ICC Bank Act, 2000

ICC Bank Act, 2000 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 2000 ICC Bank Act, 2000 ICC Bank Act, 2000 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 Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 32 of 2000 ICC BANK ACT, 2000 ARRANGEMENT OF SECTIONS Section 1. Interpretation. 2. Expenses of Minister. 3. Amendment of section 3 of ICC Bank (Amendment) Act, 1997. 4. Disposal of shares in ICC Bank. 5. Provisions in relation to guarantees of Minister under section 3 of Industrial Credit (Amendment) Act, 1958. 6. Alteration of memorandum and articles of association of ICC Bank plc. 7. Repeals and revocations. 8. Short title and commencement. SCHEDULE Repeals and Revocations PART I Enactments Repealed PART II Statutory Instruments Revoked Acts Referred to Companies Acts, 1963 to 1990 ICC Bank Act, 1999 1999, No. 29 ICC Bank Acts, 1933 to 1997 ICC Bank (Amendment) Act, 1997 1997, No. 32 Industrial Credit (Amendment) Act, 1958 1958, No. 10 Number 32 of 2000 ICC BANK ACT, 2000 AN ACT TO MAKE PROVISION IN RELATION TO ICC BANK PUBLIC LIMITED COMPANY, INCLUDING INCREASING THE AUTHORISED SHARE CAPITAL OF THE BANK, THE DISPOSAL BY THE MINISTER FOR FINANCE OF SHARES IN THE BANK AND PROVISION IN RELATION TO CERTAIN GUARANTEES OF THE BANK'S BORROWING, TO PROVIDE FOR THE REPEAL OF THE ICC BANK ACTS, 1933 TO 1997, AND THE PROVISIONS OF CERTAIN OTHER ENACTMENTS AND THE REVOCATION OF CERTAIN STATUTORY INSTRUMENTS AND TO PROVIDE FOR RELATED MATTERS. [6th December, 2000] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Interpretation. 1.—(1) In this Act— “ICC” means ICC Bank public limited company; “Minister” means Minister for Finance. (2) In this Act— (a) a reference to a section or the Schedule is a reference to a section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended, (b) a reference to a subsection or paragraph is a reference to a subsection or paragraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended, and (c) a reference to any enactment is a reference to that enactment as amended, adapted or extended by or under any subsequent enactment. Expenses of Minister. 2.—The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas. Amendment of section 3 of ICC Bank (Amendment) Act, 1997. 3.— Section 3 of the ICC Bank (Amendment) Act, 1997 , is amended by the substitution for “£40,000,000” of “£80,000,000”. Disposal of shares in ICC Bank. 4.—(1) Subject to this section, the Minister may, subject to subsection (2), sell, exchange, transfer or otherwise dispose of any or all of the shares held by the Minister in ICC in such manner and upon and subject to such terms and conditions as he or she may determine and may, for the purposes aforesaid, enter into agreements and arrangements. (2) The Minister shall obtain a motion of approval from Dáil éireann prior to making a disposal under subsection (1). (3) This section does not apply to a sale or transfer under section 2 (2) of the ICC Bank Act, 1999 , of shares held by the Minister. Provisions in relation to guarantees of Minister under section 3 of Industrial Credit (Amendment) Act, 1958. 5.—(1) Notwithstanding the repeal of the ICC Bank Acts, 1933 to 1997, but subject to subsection (2), a guarantee given by the Minister under section 3 of the Industrial Credit (Amendment) Act, 1958 , that is in force on the commencement of this subsection shall continue in force upon the terms and conditions upon and subject to which it was given until— (a) the repayment by ICC of the principal amount on such commencement of the moneys borrowed by, or deposited with, it to which the guarantee relates, the payment by ICC of the interest on any such moneys and the payment by ICC of any other amounts to which the guarantee relates, (b) the payment by the Minister of the amount, or the amount remaining, to which the guarantee relates, (c) the Minister otherwise ceases to be under any actual or contingent liability under the guarantee, or (d) the giving of a guarantee, acceptable to the lender or depositor concerned, by another person for the due repayment by ICC of the moneys aforesaid and for the payment by ICC of the interest aforesaid and of the other amounts (if any) aforesaid. (2) ICC shall not, and shall ensure that no person acting on its behalf shall, after the commencement of subsection (1), borrow or raise any moneys, or solicit or accept a deposit of moneys (including a renewal of such a deposit), on terms that all or part of the moneys borrowed, raised or deposited or moneys representing the interest thereon or any moneys connected therewith are or will be the subject of a guarantee under section 3 of the Industrial Credit (Amendment) Act, 1958 , and shall, if and whenever so required by the Minister, give, in such form and manner as the Minister may determine, notice to this effect and notice of any termination by the Minister (which shall be subject to subsection (1)) of guarantees under the said section 3. (3) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee referred to in subsection (1) that is in force upon such expiration— (a) particulars of the guarantee, (b) in case any payment has been made by the Minister under the guarantee during that year, the amount of the payment and the amount (if any) repaid to the Minister in respect of the payment, (c) the amount of the principal covered by the guarantee which was outstanding at the end of that year. (4) An amount equal to the amount of any moneys paid by the Minister under a guarantee referred to in subsection (1) shall be repaid to the Minister by ICC (with, if the Minister so requires, the payment to him or her by ICC of interest thereon at such rate as the Minister appoints) within such period and upon such terms and conditions as the Minister may determine. (5) Where the whole or any part of moneys required by subsection (4) to be repaid to the Minister has not been repaid in accordance with that subsection, the amount remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. (6) Notwithstanding the provision of moneys under subsection (5) to repay an amount to the Central Fund, ICC shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by ICC at such times and in such instalments as the Minister appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by the Minister as a simple contract debt in any court of competent jurisdiction and on a winding-up of ICC shall, notwithstanding anything contained in any agreement or any enactment, rank pari passu with the debts of all other unsecured creditors of ICC. (7) Moneys repaid by ICC to the Minister, or recovered from ICC by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer. (8) All moneys from time to time required by the Minister to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof. (9) A notice under this section may be given by registered post or in any other manner. Alteration of memorandum and articles of association of ICC Bank plc. 6.—ICC shall take such steps under the Companies Acts, 1963 to 1999, as may be necessary to alter its memorandum and articles of association to make them consistent with this Act. Repeals and revocations. 7.—(1) The enactments mentioned in column (2) of Part 1 of the Schedule are repealed to the extent mentioned in column (3) of that Part. (2) The statutory instruments mentioned in column (2) of Part 2 of the Schedule are revoked to the extent mentioned in column (3) of that Part. Short title and commencement. 8.—(1) This Act may be cited as the ICC Bank Act, 2000. (2) This Act shall come into operation on such day or days as, by order or orders made by the Minister under this section, may be fixed therefor either generally or with reference to any particular purpose or provision, and different days may be so fixed for different purposes and different provisions (including the application of section 7 to different enactments and statutory instruments specified in the Schedule and to different provisions of those enactments and instruments). SCHEDULE Repeals and Revocations Section 7 PART I Enactments Repealed Year and Chapter or Number and Year Title of Act Extent of Repeal (1) (2) (3) 1879, c.11 Bankers’ Books Evidence Act, 1879 Section 9(1)(g). 1882, c.61 Bills of Exchange Act, 1882 In section 2, in the definition of “Banker”, paragraph (d). No. 25 of 1933 Industrial Credit Act, 1933 The whole Act. No. 39 of 1934 Agricultural Co-operative Societies (Debentures) Act, 1934 Section 2(1)(d) No. 28 of 1935 Finance Act, 1935 In section 33(6), in the definition of “banker”, the words “the Industrial Credit Company, Limited,”. No. 10 of 1958 Industrial Credit (Amendment) Act, 1958 The whole Act. No. 24 of 1959 Industrial Credit (Amendment) Act, 1959 The whole Act. No. 24 of 1963 Superannuation and Pensions Act, 1963 Section 28(7) (d)(ii), in section 28(7)(e) the words “and the salary payable to him as managing director of the Industrial Credit Company, Limited”, section 28(14)(a) and section 28(14)(b). No. 9 of 1971 Industrial Credit (Amendment) Act, 1971 The whole Act. No. 24 of 1971 Central Bank Act, 1971 In section 7(4)(a)(ii), the words “the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933 ,” and the words “ICC Investment Bank Limited”. No. 20 of 1974 Industrial Credit (Amendment) Act, 1974 The whole Act. No. 8 of 1976 Capital Acquisitions Tax Act, 1976 In section 61(7), in the definition of “banker”, the words “the Industrial Credit Company Limited,”. No. 20 of 1977 Industrial Credit (Amendment) Act, 1977 The whole Act. No. 30 of 1978 Insurance (Amendment) Act, 1978 Paragraphs (b), (i)(II) and (ii)(II) of section 2(1). No. 19 of 1979 European Assembly (Irish Representatives) Act, 1979 In the Schedule, the words “The Industrial Credit Company Limited”. No. 39 of 1979 Industrial Credit (Amendment) Act, 1979 The whole Act. No. 26 of 1980 Ombudsman Act, 1980 In the Second Schedule, the words “The Industrial Credit Company, Limited”. No. 7 of 1983 Industrial Credit (Amendment) Act, 1983 The whole Act. No. 25 of 1986 Companies (Amendment) Act, 1986 Section 2(2)(g). No. 12 of 1988 Finance Act, 1988 In