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(b) any direction given by the Bank to that credit institution, subsidiary or holding company under an enactment.

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(8)The special manager of an authorised credit institution, subsidiary or holding company shall provide such reports and other information to the Bank as the Bank requests. The obligation under this subsection is in addition to any other obligation of that credit institution, subsidiary or holding company to provide information and make returns to the Bank.
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(9)If a special management order authorises a special manager to take over only a part of the business of an authorised credit institution, subsidiary or holding company, a reference in this section to the business of an authorised credit institution, subsidiary or holding company shall be construed as a reference to that part of that business.
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Performance of functions of special managers.

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68.— (1) A special manager may perform his or her functions with the assistance of persons appointed or employed by him or her for that purpose.

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(2)A special manager may, with the consent of the Bank, apply to the Court to determine any question arising in the course of the special management.
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Effect of appointment of special manager.

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69.— (1) While an authorised credit institution, subsidiary or holding company is under special management— (a) all functions which, but for this paragraph, would be vested in the directors of that credit institution, subsidiary or holding company (whether by virtue of its memorandum of association or articles of association or otherwise) vest in the special manager, (b) no proceedings for its winding-up shall be commenced without the prior consent in writing of the Bank, (c) a resolution for its winding-up is of no effect without the prior consent in writing of the Bank, (d) no petition may be presented for the appointment of an examiner to that credit institution, subsidiary or holding company or to a related company (within the meaning of section 4

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(5)of the Companies (Amendment) Act 1990 ) without the prior consent in writing of the Bank, (e) no inspector may be appointed or an inquiry commenced under the Companies Act 1990 without the prior consent in writing of the Bank, (f) subject to subsection (2), no receiver over any part of the property of that credit institution, subsidiary or holding company may be appointed without the prior consent in writing of the Bank, (g) subject to subsection (2), no enforcement (whether by attachment, sequestration, distress or execution) of any judgment or order may be put into force against any part of the property of that credit institution, subsidiary or holding company without the prior consent in writing of the Bank, unless the party seeking to do so is the Bank, (h) subject to subsection (2), if any claim against an authorised credit institution, subsidiary or holding company is secured by security affecting the whole or any part of the assets of that credit institution, subsidiary or holding company, any person other than the Bank who wishes to realise the whole or any part of that security shall give written notice to the Bank 90 days (or a shorter period to which the Bank agrees) before such realisation, and (i) if the special manager so elects, the powers of that credit institution, subsidiary or holding company exercisable by a general meeting of that credit institution, subsidiary or holding company are exercisable only by the special manager and subject to the prior consent in writing of the Bank.
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(2)Paragraphs (f), (g) and (h) of subsection (1) do not apply to the Bank, the European Central Bank or any other national central bank within the Eurosystem.
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(3)The powers of a special manager shall not be exercised in a way that conflicts with the law of the European Union.
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(4)Except as provided otherwise by this Act, the business of an authorised credit institution, subsidiary or holding company under special management shall continue without interruption as a going concern, and no agreement (including a contract of employment or service), policy, transaction, bank account or bank mandate, right, title, claim, debt, proceeding or obligation of that credit institution or right, claim or proceeding against it is avoided, cancelled, stayed or otherwise affected by reason only of the appointment of the special manager.
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(5)While an authorised credit institution, subsidiary or holding company is under special management— (a) that credit institution, subsidiary or holding company shall not convene or hold any general meeting unless the special manager so directs, (b) the rights and powers of shareholders and members under any enactment or contract stand suspended and are not exercisable, (c) section 205 of the Act of 1963 does not apply, and (d) no derivative action may be brought in respect of that credit institution.
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(6)A special management order has effect notwithstanding anything in— (a) the Companies Acts, the Building Societies Act 1989 , the Credit Union Act 1997 or the Central Bank Acts 1942 to 2011, (b) any other rule of law or equity, (c) any code of practice made under an enactment, (d) the listing rules of any regulated market or the rules of any other market on which the shares of an authorised credit institution may be traded from time to time, (e) the memorandum of association and articles of association of that credit institution, subsidiary or holding company, or (f) any agreement to which that authorised credit institution, subsidiary or holding company, and any other holding company or subsidiary of that credit institution, subsidiary or holding company is a party, is bound by, or has an interest in, except to any extent to which the special management order expressly provides otherwise.
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Powers of special manager to remove officers, employees and others.

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70.— (1) The special manager of an authorised credit institution, or a subsidiary or holding company of an authorised credit institution, may, with the consent of the Bank, and shall, if so directed by the Bank, remove any person from— (a) a position of director, secretary or other officer of that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company, or (b) any of the following positions: (i) a position of employment with that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company; (ii) an executive position and any such position held by virtue of being a director or secretary of that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company; (iii) a consultancy to that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company.

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(2)The removal of a person by virtue of subsection (1)— (a) has effect without the need for any notice being given, meeting being called, resolution being passed or consent being obtained, and (b) may be expressed to take effect immediately and, if so expressed, has that effect.
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(3)Nothing in subsection (1) or (2) deprives a person of any right to claim compensation or damages from that credit institution for the loss of his or her office or appointment. However— (a) a court, tribunal or rights commissioner may not grant any remedy that would have the effect of preventing or restraining the special manager from exercising the special manager’s powers under this section, and (b) a court, tribunal or rights commissioner may not make an order under the Unfair Dismissals Acts 1977 to 2007 for the reinstatement or re-engagement of such a person.
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Relationship between special manager and directors.

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71.— (1) The special manager appointed to an authorised credit institution shall— (a) determine the role (if any) of the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management, and (b) determine the remuneration (if any) to be paid to the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management.

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(2)A determination of a special manager under paragraph (a) or (b) of subsection (1) is binding on that credit institution, subsidiary or holding company or its subsidiaries (as the case may be) and the directors of that credit institution, subsidiary or holding company or its subsidiaries.
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(3)A director or other officer of an authorised credit institution, subsidiary or holding company or a subsidiary of such a credit institution, subsidiary or holding company that is under special management remains bound to discharge his or her duties and obligations under any enactment or rule of law except to any extent that he or she is relieved of that duty or obligation by the special manager or by a provision of this Act.
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(4)Nothing in this section or any determination under it has the effect of— (a) rendering lawful any contravention of any enactment or rule of law that took place before the commencement of a special management or takes place after the end of a special management, (b) relieving any person from any obligation— (i) to comply at any time, with any such enactment or rule of law, or (ii) to fulfil any duty at any time, or (c) precluding any proceedings brought or to be brought in relation to a contravention, or the breach of an obligation, referred to in paragraph (a) or (b).
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Special manager not to be director, etc.

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72.— A special manager of an authorised credit institution, subsidiary or holding company shall not be taken to be a shadow director (within the meaning given by section 27

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(1)of the Companies Act 1990 ) nor what is known as a de facto director of that credit institution, subsidiary or holding company or any subsidiary of that holding company.
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Extension of special management.

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73.— The Court may, on application by the Bank under section 60 , extend the special management of an authorised credit institution, subsidiary or holding company.

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Termination of special management.

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74.— The special management of an authorised credit institution, subsidiary or holding company terminates— (a) at the end of the period referred to in section 63 or 73 , as the case may be, (b) on the setting aside of the relevant special management order, (c) on the making of an order for the winding-up of that credit institution, subsidiary or holding company, (d) on the making of an order under the Companies (Amendment) Act 1990 appointing an examiner to that credit institution, subsidiary or holding company, or (e) if the Bank so orders.

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PART 7

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Bank’s powers in liquidation of authorised credit institutions Interpretation (Part 7).

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75.— (1) In this Part— “deposit protection account” has the same meaning as in the Regulations of 1995; “eligible depositor” means a person with an eligible deposit (within the meaning given by the Regulations of 1995); “full payment resolution” has the meaning given by section 84

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(3)(a); “liquidator” means a liquidator appointed to an authorised credit institution; “Regulations of 1995” means the European Communities (Deposit Guarantee Schemes) Regulations 1995 ( S.I. No. 168 of 1995 ).
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(2)A reference in this Part to Objective 1 or Objective 2, or the objectives of a liquidator of an authorised credit institution, shall be construed in accordance with section 80 .
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(3)Notwithstanding section 3
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(2), a reference in this Part to an authorised credit institution includes a reference to a relevant institution within the meaning of the Act of 2010.
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(4)Expressions used in this Part and in the Companies Acts have the same meanings in this Part as in the Companies Acts except to any extent that this Part provides otherwise.
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Application of Companies Acts to winding-up of authorised credit institutions.

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76.— The Companies Acts apply to the winding-up of an authorised credit institution subject to this Part.

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Bank may petition to have authorised credit institution wound up, etc.

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77.— The Bank may present a petition to the Court for the winding-up of an authorised credit institution on any of the following grounds: (a) that in the opinion of the Bank, the winding-up of that credit institution would be in the public interest; (b) that that credit institution is, or in the opinion of the Bank may be, unable to meet its obligations to its creditors; (c) that that credit institution has failed to comply with a direction of the Bank— (i) in the case of the holder of a licence under section 9 of the Act of 1971, under section 21 of that Act, or (ii) in the case of a building society, under section 40

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(2)of the Building Societies Act 1989 , or (iii) in the case of a credit union, under section 87 of the Credit Union Act 1997 ; (d) that that credit institution’s licence or authorisation (as applicable) has been revoked and (in the case of the holder of a licence under section 9 of the Act of 1971) that it has ceased to carry on banking business; (e) that the Bank considers that it is in the interest of persons having deposits (including deposits on current accounts) with that credit institution that it be wound up.
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Bank’s role in winding-up authorised credit institutions.

