Irish Bank Resolution Corporation Act 2013

Irish Bank Resolution Corporation Act 2013 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2013 Irish Bank Resolution Corporation Act 2013 Irish Bank Resolution Corporation Act 2013 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Revised Act Acht Athbh… Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 2 of 2013 IRISH BANK RESOLUTION CORPORATION ACT 2013 ARRANGEMENT OF SECTIONS Section

Section 1

Section 2

Section 3

Section 4

Section 5

Section 6

Section 7

Section 8

Section 9

Section 10

Section 11

Section 12

Section 13

Section 14

Section 15

Section 16

Section 17

Section 18

Section 19

Section 20

Section 21

Section 22

Section 23

Section 24

Section 25

SCHEDULE Modifications to Companies Acts

PART 1

Specific Modifications of Certain Provisions of Part VI of the Act of 1963 in their Application under this Act

PART 2

Specific Modifications of Certain Provisions of the Act of 1990 in their Application under this Act Acts Referred to Asset Covered Securities Acts 2001 and 2007 Central Bank Act 1942 1942, No. 22 Central Bank and Credit Institutions (Resolution) Act 2011 2011, No. 27 Companies (Auditing and Accounting) Act 2003 2003, No. 44 Companies Act 1963 1963, No. 33 Companies Act 1990 1990, No. 33 Companies Acts Finance Act 1970 1970, No. 14 Land and Conveyancing Law Reform Act 2009 2009, No. 27 National Asset Management Agency Act 2009 2009, No. 34 National Treasury Management Agency Act 1990 1990, No. 18 Netting of Financial Contracts Act 1995 1995, No. 25 Stamp Duties Consolidation Act 1999 1999, No. 31 Number 2 of 2013 IRISH BANK RESOLUTION CORPORATION ACT 2013 AN ACT TO PROVIDE FOR THE WINDING UP OF IBRC AND TO PROVIDE FOR CONNECTED MATTERS.

WHEREAS it is necessary, in the public interest, to provide for the orderly winding up of the affairs of IBRC to help to address the continuing serious disturbance in the economy of the State;

AND WHEREAS vital assistance has been provided by the State to maintain the functioning of IBRC to support the financial stability of the State;

AND WHEREAS vital assistance has been provided by the Central Bank of Ireland to maintain the functioning of IBRC to support the stability of the Irish financial system;

AND WHEREAS the maintenance of the functioning of IBRC is no longer necessary to support the financial stability of the State or the stability of the Irish financial system;

AND WHEREAS it is necessary to end the exposure of the State and the Central Bank of Ireland to IBRC;

AND WHEREAS the winding up of IBRC is now necessary to help to restore the financial position of the State and to help to enable the State to re-establish normalised access to the international debt markets;

AND WHEREAS it is necessary in the public interest to ensure that the financial support provided by the State to IBRC is, to the extent achievable, recovered as fully and efficiently as possible;

AND WHEREAS the winding up of IBRC is necessary to resolve the debt of IBRC to the Central Bank of Ireland;

AND WHEREAS in the achievement of the winding up of IBRC the common good may require permanent or temporary interference with the rights, including property rights, of persons; [7th February, 2013] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Interpretation.

1.— In this Act— “Act of 1963” means the Companies Act 1963 ; “Act of 1990” means the Companies Act 1990 ; “Act of 2009” means the National Asset Management Agency Act 2009 ; “Bank” means the Central Bank of Ireland; “Court” means the High Court; “credit facility” includes every kind of financial accommodation (including a loan facility, a line of credit, a hedging facility, a derivative facility, a bond, a letter of credit, a guarantee facility, an invoice discounting facility, a debt factoring facility, a deferred payment arrangement, a leasing facility, a guarantee, an indemnity and any other financial accommodation giving rise to a payment or repayment obligation) provided to a person, whether alone or together with another person or persons and whether as part of a syndicate or otherwise; “IBRC” means Irish Bank Resolution Corporation Limited; “Minister” means the Minister for Finance; “NAMA” means the National Asset Management Agency; “NAMA group entity” means— (a) a subsidiary of NAMA (within the meaning given by section 155 of the Act of 1963), or (b) any other body corporate and any trust, partnership, arrangement for the sharing of profits and losses, joint venture, association, syndicate or other arrangement formed, registered, incorporated or established by NAMA for the purpose of performing any of its functions under this Act or the Act of 2009; “proceedings” includes arbitration and any other form of binding dispute resolution; “security” includes— (a) a charge, (b) a guarantee, indemnity or surety, (c) a right of set-off, (d) a debenture, (e) a bill of exchange, (f) a promissory note, (g) collateral, (h) any other means of securing— (i) the payment of a debt, or (ii) the discharge or performance of an obligation or liability, and (i) any other agreement or arrangement having a similar effect; “Special Liquidation Order” means an order, or any order amending that order, under section 4 and references to “Order” shall be construed accordingly; “special liquidator” has the meaning given in section 7 ; “subsidiary”, in relation to IBRC, has the same meaning as in section 155 of the Act of 1963; “subsidiary undertaking”, in relation to IBRC, has the same meaning as in the European Communities (Companies: Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992 ).

