on the date
their issue, and (b) comply with this Act as it applies in respect
such asset covered securities.”. Amendment
Central Bank Act 1942 46. Section 33BC
the Central Bank Act 1942 (No. 22
1942) is amended by the insertion
the following subsection after subsection
the Asset Covered Securities Act 2001 applies.”. Amendment
European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 47. The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 are amended, in Regulation 70
the following subparagraph for subparagraph (a): “(a) Notwithstanding paragraphs
its assets in bonds— (i) that were issued before 8 July 2022 and met the requirements set out in this subparagraph as it applied on the date
their issue, or (ii) which come within the definition
‘covered bond’ in point
Directive (EU) 2019/2162
the European Parliament and
the Council
27 November 20194 .”, and (b) by the deletion
subparagraph (c). Amendment
European Union (Bank Recovery and Resolution) Regulations 2015 48. The European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289
2015 ) are amended, in Regulation 3
the following definition for the definition
“covered bond”: “ ‘covered bond’ means a covered bond as defined in point
Directive (EU) 2019/2162
the European Parliament and
the Council
27 November 20195 or, with regard to an instrument that was issued before 8 July 2022, a bond as referred to in Article 52
Directive 2009/65/EC, as applicable on the date
its issue;”. GIVEN under my
ficial Seal, 3 November,
Ireland. Oireachtas Copyright Material is reproduced with the permission
the Houses
the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.