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78.— (1) A person other than the Bank shall not— (a) present a petition to the Central Office of the High Court, (b) advertise such a petition, or (c) take any other step or make any other publication concerning that person’s intention to cause an authorised credit institution to be wound up, unless— (i) the person has given 10 days’ written notice to the Bank of his or her intention to do so, and (ii) the Bank has confirmed in writing that it has no objection to the person doing so.

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(2)If an authorised credit institution is being wound up voluntarily and the Bank has reason to believe that any of the grounds set out in section 77 apply, the Bank may apply to the Court to have that credit institution wound up by the Court.
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(3)If an authorised credit institution, or a body that was formerly an authorised credit institution, is being wound up and the Bank is not a creditor, any notice or document, by whatever name called, required to be sent to a creditor of that credit institution or body shall also be sent to the Bank.
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(4)In the winding-up of an authorised credit institution (if the Bank was not the petitioner)— (a) the Bank is entitled to be a notice party in all applications brought in the course of the winding-up, and (b) the Bank may make representations to the Court.
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Liquidators of authorised credit institutions.

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79.— (1) Only a liquidator approved by the Bank may be appointed to an authorised credit institution.

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(2)A liquidator appointed by the Court to an authorised credit institution shall notify the Bank, immediately after his or her appointment, that a compensation event (within the meaning in Regulation 8A of the Regulations of 1995) has taken place.
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Objectives of liquidator of authorised credit institution.

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80.— (1) The liquidator of an authorised credit institution has 2 objectives, as follows: (a) Objective 1— (i) to facilitate the Bank in ensuring that each eligible depositor receives the prescribed amount payable under Regulation 4 of the Regulations of 1995 from the deposit protection account, or (ii) to facilitate the Bank in transferring that amount from the deposit protection account to another authorised credit institution or to a credit institution approved by the Bank, to hold that amount on behalf of each such eligible depositor; (b) Objective 2, to wind up the affairs of the authorised credit institution so as to achieve the best results for that credit institution’s creditors as a whole.

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(2)In the event of a conflict between Objective 1 and Objective 2, Objective 1 takes precedence.
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(3)The liquidator of an authorised credit institution shall begin working towards both objectives immediately upon his or her appointment. The liquidator and the Bank shall cooperate in the pursuit of those objectives.
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(4)The duties of a liquidator under this Part are in addition to the other duties of a liquidator.
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(5)The liquidator of an authorised credit institution— (a) shall comply with a request of the Bank for information in relation to the liquidation, and (b) may provide the Bank with any other information that the liquidator thinks might be useful for the purpose of co-operating in the pursuit of Objective 1.
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Bank may make money available.

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81.— (1) The Bank may, for the purpose of cooperating in the pursuit of Objective 1, and to facilitate the transfer of accounts of eligible depositors of the authorised credit institution concerned— (a) make money available from the deposit protection account, or (b) make payments and charge the payments on the deposit protection account.

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(2)

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Section 8

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of the Financial Services (Deposit Guarantee Scheme) Act 2009 shall apply in respect of payments charged on the deposit protection account under subsection (1)(b) as if the reference in that section 8 to a payment in accordance with the Regulations of 1995 were a reference to a payment in accordance with this section.

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Payments from deposit protection account to be debts due to Bank.

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82.— If the Bank has paid or transferred funds from the deposit protection account in accordance with section 80

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(1)(a) (ii) or 81 — (a) the Court (or in the case of a voluntary winding-up of the authorised credit institution, the liquidator) shall admit the amount of each such payment or transfer as a proved debt due to the Bank, and (b) in relation to each such debt— (i) the Bank shall have the same priority as the person to whom the payment was made, or on whose behalf the transfer was made, would have had if that payment or transfer had not been made, and (ii) the Bank shall rank ahead of the person for the full amount of the debt.
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Liquidation committee — establishment.

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83.— (1) As soon as practicable after the Court makes a winding-up order pursuant to section 216(1) of the Act of 1963 in relation to an authorised credit institution, the Bank shall nominate 2 individuals, and the Minister shall nominate one individual, who shall comprise a liquidation committee.

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(2)The Bank and the Minister may each replace their respective nominees at any time.
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(3)The function of a liquidation committee is to ensure that the liquidator properly carries out his or her functions under this Part.
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(4)While a liquidation committee exists in relation to an authorised credit institution, section 232 of the Act of 1963 does not apply in relation to that credit institution.
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(5)If a liquidation committee ceases to exist by virtue of section 84
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(4), section 232 of the Act of 1963 again becomes applicable in relation to the authorised credit institution concerned.
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Liquidation committee — functions.

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84.— (1) The liquidator shall report to the liquidation committee about any matter on request, and may report to that committee about any matter which the liquidator thinks is likely to be of interest to that committee.

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(2)The liquidator shall keep the liquidation committee informed of progress towards Objective 1, and shall notify that committee when in the liquidator’s opinion Objective 1 has been achieved entirely or so far as is reasonably practicable.
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(3)As soon as is reasonably practicable after receiving a notice under subsection (2), the liquidation committee shall either— (a) resolve that Objective 1 has been achieved entirely or so far as is reasonably practicable (referred to in this Part as a “full payment resolution”), or (b) apply to the Court under section 280 of the Act of 1963.
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(4)If a liquidation committee passes a full payment resolution, the liquidation committee ceases to exist at the end of the meeting at which that resolution was passed.
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Liquidation committee — procedure.

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85.— (1) A meeting of the liquidation committee may be summoned by any of the members or by the liquidator.

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(2)A meeting of the liquidation committee is quorate only if all the members are present.
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(3)A person aggrieved by anything done by the liquidation committee before it has passed a full payment resolution may apply to the Court, which may make any order that it considers appropriate in the circumstances (including an order for the repayment of money).
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(4)The Court may (whether on an application under subsection (3), on the application of the liquidator or otherwise) make an order that the liquidation committee is to be treated as having passed a full payment resolution.
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(5)If a liquidation committee fails to comply with section 84
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(3)the liquidator shall apply to the Court for an order under subsection (3) or for directions under section 280 of the Act of 1963.
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Functions of Bank after liquidation committee ceases to exist.

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86.— If a liquidation committee ceases to exist by virtue of section 84

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(4)— (a) the Bank shall be a notice party to legal proceedings relating to the winding-up of the authorised credit institution concerned, and (b) if a committee of inspection is appointed, the Bank— (i) may attend meetings of the committee of inspection, (ii) is entitled to receive copies of all documents relating to the business of the committee of inspection, and (iii) may make representations to the committee of inspection.
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Achievement of Objective 1.

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87.— (1) As soon as is reasonably practicable after it is established, a liquidation committee shall make recommendations to the liquidator on appropriate ways of achieving Objective 1, and the liquidator shall comply with any such recommendation.

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(2)If the liquidation committee is of the opinion that the liquidator is failing to comply with such a recommendation, it shall apply to the Court for directions under section 280 of the Act of 1963.
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(3)If the liquidation committee does not make a recommendation under subsection (1) within a reasonable time after it is established, the liquidator may apply to the Court under section 280 of the Act of 1963 for directions.
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Transfer of accounts.

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88.— (1) This section applies where a liquidator arranges, in pursuit of Objective 1, for the transfer of eligible depositors’ accounts from the authorised credit institution to another authorised credit institution or a credit institution approved of by the Bank.

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(2)The arrangements referred to in subsection (1) shall have effect despite any restriction (whether or not under an enactment or a contractual provision).
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(3)In making the arrangements mentioned in subsection (1) the liquidator shall ensure that eligible depositors will be able to remove money from transferred accounts as soon as is reasonably practicable after transfer.
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(4)In subsection (2) “restriction” includes any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person) and a requirement for consent (howsoever described).
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Modifications to Companies Acts in winding-up of authorised credit institutions.

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89.— (1) A provision of the Act of 1963 mentioned in column 1 of the Table to this subsection applies to the winding-up of an authorised credit institution as if it were modified in the manner set out in column 2 of that Table opposite to the mention of the provision in column 1.

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TABLE Column 1 Column 2

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Section 2(1)

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After the definition of “Act of 2003”, insert: “ ‘Act of 2011’ means the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011);”.

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Section 2(1)

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After the definition of “auditor” insert: “ ‘authorised credit institution’ has the same meaning as in the Act of 2011;”.

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Section 2(1)

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Before the definition of “book and paper” insert: “ ‘Bank’ means the Central Bank of Ireland;”.

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Section 217

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Insert “or the Bank” after “any creditor or contributory”.

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Section 223

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Delete.

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Section 234(1)

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Substitute “Subject to subsection (2A), the Court” for “the Court”.

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Section 234(2)

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Substitute “Subject to subsection (2A), the Court” for “the Court”.