section 75(b), the words “under section 3 of the Industrial Credit (Amendment) Act, 1958 , the repayment of any money raised or borrowed by the Industrial Credit Corporation plc,” and the words “, and the Industrial Credit Corporation plc”. No. 15 of 1990 Industrial Credit (Amendment) Act, 1990 The whole Act. No. 33 of 1990 Companies Act, 1990 Paragraph (v) in section 3(2)(b) as inserted by the Companies (Amendment) Act, 1999 . In section 78(4)(a)(iii), the words “or Industrial Credit Corporation, plc”. No. 37 of 1990 Unit Trusts Act, 1990 In section 1(1), in the definition of “securities”, the words “the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933 ,”. No. 11 of 1992 Financial Transactions of Certain Companies and Other Bodies Act, 1992 In section 2, the words “and the Industrial Credit Corporation plc” in subsections (1)(a) and (3). No. 21 of 1992 ICC Bank Act, 1992 The whole Act. No. 8 of 1993 Comptroller and Auditor General (Amendment) Act, 1993 In the Second Schedule, the words “Industrial Credit Corporation public limited company”. No. 15 of 1994 Criminal Justice Act, 1994 Section 32(1)(i). No. 9 of 1995 Stock Exchange Act, 1995 In section 3(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ),”. No. 11 of 1995 Investment Intermediaries Act, 1995 In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ),”. No. 24 of 1995 Consumer Credit Act, 1995 In section 2(1), in the definition of “credit institution”, paragraph (f). No. 8 of 1997 Central Bank Act, 1997 In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ),”. Section 82. No. 31 of 1997 Prompt Payment of Accounts Act, 1997 In the Schedule, the words “I.C.C. Bank plc”. No. 32 of 1997 ICC Bank (Amendment) Act, 1997 The whole Act. No. 39 of 1997 Taxes Consolidation Act, 1997 In section 37, in the Table, the words “securities issued on or after the 24th day of May, 1989, by ICC Bank plc.”, as respects securities issued after the commencement of this repeal. In section 256(1), in the definition of “relevant deposit taker”, paragraphs (e) and (f). In section 519C(1), in the definition of “qualifying savings institution”, paragraphs (e) and (f). In section 607(1)(d), the words “ICC Bank plc”, as respects debentures, debenture stock, certificates of charge or other forms of security issued after the commencement of this repeal. Section 784A(1)(a), in the definition of “qualifying fund manager”, paragraphs (e) and (f). In section 838(1)(a), in paragraph (ii) of the definition of “securities”, the words “ICC Bank plc”, as respects securities issued after the commencement of this repeal. In Schedule 13, item number 50. No. 52 of 1998 Jurisdiction of Courts and Enforcement of Judgments Act, 1998 In section 11(4), in the definition of “authorised institution”, paragraph (f). No. 29 of 1999 ICC Bank Act, 1999 Sections 3, 4, 5 and 7. No. 31 of 1999 Stamp Duties Consolidation Act, 1999 In section 86, in paragraph (b), the words “ICC Bank public limited company” as respects loan stock issued after the commencement of this repeal. In section 103(1), in the definition of “appropriate person”, paragraph (c). In section 123(1), in the definition of “bank”, paragraph (c). PART II Statutory Instruments Revoked Number and Year Title of Instrument Extent of Revocation (1) (2) (3) No. 437 of 1986 European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 In Regulation 37(1), in the definition of “approved financial institution”, paragraph (h). In Regulation 37(1), in the definition of “approved securities”, in paragraph (c), the words “and Industrial Credit Corporation plc”. No. 191 of 1990 Insurance (Bonding of Intermediaries) Regulations, 1990 Regulation 3(2)(c). No. 59 of 1991 European Communities (Road Passenger Transport) Regulations, 1991 In Regulation 2(1), in the definition of “bank or other suitably qualified establishment”, the words “the Industrial Credit Corporation p.l.c.,”. No. 60 of 1991 European Communities (Merchandise Road Transport) Regulations, 1991 In Regulation 2(1), in the definition of “bank or other suitably qualified establishment”, the words “the Industrial Credit Corporation p.l.c.,”. No. 201 of 1992 European Communities (Companies: Group Accounts) Regulations, 1992 Regulation 6(2)(f). No. 328 of 1992 Central Bank Act, 1971 (Section 7(4)) Order, 1992 The whole instrument. No. 395 of 1992 European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 In Regulation 2(1), in the definition of “supervisory enactments”, the words “ the ICC Bank Act, 1992 (No. 21 of 1992) ,”. No. 24 of 1993 ICC Bank Act, 1992 (Section 3) Regulations, 1993 The whole instrument. No. 168 of 1995 European Communities (Deposit Guarantee Schemes) Regulations, 1995 In Regulation 3(1), in the definition of “supervisory enactments”, the words “the ICC Bank Act, 1992 (No. 21 of 1992),”. No. 32 of 1997 Ethics in Public Office (Prescribed Public Body, Designated Directorships and Designated Positions in Public Bodies) Regulations, 1997 In the Second Schedule, item number 42. 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