Expenses of Minister.

2.— (1) The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

Purposes of Act.

3.— The purposes of this Act are as follows— (a) to help to address the continuing serious disturbance in the economy of the State; (b) to provide for the winding up of IBRC in an orderly and efficient manner in the public interest; (c) to end the exposure of the State and the Bank to IBRC; (d) to help to restore the financial position of the State; (e) to help to enable the State to re-establish normalised access to the international debt markets; (f) to assist, to the extent achievable, in recovering the financial assistance provided by the State to IBRC as fully and efficiently as possible; (g) to resolve the debt of IBRC to the Bank; (h) to protect the interests of taxpayers; (i) to restore confidence in the banking sector by furthering the reorganisation of the Irish banking system in the public interest; (j) to underpin Government support measures in relation to the banking sector.

Special Liquidation Order.

4.— (1) The Minister shall, as soon as is reasonably practicable after the passing of this Act, make an order, in this Act referred to as the “Special Liquidation Order”, in respect of IBRC for the purposes of the winding up of IBRC.

Publication of Special Liquidation Order.

5.— (1) The Minister shall, as soon as practicable after the Special Liquidation Order is made— (a) serve a copy of the Order on IBRC; (b) send a copy of the Order to the registrar of companies, and (c) publish notice of the making of the Order in Iris Oifigiúil and in 2 newspapers circulating generally in the State.

Effect of Special Liquidation Order.

6.— (1) In this section “proceedings”, subject to subsection (4), includes counterclaims or cross-claims against IBRC, in legal actions brought by IBRC, other than those counterclaims or cross-claims which, if successful, would give rise to a right of set-off.

Special liquidator.

7.— (1) In the Special Liquidation Order, the Minister shall appoint one or more than one person for the purpose of the winding up of IBRC (in this Act referred to as a “special liquidator”).

Limitation of power to grant injunctive relief.

8.— (1) Where injunctive relief is sought on an interim or interlocutory basis in proceedings— (a) to compel a special liquidator to take or refrain from taking any action, or (b) to compel any other person to take or refrain from taking any action where the relief if granted would adversely affect a special liquidator in the discharge of his or her functions, the Court shall have regard, in determining whether to grant such relief, to the public interest.

Instructions and directions.

9.— (1) The Minister shall, as soon as practicable following the appointment of a special liquidator, issue the special liquidator with instructions setting out the details in respect of the manner in which the winding up of IBRC is to proceed.

Application of Companies Acts to IBRC.

10.— (1) Subject to subsections (2) and (3) and

Part 1

of the Schedule , Part VI of the Act of 1963 applies to IBRC together with any necessary additional modifications.

Part 1

of the Schedule .

Part 2

of the Schedule ; (c) sections 150 to 168, as if any reference in those provisions to a liquidator, however expressed, were a reference to a special liquidator.

Non-application of Part 7 of Central Bank and Credit Institutions (Resolution) Act 2011 to IBRC.

11.— Part 7 of the Central Bank and Credit Institutions (Resolution) Act 2011 shall not apply to the winding up of IBRC.

Sales, transfers, securities, etc.

12.— (1) The sale or transfer of any asset or liability by IBRC, acting through a special liquidator, or by a special liquidator where such asset or liability has vested in the special liquidator, to any person or the assumption of any obligation or liability relating to such sale or transfer shall take effect notwithstanding— (a) any provision of any enactment, rule of law, code of practice, contract, or other agreement— (i) providing for or requiring— (I) notice to be given to any person, (II) the consent, approval or concurrence of any person, or (III) any other step, consent, notification, authorisation, licence or document to similar effect, or (ii) prohibiting that sale or transfer, or (b) any other legal or equitable restriction, inability or incapacity relating to the sale or transfer of any asset or liability or the assumption of any obligation or liability relating to such sale or transfer.

Minister’s power of direction.