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Section 234

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After subsection (2), insert: “(2A) The Court may not make an order under subsection (1) or (2) before the passage of a full payment resolution (within the meaning given by section 84

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(3)(a) of the Act of 2011.).”.
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Section 243(1)

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Substitute: “243.—(1) The Court may, at any time after making a winding-up order, make such order for inspection of the books and papers of the company, by creditors and contributories or the Bank, as the Court thinks just, and any books and papers in the possession of the company may be inspected by creditors or contributories or the Bank accordingly, but not further or otherwise.”.

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Section 243

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Before subsection (2), insert: “(1B) In considering an application under subsection (1), the Court shall have regard to the liquidator’s duty to secure the achievement of Objective 1 described in section 80

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(1)(a) of the Act of 2011. (1C) In considering an application under this section, the Court shall have regard to the liquidator’s duty to secure the achievement of Objective 1 described in section 80
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(1)(a) of the Act of 2011.”.
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Section 280(1)

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Insert “or the Bank” after “any contributory or creditor”.

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Section 286

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Insert after subsection (3): “(3A) The disposal of property of an authorised credit institution by the Bank pursuant to an order under the Act of 2011 does not amount to the giving of a preference for the purposes of this section.”.

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Section 302(1)

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Substitute “, the registrar of companies, the liquidation committee or the Bank” for “or by the registrar of companies”.

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Section 309(1)

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Substitute: “309.—(1) The Court may, as to all matters relating to the winding-up of an authorised credit institution, have regard to the wishes of the creditors or contributories (or, at a time before the passing of a full payment resolution (within the meaning given by section 84

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(3)(a) of the Act of 2011), those of the Bank), as proved to it by any sufficient evidence, and may, if it thinks fit, for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories or the Bank to be called, held and conducted in such manner as the court directs, and may appoint a person to act as chairperson of any such meeting and report the result thereof to the Court.”.
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(2)When a liquidation committee stands established in relation to an authorised credit institution, a reference in the Act of 1963 to a committee of inspection shall be interpreted as a reference to the liquidation committee.
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(3)

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Section 139

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of the Companies Act 1990 applies to the winding-up of an authorised credit institution as if it were modified by the insertion after subsection (2) of the following: “(2A) Subsection (1) does not apply to a disposal of property of an authorised credit institution (within the meaning given by the Central Bank and Credit Institutions (Resolution) Act 2011) pursuant to an order under that Act.”.

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Application of this Part to bodies incorporated outside State.

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90.— (1) In the case of the winding-up of an authorised credit institution, or a body that was formerly an authorised credit institution, that is a company incorporated outside the State, references in the Central Bank Acts 1942 to 2011 to— (a) the winding-up of an authorised credit institution or a body that was formerly an authorised credit institution, or (b) any provision of the Companies Acts which relates to winding-up, shall be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned if the context so admits and the circumstances so require.

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(2)For the purposes of a winding-up referred to in subsection (1), the Court may order that the Central Bank Acts 1942 to 2011 apply, if necessary, with such modifications as the Court orders.
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PART 8

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Recovery plans and resolution plans Recovery plans.

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91.— (1) Having regard to the nature of the business of an authorised credit institution, the Bank may direct that credit institution to prepare a recovery plan setting out actions that could be taken to facilitate the continuation, or secure the business or part of the business, of that credit institution in a situation where the institution is experiencing financial instability.

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(2)A recovery plan shall not assume that financial support will be available from the State or the Fund.
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(3)A recovery plan shall be in accordance with any code of practice issued by the Bank under section 106 .
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(4)An authorised credit institution shall submit its recovery plan to the Bank for assessment. If the Bank so directs, that credit institution shall demonstrate to the Bank that the plan can be implemented.
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(5)The Bank may direct an authorised credit institution— (a) to provide any additional information or analysis necessary to assess that credit institution’s recovery plan, and (b) to make specified changes to the plan that the Bank considers necessary to ensure that the plan can be implemented.
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(6)An authorised credit institution shall maintain its recovery plan, and keep it up to date, in accordance with any code of practice issued by the Bank under section 106 .
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Implementation of recovery plans.

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92.— The Bank may direct an authorised credit institution to implement its recovery plan, or any part of it, if the Bank is of the opinion that the actions contained in that plan or part are necessary or desirable.

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Resolution plans.

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93.— (1) If the Bank has directed an authorised credit institution to prepare a recovery plan, the Bank may prepare a resolution plan for that credit institution.

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(2)A resolution plan for an authorised credit institution is required to set out the Bank’s preparations on a contingency basis for the exercise of the Bank’s functions under this Act in relation to that credit institution.
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(3)The Bank may direct an authorised credit institution to provide such information and analysis as the Bank requires for the preparation of a resolution plan.
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Offences.

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94.— (1) An authorised credit institution that fails to comply with a direction under this Part commits an offence and is liable— (a) on summary conviction, to a class A fine, or (b) on conviction on indictment, to a fine not exceeding €10,000,000.

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(2)If an offence under this section is committed by an authorised credit institution, and is proved to have been committed with the consent or connivance, or to be attributable to any wilful neglect, of a person who, when the offence is committed, is— (a) a director, manager, secretary or other officer of the authorised credit institution or a person purporting to act in that capacity, or (b) a member of the committee of management or other controlling authority of the authorised credit institution or a person purporting to act in that capacity, that person is taken to have also committed an offence and may be proceeded against and punished in accordance with subsection (3).
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(3)A person referred to in subsection (2) is liable— (a) on summary conviction, to a class A fine or to imprisonment for a term not exceeding 12 months, or both, or (b) on conviction on indictment, to a fine not exceeding €10,000,000 or to imprisonment for a term not exceeding 5 years, or both.
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PART 9

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Miscellaneous Effect of CIWUD Directive.

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95.— An order made under this Act or requirement imposed under section 22 that is declared to have been made with the intention of preserving or restoring the financial position of a credit institution is intended to have effect in accordance with the CIWUD Directive and any law giving effect to it.

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Application of certain laws in relation to transfers, etc., of credit institutions.

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96.— Parts 2 and 3 of the Competition Act 2002 and section 7 of the Act of 2008 do not apply with respect to— (a) the appointment of a special manager pursuant to

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Part 6

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, (b) the acquisition or disposal of any asset or liability by such a special manager, or (c) a transfer under a transfer order pursuant to

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Part 5

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.

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Proposed orders, etc., to be kept in confidence.

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97.— (1) A person other than the Bank shall not publish the fact that the Bank proposes to make or has made a proposed transfer order or proposed special management order, unless required to do so by an enactment, or with the prior written consent of the Bank.

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(2)A person other than the Bank shall not publish the fact that the person or the Bank proposes— (a) to present a petition to wind up an authorised credit institution, (b) to advertise such a petition, or (c) to take any other step or make any other publication concerning that person’s intention to cause an authorised credit institution to be wound up, unless required to do so by an enactment, except with the prior written consent of the Bank.
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(3)A person (including an authorised credit institution) who contravenes subsection (1) or (2) commits an offence and is liable— (a) on summary conviction, to a class A fine or to imprisonment for a term not exceeding 12 months or to both, or (b) on conviction on indictment to a fine not exceeding €100,000 or to imprisonment for a term not exceeding 3 years or to both.
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(4)It is not a contravention of subsection (1) or (2) for an authorised credit institution to disclose a fact referred to in either of those subsections for the purposes of obtaining professional advice.
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Costs incurred in relation to making orders, etc.

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98.— (1) Where the Courts Service, or another body funded, wholly or partly, out of moneys provided by the Oireachtas, or from the Central Fund or the growing produce of the Central Fund, has incurred costs in relation to the translation or publication of an order under this Act (including where the translation or publication is required by the Regulations of 2011), the costs are a debt due and owing by the authorised credit institution concerned, and may be recovered as a simple contract debt in any court of competent jurisdiction.

\n
(2)If the authorised credit institution is unable to pay the costs referred to in subsection (1), they shall be recoverable from the Fund by the body concerned.
\n

Confidentiality of proceedings.

\n

99.— The Court may order that any application under this Act, or any part of such an application, shall be heard otherwise than in public or may impose restrictions in relation to the disclosure in open court, publication or reporting of any material that might be commercially sensitive.

\n

Effect of orders on certain other obligations.

\n

100.— (1) In this section “relevant agreement” means an agreement under which the authorised credit institution in relation to which an order under this Act is made or any of its subsidiaries, its holding company and any subsidiary of its holding company enjoys any right or interest or is subject to any obligation or liability (regardless of whether such an agreement is governed by the law of the State or another place).

\n
(2)If any consequence specified or referred to in subsection (4) in relation to an authorised credit institution or any of its subsidiaries, its holding company and any subsidiary of its holding company would, but for this subsection, arise under a relevant agreement by virtue of— (a) the enactment of this Act, (b) the publication of the Bill for this Act, or (c) any statement made by the Minister, the Bank or the authorised credit institution in relation to the Bill for this Act, the contents of that Bill or this Act, or the use or effect of any powers in this Act, then, notwithstanding anything in the relevant agreement and subject to section 101 — (i) no interest or right of any third party arises or becomes exercisable, and (ii) no liability or obligation arises or is incurred by any third party, by virtue of that enactment, publication or statement.
\n
(3)Where an order has been made, or requirement imposed, under this Act in relation to an authorised credit institution, any of its subsidiaries, or its holding company, (whether or not the order or requirement is subsequently set aside, or varied or amended in a relevant manner) and a relevant agreement would (apart from this subsection) cause a consequence specified or referred to in subsection (4) to follow by virtue of— (a) the making of the order, or the imposition of the requirement, or any step taken (including the making of a proposed order) in preparation for the making of the order or imposition of the requirement, (b) an act taken or omitted to be taken by any person in compliance with the order or requirement, (c) any consequences of any such act or omission, (d) any consequence of the order or requirement, or (e) any other thing done or authorised to be done under, or resulting from any provision of this Act, then, notwithstanding that relevant agreement and subject to section 101 — (i) no interest or right of any third party arises or becomes exercisable, and (ii) no liability or obligation arises or is incurred by any third party, by virtue of any of the matters mentioned in any of paragraphs (a) to (e).
\n
(4)The consequences referred to in subsections (2) and (3) are the following: (a) the creation of an obligation or liability; (b) the suspension or extinction (however described, and whether in whole or in part) of a right or an obligation or the becoming subject to a right or an obligation; (c) the termination or extinguishment of the relevant agreement concerned or a right or obligation under it; (d) a right becoming exercisable to terminate or modify the relevant agreement or a right or obligation under it; (e) an amount becoming due and payable or capable of being declared due and payable or ceasing to be payable; (f) any other change in the amount or timing of any payment falling to be made or due to be received by any person; (g) a right becoming exercisable to withhold, net or set off any payment under or in connection with the relevant agreement; (h) the occurrence of an event giving rise to a default or breach of a right or obligation; (i) a right becoming exercisable not to advance any amount; (j) an obligation arising to provide or transfer a deposit or collateral; (k) a right of transfer or assignment of an asset or liability; (l) any right to enforce a guarantee, indemnity or security interest (however described); (m) the triggering of any mandatory prepayment event (howsoever described); (n) any obligation to return collateral or its equivalent; (o) the cancellation of any obligation to advance any amount or to provide credit or a contingent instrument; (p) legal proceedings becoming maintainable to enforce the relevant agreement; (q) the termination or modification of an obligation to provide a service or product; (r) the accrual of any right to give or withhold any consent or approval; (s) any event of default or breach of any right arising; (t) any right or obligation not arising; (u) the imposition of any condition on the relevant agreement; (v) the imposition of any condition on any right or obligation under the relevant agreement; (w) the creation of any constructive or resulting trust or other equitable interest or equity; (x) the accrual of any right to trace any property or to claim an equitable interest in or equity in respect of any property or to claim any breach of trust; (y) any other right or remedy (whether or not similar in kind to those referred to in paragraphs (a) to (x)) arising or becoming exercisable.
\n
(5)A relevant agreement has a consequence specified in subsection (4) if the substantial effect of the agreement is to produce that consequence, regardless of whether or not the agreement describes its consequences in the precise terms used in that subsection.
\n

Limitation of operation of section 100.

\n

101.— (1) If the Minister is of the opinion that in a particular case or cases the effect of section 100 is in all the circumstances unduly onerous, or causes unfairness or undue hardship, and that it is appropriate in all the circumstances to do so, he or she may, after consultation with the Bank, by order provide that, notwithstanding subsections (2) and (3) of that section, a provision in a relevant agreement that provides for a consequence mentioned or referred to in section 100

\n
(4)has effect to the extent specified in the order.
\n
(2)An order under subsection (1)— (a) may make provision in relation to the effect of a provision in— (i) a particular relevant agreement, (ii) relevant agreements of a particular kind, or (iii) rights held under a relevant agreement, or relevant agreements of a particular kind, by a particular person or a particular class of persons, (b) in the case of an order that makes provision in relation to relevant agreements of a particular kind, may specify the kind by reference to any common characteristic of the agreements concerned, and (c) in the case of an order that makes provision in relation to rights held by a particular class of persons, may specify the class by reference to any common characteristic of the persons concerned.
\n
(3)As soon as practicable after the Minister makes an order under subsection (1), he or she shall lay a copy of the order before each House of the Oireachtas.
\n
(4)If the Minister considers that an order under subsection (1) contains matter that is commercially sensitive, he or she may direct— (a) that the obligations in relation to the order under section 3
\n
(1)of the Statutory Instruments Act 1947 are to be taken to be satisfied by the printing, sending to the institutions mentioned in section 3(1)(a) of that Act, publication and sale of a version of the order from which the commercially sensitive matter is omitted, or (b) if the preparation of such a version would be impracticable, or would result in the version being seriously misleading, that the order is exempt from the operation of section 3(1) of that Act.
\n
(5)A version of an order under subsection (1) prepared in accordance with a direction given by the Minister under subsection (4)(a) shall indicate that matter has been omitted from the version of the order and the general nature of that matter.
\n
(6)A direction given by the Minister under subsection (4) shall be published in Iris Oifigiúil as soon as practicable.
\n
(7)Evidence of a direction given by the Minister under subsection (4) may be given by the production of a copy of Iris Oifigiúil purporting to contain the direction.
\n
(8)Nothing in this Act or the Statutory Instruments Act 1947 affects any obligation that arises under the Regulations of 2011 to publish, or give notice of, an order or direction under this Act.
\n

Limitation of judicial review.

\n

102.— (1) Leave shall not be granted for judicial review of any decision under this Act unless— (a) either— (i) the application for leave to seek judicial review is made to the Court within 14 days after the decision is notified to the person concerned, or that person otherwise becomes aware of the decision, or (ii) the Court is satisfied that— (I) there are substantial reasons why the application was not made within that period, and (II) it is just, in all the circumstances, to grant leave, having regard to the interests of other affected persons and the public interest, and (b) the Court is satisfied that the application raises a substantial issue for that Court’s determination.

\n
(2)The Court may make such order on the hearing of the judicial review as it thinks fit, including an order remitting the matter back to the Bank with such directions as the Court thinks appropriate or necessary.
\n
(3)A person is not entitled to apply for the judicial review of a decision referred to in subsection (1) if he or she was entitled to apply to have the relevant order of the Court set aside but did not do so.
\n
(4)A person is not entitled to apply for the judicial review of a decision referred to in subsection (1) if he or she applied to have the relevant order of the Court set aside and that application was refused by the Court.
\n

Limitation of certain rights of appeal to Supreme Court.

\n

103.— (1) The determination of the Court of an application for leave to apply for judicial review, or an application for judicial review, is final and no appeal lies from the decision of the Court to the Supreme Court in either case, except with the leave of the Court.

\n
(2)A special management order or transfer order, and an order varying such an order or setting it aside, is final and no appeal lies from the order of the Court to the Supreme Court except with the leave of the Court.
\n
(3)The Court shall grant leave under subsection (1) or (2) only if the Court certifies that its decision involves a point of law of exceptional public importance and that it is desirable in the public interest that an appeal should be taken to the Supreme Court.
\n
(4)On an appeal from a determination of the Court in respect of an application referred to in subsection (1), or an appeal from an order referred to in subsection (2), the Supreme Court— (a) has jurisdiction to determine only the point of law certified by the Court under subsection (3), and to make only such order in the proceedings as follows from that determination, and (b) shall, in determining the appeal, act as expeditiously as possible consistent with the administration of justice.
\n
(5)This section does not apply to a determination of the Court in so far as it involves a question as to the validity of any law having regard to the provisions of the Constitution.
\n

Application of laws in relation to netting agreements, etc.

\n

104.— (1) 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 Regulations of 2011, in relation to an agreement to which an authorised credit institution or any of its subsidiaries or its holding company 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 4 of the European Parliament and of the Council of 19 May 1998 (as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009), or (ii) Directive 2002/47/EC 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).

\n
(2)Nothing in this Act affects the operation of the Asset Covered Securities Act 2001 .
\n

Saving of legal proceedings, etc.

\n

105.— A transfer under a transfer order, and any other thing done under an order or requirement made under this Act (including the dissolution of an authorised credit institution)— (a) does not affect any legal proceedings taken, investigation undertaken, or disciplinary or enforcement action undertaken by the Bank or any other person, in respect of any matter in existence at the time the transfer was made or other thing was done, and (b) does not preclude the taking of any legal proceedings, or the undertaking of any investigation, or disciplinary or enforcement action, in respect of any contravention of an enactment or any misconduct which may have been committed before the transfer was made or the other thing was done.

\n

Codes of practice.

\n

106.— (1) The Bank may, after consultation with the Minister, issue a code of practice relating to the operation of this Act including the exercise of any powers under this Act.

\n
(2)An authorised credit institution shall comply with a code of practice issued under this section.
\n
(3)In the Bank’s consultation with the Minister, the Bank shall ensure that the Minister is afforded a minimum consultation period of 2 months.
\n

Guidelines on Bank’s exercise of functions under this Act, etc.

\n

107.— The Bank, after consultation with the Minister, may issue guidelines or policy statements in relation to the exercise of the functions conferred upon it by this Act.

\n

Relationship framework between Minister and Bank.