13.— (1) The Minister may give any of the following directions in writing to NAMA: (a) to bid for such bank assets of IBRC and to acquire from IBRC, acting through a special liquidator, such bank assets of IBRC on such terms and conditions (including the consideration), as are specified in the direction; (b) to acquire from the Bank, such assets, liabilities or obligations on such terms and conditions (including the consideration), as are specified in the direction; (c) to provide such credit facilities to a special liquidator or IBRC on such terms and conditions, as are specified in the direction; (d) to take or refrain from taking any action, as specified in the direction, where the Minister is of the opinion that such a direction is necessary for the achievement of any of the purposes of this Act.

Determination of consideration for bank assets to be acquired by NAMA.

14.— (1) The Minister shall issue an instruction to the special liquidator— (a) as to the manner, consistent with the purposes of this Act, in which bank assets which are intended to be bid upon by NAMA in accordance with a direction given under section 13

Amendment of Act of 2009.

15.— The Act of 2009 is amended— (a) in section 4, in the definition of “bank asset”— (i) in paragraph (d), by deleting “and” and by inserting the following after paragraph (d): “(dd) an asset owned by the Central Bank, and”, and (ii) in paragraph (e), by substituting “paragraphs (a) to (dd)” for “paragraphs (a) to (d)”, (b) in section 4, by substituting the following for the definition of “officer of NAMA”: “ ‘officer of NAMA’ means— (a) the Chief Executive Officer of NAMA, (b) any person assigned to NAMA in accordance with section 42, and (c) any person employed by NAMA under section 16

IBRC to continue to be a participating institution.

16.— (1) Until 1 July 2013 or such later date as may be fixed by the Minister by order, the Act of 2009 shall continue to apply to IBRC as if IBRC were a participating institution within the meaning of that Act.

Powers of Minister to create and issue securities, etc.

17.— (1) The Minister may, whenever and so often as the Minister thinks fit, create and issue securities— (a) bearing interest at such rate as the Minister thinks fit or bearing no interest, and (b) subject to such conditions as to repayment, redemption or any other matter as the Minister thinks fit, where such securities are issued in exchange for or in consideration of the redemption, release or cancellation, or the transfer to the Minister, of any other liability or obligation of the Minister to the Bank.

The expenses and other costs incurred by the Minister in connection with or arising out of the transactions referred to in this subsection shall be charged on the Central Fund or the growing produce of that Fund.”.

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).

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.”.

Disclosure of information.

20.— (1) Notwithstanding any legal or contractual restriction, other than section 33AK(1A) of the Central Bank Act 1942 , the Bank and any entity listed in subsection (2) may disclose to each other any information, or any book, record, report, certificate or other document (including any information, book, record, report, certificate or document relating to a period before IBRC availed itself of the eligible liability guarantee under the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 ( S.I. No. 490 of 2009 )), that either one obtains in connection with IBRC or any subsidiary or subsidiary undertaking of IBRC.

Amendment of Land and Conveyancing Law Reform Act 2009.

21.— The Land and Conveyancing Law Reform Act 2009 is amended in section 74— (a) in subsection (1), by substituting “subject to subsections (2), (5) and (6)” for “subject to subsections (2) and (5)”; (b) in subsection (3), by substituting “subject to subsections (4), (5) and (6)” for “subject to subsections (4) and (5)”, and (c) by inserting the following subsection: “(6) The disposal of any property, or interest in property, of IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013), and whether effected before or after the passing of the Irish Bank Resolution Corporation Act 2013, does not amount to a voluntary disposition or a conveyance of property.”.

Amendment of Stamp Duties Consolidation Act 1999.

22.— The Stamp Duties Consolidation Act 1999 is amended in section 108B(3)— (a) in paragraph (d), by substituting “Act of 2009,” for “Act of 2009, or”; (b) in paragraph (e), by substituting “acquired bank asset,” for “acquired bank asset.”, and (c) by inserting the following after paragraph (e): “(f) for the sale, transfer, lease or other disposition of any property, asset or documentation to NAMA or a NAMA group entity (within the meaning of the Irish Bank Resolution Corporation Act 2013) by— (i) the Central Bank of Ireland, (ii) IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013), (iii) a subsidiary or subsidiary undertaking (both within the meaning of the Irish Bank Resolution Corporation Act 2013) of IBRC, or (iv) a special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013, or (g) for the transfer to the Central Bank of Ireland of securities issued under section 48 of the Act of 2009 for the purpose specified in subsection (2)(b) of that section.”.

Amendment of Central Bank Act 1942.