\n

108.— The Minister may from time to time specify a relationship framework in writing to govern the relationship between the Minister and the Bank, and may from time to time amend or revoke any such relationship framework. The relationship framework shall recognise the separation of the Bank and the Minister, and limit the extent of any intervention by the Minister in the performance of the Bank’s functions to that necessary to protect the public interest. The relationship framework shall at all times comply with regulatory requirements.

\n

Regulations.

\n

109.— (1) The Minister may make regulations to do anything that appears necessary or expedient— (a) for bringing this Act into operation, or (b) for enabling this Act to have full effect in accordance with its purposes.

\n
(2)Where a provision of this Act requires or authorises the Minister or the Bank to make regulations, such regulations— (a) may make different provision for different circumstances or cases, classes or types, and (b) may contain such incidental, consequential or transitional provisions as the Minister considers necessary or expedient.
\n
(3)Regulations made under this Act shall be laid before each House of the Oireachtas as soon as may be after they are made and, if a resolution annulling them is passed by either such House within the next 21 days on which that House has sat after the regulations are laid before it, the regulations shall be annulled accordingly but without prejudice to the validity of anything previously done under the regulations.
\n

PART 10

\n

Amendment of other enactments and statutory instruments Amendments of Acts.

\n

110.— (1) The Act of 1942 is amended as set out in

\n

Part 1

\n

of Schedule 2 .

\n
(2)The Central Bank Act 1989 is amended as set out in
\n

Part 2

\n

of Schedule 2 .

\n
(3)The Credit Union Act 1997 is amended as set out in
\n

Part 3

\n

of Schedule 2 .

\n
(4)The Land and Conveyancing Law Reform Act 2009 is amended as set out in
\n

Part 4

\n

of Schedule 2 .

\n
(5)The Act of 2010 is amended as set out in
\n

Part 5

\n

of Schedule 2 .

\n

Amendments of statutory instruments.

\n

111.— (1) The European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010 ) are amended as set out in

\n

Part 1

\n

of Schedule 3 .

\n
(2)The Regulations of 2011 are amended as set out in
\n

Part 2

\n

of Schedule 3 .

\n
(3)The amendment of an instrument by this section does not prevent or restrict the subsequent amendment or revocation of the instrument in the manner provided for in the Act under which the instrument was made.
\n

SCHEDULE 1 Powers to Require Persons to Give Evidence or Produce Documents

\n

Section 36

\n
(6).
\n

Assessor may require persons to give evidence or produce documents.

\n
1.(1) If the Assessor believes on reasonable grounds that a person may be able to give evidence, or to produce a document, that relates to a matter concerning the performance or fulfillment of any of the Assessor’s functions or objectives, he or she may serve on the person a notice requiring the person— (a) to appear before the Assessor to give evidence about the matter, or (b) to produce the document for examination.
\n
(2)The notice shall— (a) specify the matter to which the evidence relates, or specify or describe the document to be produced, as the case requires, and (b) in the case of a notice to appear before the Assessor to give evidence— (i) specify the date, time and place at which the person is required to appear before the Assessor, and (ii) state whether and to what extent the evidence is to be given orally or on affidavit.
\n
(3)The notice may require the person concerned to appear before a specified member of the Assessor’s staff and, if it does so, a reference in this Schedule to the Assessor is to be read as including the staff member.
\n

Offence of failing to appear before Assessor.

\n
2.(1) A person commits an offence if, having been required to appear before the Assessor in compliance with a requirement made under paragraph 1, the person fails to comply with the requirement, and has not been excused, or released from further attendance, by the Assessor.
\n
(2)Subparagraph (1) does not apply if the person has a reasonable excuse.
\n

Offence of failing to produce document.

\n
3.(1) A person commits an offence if, having been required to produce a document to the Assessor in compliance with a requirement under paragraph 1, he or she fails to comply with the requirement and has not been excused by the Assessor.
\n
(2)Subparagraph (1) does not apply if— (a) the person does not have the document and cannot by any reasonable effort obtain it, or (b) the person could not be compelled to produce it in a court of law.
\n

Conduct of proceedings under this Schedule.

\n
4.(1) The Assessor may require a person who appears before the Assessor in compliance with a requirement made under paragraph 1 to swear an oath.
\n
(2)The Assessor may administer an oath for the purposes of this paragraph.
\n
(3)The Assessor may permit a person giving oral evidence to be cross-examined by a person nominated by the Assessor under such procedures as the Assessor may determine.
\n

Proceedings normally to be in private.

\n
5.(1) Except as provided by this paragraph, evidence to be given, or a document to be produced, to the Assessor by a person who appears before him or her in compliance with a requirement made under paragraph 1 is to be given or produced in private.
\n
(2)If a person who appears before the Assessor in compliance with a requirement made under paragraph 1 requests that the matter be dealt with in public, the Assessor shall comply with the request unless the matter raises issues that in the Assessor’s opinion should be dealt with in private.
\n
(3)If the Assessor is satisfied that it is desirable in the public interest that the evidence to be given should be given, or the document to be produced should be produced, in public, the Assessor may direct accordingly.
\n
(4)If the evidence is to be given, or the document is to be produced, in private, the Assessor may do either or both of the following: (a) give directions as to the persons (other than the Assessor or the Assessor’s staff) who may be present during the proceeding; (b) give directions preventing or restricting the publication of the whole or any part of the evidence or of matters contained in the document.
\n
(5)If the evidence is to be given, or the document is to be produced, in private, a person (other than the person required to appear before the Assessor, the Assessor or a member of the Assessor’s staff) may be present only if entitled to be present because of a direction given under subparagraph (4)(a).
\n
(6)A person who contravenes a direction of the Assessor under subparagraph (4)(b) commits an offence.
\n

Offence of refusing to be sworn or answer question.

\n
6.(1) A person appearing before the Assessor in compliance with a requirement made under paragraph 1 commits an offence if the person— (a) refuses or fails to swear an oath on being required to do so by the Assessor, or (b) refuses or fails to give evidence in compliance with a requirement made under paragraph 1, or (c) refuses or fails to answer a question put to the person by the Assessor or in cross-examination with the Assessor’s permission.
\n
(2)Subparagraph (1) does not apply if the person has a reasonable excuse.
\n
(3)It is a reasonable excuse for the purposes of subparagraph (2) for a person to refuse or fail to answer a question that the answer might tend to incriminate the person.
\n
(4)Subparagraph (3) does not limit what is a reasonable excuse for the purposes of subparagraph (2).
\n

Protection, etc., of persons appearing before Assessor.

\n
7.Subject to this Schedule, a person who appears before the Assessor in compliance with a requirement made under paragraph 1 has the same protection and privileges and is, in addition to the offences under this Schedule, subject to the same liabilities as a witness in proceedings in the Court.
\n

Payment of allowances and expenses to persons who appear before Assessor.

\n
8.(1) A person who appears before the Assessor in compliance with a requirement under paragraph 1 is entitled to be paid such allowances and travelling or other expenses as are payable to or in respect of a witness attending in civil proceedings before the Court.
\n
(2)All allowances and expenses payable under subparagraph (1) are payable by the Assessor.
\n

Assessor’s certificate to Court of failure to produce document, etc.

\n
9.(1) If a person refuses or fails— (a) to produce to the Assessor a document in accordance with a requirement by the Assessor, (b) to attend before the Assessor when required so to do, or (c) to answer a question put to him or her by the Assessor, the Assessor may certify the refusal or failure to the Court.
\n
(2)The Court may, after hearing any witnesses who may be produced against or on behalf of the person alleged to have so refused or failed and any statement which may be offered in defence, make any order or give any direction it thinks fit.
\n
(3)Without prejudice to the generality of subparagraph (2), the Court may— (a) order the person concerned to attend or re-attend before the Assessor, or to produce a particular document or answer a particular question put to him or her by the Assessor, or (b) order that the person concerned need not produce a particular document, or answer a particular question put to him or her by the Assessor.
\n

SCHEDULE 2 Amendments of Acts

\n

Section 110

\n

.

\n

PART 1

\n

Amendments of Act of 1942

\n

Section 110

\n
(1).
\n

Item Provision amended Amendment 1 Section 5A(1) After paragraph (a), insert: “(aa) the functions provided for by the Central Bank and Credit Institutions (Resolution) Act 2011;”.

\n

2 Section 6A(2) After paragraph (c), insert: “(ca) the resolution of financial difficulties in credit institutions;”.

\n

3 Section 33K(5)(ao) Substitute: “(ao) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Credit Institutions (Stabilisation) Act 2010 , or; (ap) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Central Bank and Credit Institutions (Resolution) Act 2011.”.

\n

4 Item 38 of Part 1 of Schedule 2 Substitute: “ 38 No. 23 of 2010 Central Bank Reform Act 2010

\n

Part 3

\n

39 No. — of 2011 Central Bank and Credit Institutions (Resolution) Act 2011

\n

Part 8 and sections 22 and 106

\n

”.

\n

PART 2

\n

Amendment of Central Bank Act 1989

\n

Section 110

\n
(2).
\n

Item Provision amended Amendment 1

\n

Section 48

\n

Delete.

\n

PART 3

\n

Amendments of Credit Union Act 1997

\n

Section 110

\n
(3).
\n

Item Provision amended Amendment 1

\n

Section 87(3)

\n

After paragraph (d), insert: “(e) require the credit union to raise within such period as may be specified and maintain such reserves or other financial resources or to maintain such non-financial resources, as may be specified; (f) require the credit union to take such steps as may be specified to strengthen its systems or controls; (g) require the credit union to apply a specified policy for making provision for such debts or treatment of assets, as may be specified, for the purposes of capital and reserve requirements; (h) require the credit union to restrict or limit its business, operations or activities, as the Bank considers necessary, to reduce risks inherent in its activities, products and systems; (i) require the credit union to provide a statement in writing to the Bank of the steps it will take to comply with any regulatory direction imposed under this section or with any other requirement imposed on a credit union under this Act; (j) impose limitations on the acceptance of members’ savings or the employment of assets;”.

\n

2

\n

Section 97(1)(d)

\n

After “common bond” insert “(including a common bond arising by virtue of the operation of law)”.

\n

3

\n

Section 129

\n

Insert the following subsection: “(7) (a) Where the engagements of a credit union (in this subsection referred to as the ‘transferor credit union’) are transferred to another credit union (in this subsection referred to as the ‘transferee credit union’), the common bond of the transferee credit union is taken to include the common bond of the transferor credit union and the rules of the transferee credit union are amended accordingly, on and from the date on which the transfer takes effect in accordance with this section. (b) Section 14 shall not apply to the amendment of the rules of the transferee credit union effected by paragraph (a).”.

\n

PART 4

\n

Amendments of Land and Conveyancing Law Reform Act 2009

\n

Section 110

\n
(4).
\n

Item Provision amended Amendment 1

\n

Section 74(1)

\n

Delete “subject to subsection (2)” and insert “subject to subsections (2) and (5)”.

\n

2

\n

Section 74(3)

\n

Delete “subject to subsection (4)” and insert “subject to subsections (4) and (5)”.

\n

3

\n

Section 74

\n

After subsection (4), insert: “(5) The disposal of any property of an authorised credit institution within the meaning of the Central Bank and Credit Institutions (Resolution) Act 2011 pursuant to an order under that Act does not amount to a voluntary disposition or a conveyance of property.”.

\n

PART 5

\n

Amendments of Act of 2010

\n

Section 110

\n
(5).
\n

Item Provision amended Amendment 1

\n

Section 2(1), definition of “articles of association”, paragraphs (a) to (c)

\n

Substitute: “(a) in the case of a credit institution that is established by charter, its bye-laws, and (b) in the case of a credit institution that is a building society, its rules;”.

\n

2

\n

Section 2(1)

\n

After the definition of “financial support”, insert: “ ‘functions’ includes powers, duties, rights and entitlements, and references to the performance of a function include reference to— (a) in relation to a power, the exercise of the power, (b) in relation to a duty, the performance of the duty, and (c) in relation to a right or entitlement, the exercise of the right or entitlement;”.

\n

3

\n

Section 2(1), definition of “relevant institution”, paragraph (a)(iii)

\n

After “financial support”, insert: “, other than a financial incentive under section 38, or under section 46 of the Central Bank and Credit Institutions (Resolution) Act 2011, No. — of 2011),”.

\n

4

\n

Section 2(1), definition of “relevant institution”, paragraph (c)

\n

Delete.

\n

5

\n

Section 2

\n

After subsection (4), insert: “(5) A reference in this Act to the preservation of the financial position of a relevant institution shall be taken to include the need for the relevant institution to comply with such one or more of the following as apply to it: (a) an order made in relation to it under this Act; (b) a requirement imposed on it under section 50; (c) the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 ( S.I. No. 661 of 2006 ).”.

\n

6

\n

Section 3(c)

\n

For “the Central Bank Act 1971 , the Building Societies Act 1989 or the Credit Union Act 1997 ”, substitute “the Central Bank Act 1971 or the Building Societies Act 1989 ”.

\n

7

\n

Section 4(g)

\n

For “preserve and restore”, substitute “preserve or restore”.

\n

8 New section After section 5, insert: “Minister and Bank to have regard to European Union law.

\n

5A.—In performing a function under this Act, the Minister and the Bank shall have regard to the laws of the European Union (including those governing state aid) and any relevant guidance issued by the Commission of the European Union.”.

\n

9

\n

Section 7(1)

\n

For “any action,” substitute “any action, or any series of actions that are together designed to achieve a specified objective,”.

\n

10

\n

Section 9(6)

\n

Delete.

\n

11

\n

Section 9(7)

\n

Substitute: “(7) A direction order has effect— (a) if there is an application made under section 11— (i) if the Court makes an order under section 11 and makes an order as to the date of effect, at that date, (ii) if the Court makes an order under section 11 and does not make an order as to the date of effect, the date of that order made under section 11, or (iii) if the Court does not make an order under section 11, 14 days after the publication of the order under section 9A(1)(b), or (b) if there is no application made under section 11— (i) immediately, to the extent that the Court so orders, or (ii) if the Court does not make an order as to the date of effect, 14 days after the publication of the order under section 9A(1)(b).”.

\n

12 New section After section 9, insert: “Publication of direction orders.

\n

9A.—(1) The Minister shall, as soon as practicable after a direction order is made— (a) serve a copy of the direction order on the relevant institution concerned, and (b) publish the order in 2 newspapers circulating generally in the State.

\n
(2)In a particular case, the Minister may, if he or she thinks it necessary to do so, publish a direction order by an additional means or in an additional place.
\n
(3)Without delay after the service of the copy of the direction order, the relevant institution shall take all reasonable measures to ensure that its members are made aware of the order, including, without limiting the generality of the foregoing— (a) where the shares of the relevant institution are traded from time to time on a financial market (whether a regulated market or not), making an announcement that relates to the existence of the direction order and its effect, to a regulatory news service generally used by relevant institutions in the State for the purposes of announcements to such markets, and (b) providing a copy of the direction order to the regulatory news service referred to in paragraph (a).”.
\n

13

\n

Section 11(1)

\n

Delete “not later than 5 working days after the making of a direction order,” and substitute “not later than 14 days after the publication, in accordance with subsection (1)(b) of section 9A, of a direction order,”.

\n

14

\n

Section 11(2)

\n

Substitute: “(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances, and may give such directions as it considers appropriate in the circumstances— (a) with regard to the hearing of the application, or (b) with regard to a matter that arises during the period beginning with the direction order and ending with the order of the Court under this section.”.

\n

15

\n

Section 11(5)

\n

Substitute: “(5) On an application under subsection (1)— (a) if an order is made setting aside the direction order, the order under this section is effective from the date of its making without prejudice to the validity of anything previously done or taken to have been done under the direction order, or (b) if an order is made refusing to set aside the direction order and the Court does not make an order under subsection (4), the order under this section has the effect that the direction order shall be taken to have been effective as if that application had not been made.”.

\n

16

\n

Section 11

\n

After subsection (6), insert: “(7) The Court, in considering the order it wishes to make under this section, may, where the applicant is a member of a relevant institution, have regard to— (a) the date on which the applicant became a member of that institution, or increased or decreased the number of shares that the applicant held in that institution, and (b) the value of the shares acquired by or disposed of by the member— (i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and (ii) as at the date on which the direction order concerned was made.”.

\n

17

\n

Section 13(2)

\n

For “proposed direction order”, substitute “proposed special management order”.

\n

18

\n

Section 14(6)

\n

Delete.

\n

19 New section After section 14, insert: “Publication of special management orders.

\n

14A.—(1) The Minister shall, as soon as practicable after a special management order is made— (a) serve a copy of the special management order on the relevant institution concerned, and (b) publish the order in 2 newspapers circulating generally in the State.

\n
(2)In a particular case, the Minister may, if he or she thinks it necessary to do so, publish a special management order by an additional means or in an additional place.
\n
(3)Without delay after the service of the copy of the special management order, the relevant institution shall take all reasonable measures to ensure that its members are made aware of the order, including, without limiting the generality of the foregoing— (a) where the shares of the relevant institution are traded from time to time on a financial market (whether a regulated market or not), making an announcement that relates to the existence of the special management order and its effect, to a regulatory news service generally used by relevant institutions in the State for the purposes of announcements to such markets, and (b) providing a copy of the special management order to the regulatory news service referred to in paragraph (a).”.
\n

20

\n

Section 16(1)

\n

Delete “not later than 5 working days after the making of a special management order,” substitute “not later than 14 days after the publication, in accordance with subsection (1)(b) of section 14A, of the making of a special management order,”.

\n

21

\n

Section 16(2)

\n

Substitute: “(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances, and may give such directions as it considers appropriate in the circumstances— (a) with regard to the hearing of the application, or (b) with regard to a matter that arises during the period beginning with the making of the special management order and ending with the making of the order of the Court under this section.”.

\n

22

\n

Section 16

\n

After subsection (6), insert: “(7) Where, instead of making an order under subsection (3) setting aside a special management order, or an order under subsection (4) varying or amending a special management order, the Court, on application under subsection (1) makes an order refusing to set aside a special management order, the special management order shall be taken to have been effective as if the application under this section had not been made.