23.— The Central Bank Act 1942 is amended in Part 2 of Schedule 2 by substituting the following for item 36: “ 36 S.I. No. 48 of 2011 European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 ( S.I. No. 48 of 2011 ) The whole instrument ”.

Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995.

24.— The European Communities (Deposit Guarantee Schemes) Regulations 1995 ( S.I. No. 168 of 1995 ) are amended in Regulation 18 by substituting “in relation to which a compensation event has occurred” for “which has become insolvent and is being wound up” in each place.

Short title.

25.— This Act may be cited as the Irish Bank Resolution Corporation Act 2013.

SCHEDULE Modifications to Companies Acts

Section 10

.

PART 1

Specific Modifications of Certain Provisions of Part VI of the Act of 1963 in their Application under this Act Item

Section 206(2)

As if “by reason of the making of the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were substituted for “in either of those modes”.

2

Section 224(1)

As if “submitted to the Minister for Finance” were substituted for “filed in the court” and as if all other references to “the court” were references to “the Minister for Finance”.

3

Section 224(2)

As if— (a) “the Minister for Finance” were substituted for “the court” in each place, (b) “submitted” were substituted for “filed”, and (c) “submit” were substituted for “file”.

4

Section 224(3)

As if “the Minister for Finance” were substituted for “the court” and as if “submitted” were substituted for “filed”.

5

Section 224(4)

As if “the Minister for Finance” were substituted for “the court”.

6

Section 224(7)

As if the following were substituted for subsection (7): “(7) Any person untruthfully so stating himself or herself to be a creditor or contributory shall be guilty of an offence.”.

7

Section 229(2)

As if “or no special liquidator (appointed under section 7 of the Irish Bank Resolution Corporation Act 2013)” were inserted after “no liquidator” and as if “the Minister for Finance” were substituted for “the court”.

8

Section 231(1)

As if “, with the sanction of the court or of the committee of inspection” were deleted.

9

Section 235

As if “the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “the court” in each place.

10

Section 236

As if “the making of the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were substituted for “making a winding up order”.

11

Section 237

As if “the making of the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were substituted for “making a winding up order”.

12

Section 238

As if— (a) “special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “court” in each place, (b) “the special liquidator” were substituted for “it”, and (c) “after the Special Liquidation Order is made under the Irish Bank Resolution Corporation Act 2013” were substituted for “after making a winding up order”.

13

Section 240(1)

As if “by the court or the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “by the court”.

14

Section 241

As if “The special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “The court”.

15

Section 242

As if “The special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “The court”.

16

Section 243

As if “the making of the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were substituted for “making a winding up order”.

17

Section 245(1)

As if “on the application of the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “of its own motion”.

18 Section 245A(1) As if “on the application of the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “of its own motion”.

19

Section 247

As if “the making of the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were substituted for “making a winding up order” and as if “on the application of the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “of its own motion”.

20

Section 248

As if “or on the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were inserted after “the court”.

21

Section 280(1)

As if the following were substituted for subsection (1): “(1) The special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013 or any creditor may apply to the court to determine any question arising in the winding up of IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013) and that special liquidator may apply to the court to exercise all or any of the powers which the court might exercise if IBRC were being wound up by the court.”.

22

Section 280(2)

As if “(other than an order annulling the making of the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013)” were inserted after “such other order”.

23

Section 286

As if the following were inserted after subsection (5): “(6) This section shall not apply to any act relating to property by IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013) in favour of the Central Bank of Ireland.”.

24

Section 288

As if the following were inserted after subsection (4): “(5) This section shall not apply to any floating charge created by IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013) in favour of the Central Bank of Ireland.”.

25

Section 292

As if “the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were substituted for “a winding up order”.

26

Section 293

As if “or under the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were inserted after “by the court” in each place.

27

Section 295

As if “or under the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were inserted after “by the court”.

28

Section 307

As if “or under the Special Liquidation Order under the Irish Bank Resolution Corporation Act 2013” were inserted after “voluntarily”.

PART 2

Specific Modifications of Certain Provisions of the Act of 1990 in their Application under this Act Item

Section 139(1)

As if “the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “a liquidator, creditor or contributory of a company which is being wound up”.

2

Section 139

As if the following were inserted after subsection (2): “(2A) Subsection (1) shall not apply to any disposal by IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013) in favour of the Central Bank of Ireland.”.

3

Section 140(1)

As if “the special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013” were substituted for “the liquidator or any creditor or contributory of a company that is being wound up”.

1 OJ No. L 166, 11.9.1998, p.45.

2 OJ No. L 146, 10.6.2009, p.37.

3 OJ No. L 168, 27.6.2002, p.43.

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