\n
(8)The Court, in considering the order it wishes to make under this section may where the applicant is a member of a relevant institution, have regard to— (a) the date on which the applicant became a member of that institution, or increased or decreased the number of shares that the applicant held in that institution, and (b) the value of the shares acquired by or disposed of by the member— (i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and (ii) as at the date on which the special management order concerned was made.”.
\n

23

\n

Section 28(1)(b)

\n

Substitute: “(b) after so consulting, the Minister is of the opinion that the making of a subordinated liabilities order in the terms of the proposed subordinated liabilities order— (i) is necessary to secure the achievement of a purpose of this Act specified in the proposed subordinated liabilities order, or (ii) is necessary for the preservation or restoration of the financial position of the relevant institution, even though the making of that order would have the consequence of affecting (including reducing) the rights enjoyed by subordinated creditors before the order, but nothing in this subsection shall be taken as requiring the Minister to consider the possible adverse consequences of the order on the interests of a particular creditor or class of creditors of the relevant institution or to consider any submission made by a creditor on behalf of that creditor, a class of creditors or creditors generally.”.

\n

24

\n

Section 28

\n

After subsection (1), insert: “(1A) If the Minister makes a proposed subordinated liabilities order in relation to a relevant institution and the intention of it or part of it is the preservation or restoration of the financial position of a credit institution, the Minister shall declare in the proposed subordinated liabilities order that the proposed subordinated liabilities order or part is made with that intention, in accordance with the CIWUD Directive.”.

\n

25

\n

Section 28(2)(h)

\n

Substitute: “(h) the market value of the subordinated liabilities concerned; (i) the effectiveness or likely effectiveness of liability management exercises of that institution in respect of its subordinated liabilities; (j) the extent to which subordinated creditors would, if the subordinated liabilities order were made, be more likely to voluntarily agree to any of the matters referred to in subsection (4).”.

\n

26

\n

Section 29

\n

After subsection (2), insert: “(2A) If in a proposed subordinated liabilities order the Minister has declared the intention of preserving or restoring the financial position of a credit institution, and the Court is satisfied that the Minister made the proposed subordinated liabilities order or part of it with that intention, the Court shall declare in the relevant subordinated liabilities order that the subordinated liabilities order or the relevant part of it is a reorganisation measure for the purposes of the CIWUD Directive.”.

\n

27

\n

Section 29(5)

\n

Delete.

\n

28

\n

Section 29(6)

\n

Substitute: “(6) A subordinated liabilities order is effective from the date on which the requirements of section 29A(2)(a) and (b) are met.

\n
(7)If one of the consequences of a subordinated liabilities order is that it terminates or reduces the liability of a relevant institution to its subordinated creditors, that termination or reduction shall be taken, for all purposes, as having occurred immediately on the subordinated liabilities order’s becoming effective under subsection (6).”.
\n

29 New section After section 29, insert: “Publication of subordinated liabilities orders.

\n

29A.—(1) The Minister shall, as soon as practicable after a subordinated liabilities order is made— (a) serve a copy of the subordinated liabilities order on the relevant institution concerned, and (b) publish the order in 2 newspapers circulating generally in the State.

\n
(2)Without delay after the service of the copy of the subordinated liabilities order, the relevant institution concerned shall take all reasonable measures to ensure that the subordinated creditors concerned are made aware of the order, including, without limiting the generality of the foregoing— (a) making an announcement that relates to the existence of the subordinated liabilities order and its effect to a regulatory news service generally used by relevant institutions in the State whose securities are traded from time to time on a financial market (whether a regulated market or not), to make announcements to such markets, (b) providing a copy of the subordinated liabilities order to the regulatory news service referred to in paragraph (a), and (c) providing a copy of the announcement, and of the subordinated liabilities order, to each clearing house through which the subordinated creditors concerned would, in the ordinary course, acquire or settle subordinated liabilities held by them.”.
\n

30

\n

Section 31(1)

\n

Delete “not later than 5 working days after the making of a subordinated liabilities order, for the setting aside of the subordinated liabilities order” and substitute “not later than 14 days after the requirements of section 29A(2)(a) and (b) have been met, for the setting aside of the subordinated liabilities order or, in the case of a subordinated creditor, of the part or parts of that order that affect the subordinated creditor concerned.”.

\n

31

\n

Section 31(2)

\n

Substitute: “(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances, and may give such directions as it considers appropriate in the circumstances— (a) with regard to the hearing of the application, or (b) with regard to a matter that arises during the period beginning with the subordinated liabilities order and ending with the order of the Court under this section.”.

\n

32

\n

Section 31(4)

\n

After “considers appropriate”, insert “(including varying the amounts owing to subordinated creditors or one or more classes of subordinated creditors)”.

\n

33

\n

Section 31(5)

\n

Substitute: “(5) On application under subsection (1)— (a) if an order is made setting aside the subordinated liabilities order, the effect of the order under this section shall be to set aside the subordinated liabilities order concerned to the extent and on the terms that the Court directs, and (b) if an order is made refusing to set aside the subordinated liabilities order and the Court does not make an order under subsection (4), then the subordinated liabilities order shall continue to be effective.”.

\n

34

\n

Section 31(6)

\n

Substitute: “(6) If any order is made under subsection (4) to vary or amend a subordinated liabilities order, the subordinated liabilities order as varied or amended shall be taken as being effective as if the terms and conditions as varied were the terms and conditions of the original subordinated liabilities order but otherwise as if the application under this section had not been made.”.

\n

35

\n

Section 31

\n

After subsection (6), insert: “(7) The Court, in considering the order it wishes to make under this section may, where the applicant is a subordinated creditor of a relevant institution, have regard to— (a) the date or dates on which the applicant acquired or disposed of the subordinated liabilities of the relevant institution, and (b) the market value of those subordinated liabilities— (i) as at the date or dates referred to in paragraph (a), and (ii) as at the date on which the subordinated liabilities order concerned was made.

\n
(8)Where an application under subsection (1) is made by a subordinated creditor for the setting aside of the part or parts of the subordinated liabilities order that affect him or her, or where the Court makes an order setting aside, or amending or varying, a part or parts only of the subordinated liabilities order, a reference in this section to a subordinated liabilities order shall be read as a reference to that part or those parts only of that subordinated liabilities order.”.
\n

36 New section After section 33, insert: “Relevant institution not to dispose of assets, liabilities.

\n

33A.—(1) Unless the Minister provides prior written consent, a relevant institution shall not dispose of any asset or liability which is to be transferred under a transfer order, except in the ordinary course of its business, during the period beginning with the delivery of the written notice under subsection (4) of section 33, or the date on which the relevant institution otherwise becomes aware of the proposed transfer order as part of the process of seeking its consent under that subsection, whichever is the earlier, and ending on the date of effect of the transfer order under section 34(7).

\n
(2)The officers and employees of a relevant institution shall comply with subsection (1).
\n
(3)If the Minister is of the opinion that a relevant institution is in breach of subsection (1) or has taken steps that would likely lead to such a breach, the Minister may apply ex parte to the Court for an order compelling compliance with that subsection.”.
\n

37

\n

Section 33(2)

\n

Substitute: “(2) The Minister may make a proposed transfer order only if the Minister, having consulted with the Governor, is of the opinion that, having regard to any adverse consequences that may arise as a result of the transfer order, in relation to the interests generally of the creditors of the transferor or, where the transferor is a subsidiary or holding company, in relation to the interests generally of the creditors of the transferor or the relevant institution concerned, making a transfer order in the terms of the proposed transfer order is necessary to secure the achievement of a purpose of this Act specified in the proposed transfer order. (2A) Nothing in subsection (2) requires the Minister to consider the possible adverse consequences of the transfer order concerned on the interests of a particular creditor or class of creditors of the transferor or relevant institution, as the case may be, or to consider any submission made by a creditor on behalf of that creditor, a class of creditors or creditors generally.”.

\n

38

\n

Section 33

\n

After subsection (4), insert: “(4A) If the Minister proposes that the transfer order or any term of it have immediate effect, the Minister shall state, in the written notice given under subsection (4)(a), that fact and the reasons why the order or term should have that effect.”.

\n

39

\n

Section 34(6)

\n

Delete.

\n

40

\n

Section 34(7)

\n

Substitute: “(7) A transfer order has effect— (a) if there is an application made under section 36— (i) if the Court makes an order under section 36 and makes an order as to the date of effect, at that date, (ii) if the Court makes an order under section 36 and does not make an order as to the date of effect, the date of that order made under section 36, or (iii) if the Court does not make an order under section 36, 14 days after the publication of the order under section 34A(1)(b), or (b) if there is no application made under section 36— (i) immediately, to the extent that the Court so orders, or (ii) if the Court does not make an order as to the date of effect, 14 days after the publication of the order under section 34A(1)(b).”.

\n

41 New section After section 34, insert: “Publication of transfer orders.

\n

34A.—(1) The Minister shall, as soon as practicable after a transfer order is made— (a) serve a copy of the transfer order on the relevant institution concerned, and (b) publish the order in 2 newspapers circulating generally in the State.

\n
(2)In a particular case, the Minister may, if he or she thinks it necessary to do so, publish a transfer order by an additional means or in an additional place.
\n
(3)Without delay after the service of the copy of the transfer order, the relevant institution shall take all reasonable measures to ensure that its members are made aware of the order, including, without limiting the generality of the foregoing— (a) where the shares of the relevant institution are traded from time to time on a financial market (whether a regulated market or not), making an announcement that relates to the existence of the transfer order and its effect, to a regulatory news service generally used by relevant institutions in the State for the purposes of announcements to such markets, and (b) providing a copy of the transfer order to the regulatory news service referred to in paragraph (a).”.
\n

42

\n

Section 36(1)

\n

Delete “not later than 5 working days after the making of a transfer order,”, and substitute “not later than 14 days after the publication, in accordance with subsection (1)(b) of section 34A, of a transfer order,”.

\n

43

\n

Section 36(2)

\n

Substitute: “(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances, and may give such directions as it considers appropriate in the circumstances— (a) with regard to the hearing of the application, or (b) with regard to a matter that arises during the period beginning with the transfer order and ending with the order of the Court under this section.”.

\n

44

\n

Section 36(5) and (6)

\n

Substitute: “(5) If the Court sets aside a transfer order, no further assets or liabilities shall be transferred as a consequence of the transfer order.

\n
(6)The setting aside of a transfer order does not affect the rights of a transferee or the transferee’s title to any asset or liability so transferred before that setting-aside.
\n
(7)If a transfer order is set aside and assets or liabilities have been transferred pursuant to it, the transferor is not entitled to any payment other than the consideration paid pursuant to the transfer order.
\n
(8)If a variation or amendment of a transfer order made under this section would, but for this subsection, have the effect of setting aside a disposition of an asset or liability, subsections (5) to (7) apply with any necessary modifications.
\n
(9)The Court, in considering the order it wishes to make under this section, may, where the applicant is a member of a relevant institution, have regard to— (a) the date on which the applicant became a member of that institution, or increased or decreased the number of shares that the applicant held in that institution, and (b) the value of the shares acquired by or disposed of by the member— (i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and (ii) as at the date on which the transfer order concerned was made.”.
\n

45

\n

Section 37(5)

\n

Delete.

\n

46

\n

Section 37(7)

\n

For “financial collateral arrangement (within the meaning of the European Communities (Financial Collateral Arrangements) Regulations 2004 ( S.I. No. 1 of 2004 ))”, substitute “financial collateral arrangement (within the meaning of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 5 on financial collateral arrangements, as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 6 , and of the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010 ))”.

\n

47

\n

Section 39(4)(h)

\n

Delete “entitled and subject to if” and substitute “entitled and subject if”.

\n

48

\n

Section 39(5)

\n

For “a credit union or a building society”, substitute “a building society” in each place where it occurs.

\n

49

\n

Section 39

\n

After subsection (5), insert: “(5A) If— (a) the transferor is a building society, (b) a share account is included in the transfer of assets and liabilities, and (c) the share account becomes a deposit account in the transferee pursuant to subsection (5), the holder of that account continues to have the membership rights in the transferor that he or she had before the transfer, including (without limitation) voting rights and rights to participate in any surplus on a winding-up. (5B) Subsection (5A) has effect notwithstanding anything in— (a) the Building Societies Act 1989 , or (b) the memorandum of association or rules of the transferor.”.

\n

50

\n

Section 39(6)

\n

Substitute: “(6) The transfer of assets and liabilities under a transfer order takes effect notwithstanding— (a) any duty or obligation to any person that would otherwise prevent or restrict the transfer, (b) any provision of any enactment, rule of law, code of practice or agreement providing for or requiring— (i) notice to any person, (ii) the consent, approval or concurrence of any person, or (iii) any formality such as registration, (c) any other rule of law or equity, (d) any code of practice made under an enactment, (e) the listing rules of a regulated market or the rules of any other market on which the shares of the transferor are traded, (f) the memorandum of association or articles of association of the transferor, or (g) any agreement which the transferor is a party to, is bound by, or has an interest in, except to any extent to which the transfer order expressly provides otherwise.”.

\n

51

\n

Section 47(1)

\n

For “the Companies Acts, the Building Societies Act 1989 or the Credit Union Act 1997 ”, substitute “the Companies Acts or the Building Societies Act 1989 ”.

\n

52

\n

Section 50(2)

\n

In paragraph (g), for “( S.I. No. 490 of 2009 ).” substitute “( S.I. No. 490 of 2009 );”.

\n

After paragraph (g), insert: “(h) to dispose of some of the assets or part of the undertaking of the relevant institution, subject to such terms and conditions as are specified by the Minister, where, in the opinion of the Minister, the disposal is required in order for the relevant institution concerned to achieve— (i) a ratio the subject of a requisition under section 23 of the Central Bank Act 1971 , (ii) a requirement as to the composition of the assets or liabilities of the relevant institution as specified by the Bank under section 23A of that Act.”.

\n

53

\n

Section 50

\n

After subsection (2), insert: “(2A) If the Minister imposes a requirement on a relevant institution and the intention of it or part of it is the preservation or restoration of the financial position of a credit institution, the Minister shall declare in the requirement that the requirement or part is made with that intention, in accordance with the CIWUD Directive.”.

\n

54

\n

Section 52

\n

Insert “or requirement imposed under section 50” after “Act”.

\n

55 New section After section 52, insert the following: “Costs incurred in relation to making orders, etc.

\n

52A.—Where the Courts Service, or another body funded, wholly or partly, out of moneys provided by the Oireachtas, or from the Central Fund or the growing produce of the Central Fund, has incurred costs in relation to the translation or publication of an order under this Act (including where the translation or publication is required by the European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2011 ( S.I. No. 48 of 2011 )), the costs are a debt due and owing by the credit institution concerned, and may be recovered as a simple contract debt in any court of competent jurisdiction.”.

\n

56

\n

Section 53(a)

\n

For “the Companies Acts, the Building Societies Act 1989 or the Credit Union Act 1997 ”, substitute “the Companies Acts or the Building Societies Act 1989 ”.

\n

57

\n

Section 59(1)

\n

Insert “(other than the Minister)” after “person shall not”.

\n

58

\n

Section 61(3)

\n

Insert “(whether or not the order or requirement is subsequently set aside, or varied or amended in a relevant manner)” after “subsidiary of its holding company”.

\n

59

\n

Section 65(1)

\n

Substitute: “65.—(1) 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 Regulations of 2011, in relation to an agreement to which a relevant institution or any of its subsidiaries is a party, or (b) affects the terms and operation of any collateral arrangements governed by any provision of the law of a Member State required for the implementation of the provisions of— (i) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 (as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009), or (ii) Directive 2002/47/EC 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).”.

\n

SCHEDULE 3 Amendments of statutory instruments

\n

Section 111

\n

.

\n

PART 1

\n

Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010

\n

Section 111

\n
(1).
\n

Item Provision amended Amendment 1 Regulation 18A Substitute: “Relationship between these Regulations and Credit Institutions (Stabilisation) Act 2010 and Central Bank and Credit Institutions (Resolution) Act 2011.

\n

18A.—(1) In this Regulation— ‘Act of 2010’ means the Credit Institutions (Stabilisation) Act 2010 (No. 36 of 2010); ‘Act of 2011’ means the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011).

\n
(2)For the avoidance of doubt, nothing in Regulation 6, 7, 10, 11 or 12 shall affect the operation or effect of— (a) section 61 of the Act of 2010, or (b) section 100 of the Act of 2011.
\n
(3)Without prejudice to paragraph (2) and for the avoidance of doubt— (a) no order or requirement made under the Act of 2010, and no act, omission or consequence referred to in section 61(3) of that Act, and (b) no order made under the Act of 2011, and no act, omission or consequence referred to in section 100
\n
(3)of that Act, shall constitute an enforcement event for the purposes of these Regulations.
\n
(4)Without prejudice to paragraph (2) and for the avoidance of doubt— (a) no order or requirement made under the Act of 2010, and no act, omission or consequence referred to in section 61(3) of that Act, and (b) no order made under the Act of 2011, and no act, omission or consequence referred to in section 100
\n
(3)of that Act, shall constitute an enforcement event related to a financial collateral arrangement.”.
\n

PART 2

\n

Amendments of Regulations of 2011

\n

Section 111

\n
(2).
\n

Item Provision amended Amendment 1 Regulation 2(2) In subparagraph (ix), delete “Act.” and substitute “Act;” and after that subparagraph, insert: “(x) a transfer order or special management order (within the respective meanings given by the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011)) that contains a declaration that it or part of it is made with the intention of preserving or restoring the financial position of an authorised credit institution (within the meaning given by section 2 of that Act).”.

\n

2 Regulation 2(4) In subparagraph (f), delete “Act 2001.” and substitute “Act 2001;” and after that subparagraph, insert: “(g) the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011).”.

\n

1 OJ No. L 125 5.5.2001, p.15.

\n

2 OJ No. L 168 27.6.2002, p.43 3 OJ No. L 146 10.6.2009, p.37 4 OJ No. L 166 11.6.2002, p.45 5 OJ No. L168, 27.6.2002, p.43.

\n

6 OJ No. L146, 10.6.2009, p.37.

\n

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