F70[11.—(1) The Bank may—

(a) F71[submit a proposal to the ECB to withdraw a licence] if the holder of the licence so requests,

(b) F71[submit a proposal to the ECB to withdraw a licence] if the holder of the licence—

(i) (I) has not commenced to carry on banking business within twelve months of the date on which the licence was granted, or

(II) has ceased to carry on banking business and has not carried it on during a period of more than six months immediately following the cesser,

(ii) being a company, is being wound up,

(iii) is a credit institution to which F72[section 9F(b) of this Act] relates, which is being duly wound up or otherwise dissolved,

(iv) has obtained the licence through false statements or any other irregular means,

(v) becomes unable to meet his obligations to his creditors or suspends payments lawfully due by him or no longer possesses sufficient own funds (being own funds to which Council Directive 77/780/EEC of 12 December, 1977, relates) or can no longer be relied upon to fulfil his obligations towards his creditors, and in particular no longer provides security for the assets entrusted to him,

(vi) fails to maintain a deposit in the Bank of an amount determined in accordance with section 55 of the Central Bank Act, 1989,

(vii) is convicted on indictment of an offence under any provision of this Act or an offence involving fraud, dishonesty or breach of trust,

(viii) has his head office in another state that is a member of the European Communities and the authority in that state that exercises in that state functions corresponding to those of the Bank under this Chapter has withdrawn authorisation from the institution of which the holder is a branch,

F73[(ix) no longer fulfils the conditions under which the licence was granted,

(x) no longer meets the prudential requirements—

F74[(I) set out in Part Three (other than Articles 92a and 92b), Four or Six of the Capital Requirements Regulation, or]

(II) imposed under Regulation 92(2)(a) or 93 of the Capital Requirements Directive, or can no longer be relied on to fulfil its obligations towards its creditors, and, in particular, no longer provides security for the assets entrusted to it F75[by its depositors,]

(xi) commits one of the breaches referred to in Regulation 55 of the European Union (Capital Requirements) Regulations 2014 F75[(S.I. No. 158 of 2014), or]]

F76[(xii) uses its licence exclusively to engage in the activities referred to in point (1)(b) of Article 4(1) of the Capital Requirements Regulation and has, for a period of five consecutive years, average total assets below the thresholds set out in that Article.]

F77[(bb) F71[submit a proposal to the ECB to withdraw a licence] if the business of, or the corporate structure of, the holder of the licence has been so organised or the holder of the licence has come under the control of any other undertaking not supervised by the Bank such that the holder is no longer capable of being supervised to the satisfaction of the Bank.]

(c) F71[submit a proposal to the ECB to withdraw a licence] if, since the grant of the licence, the circumstances relevant to the grant have changed and are such that, if an application for a licence were made in the changed circumstances, it would be refused.

(2) Whenever the Bank proposes to F71[submit a proposal to the ECB to withdraw a licence] (other than in circumstances to which paragraph (a) or (b)(viii) of subsection (1) of this section relate)—

(a) it shall notify the holder in writing F78[…] of the F71[reasons for the withdrawal] and that the holder may, within twenty-one days after the date of the giving of the notification, make representations in writing to the F71[Bank] in relation to the F71[proposed withdrawal],

(b) the holder may make such representations in writing to the F71[Bank] within the time aforesaid, and

(c) the F71[Bank] shall F78[…] consider any representations duly made to F71[it] under this subsection in relation to the F71[proposed withdrawal].

F73[(2A) F78[…]]

(3) Where a F71[licence is withdrawn by the ECB] and the person who was the holder of the licence is not a company which is being wound up—

(a) that person shall continue to be subject to the duties and obligations imposed on him by or under the Central Bank Acts, 1942 to 1989, until all liabilities of that person in respect of deposits (including deposits on current accounts) or other repayable funds accepted by him from persons (in this subsection referred to as depositors) have been discharged to the satisfaction of the Bank,

(b) that person shall, as soon as possible after the F71[licence is withdrawn by the ECB]—

(i) notify the Bank and

(ii) as far as is reasonably practicable, notify every depositor concerned,

of the measures he is taking or proposes to take to discharge in full and without undue delay his liabilities in respect of those deposits,

(c) in the case where—

(i) that person has notified the Bank in accordance with paragraph (b) of this subsection and the Bank is of the opinion that the measures being taken or proposed to be taken for the purposes of that paragraph are not satisfactory, or

(ii) that person has not so notified the Bank and the Bank is of the opinion that he has failed to so notify as soon as possible after the F71[licence is withdrawn by the ECB], or

(iii) the Bank is of the opinion that that person has not taken all reasonable steps to so notify every depositor concerned,

then the Bank may give a direction in writing to that person for such period, not exceeding six months, as may be specified therein, prohibiting him from—

(I) dealing with or disposing of any of his assets or specified assets in any manner, or

(II) engaging in any transaction or class of transaction or specified transaction, or

(III) making payments,

without the prior authorisation of the Bank, and the Bank may require that person to prepare and submit to it for its approval within two months of the direction, a scheme for the orderly discharge in full of his liabilities to the depositors concerned,

(d) where a direction to which this subsection relates is given the provisions of section 21 of this Act shall apply with any necessary modifications.

(4) (a) Where a F71[a licence is withdrawn by the ECB] and the holder of the licence is a company which is being wound up, the liquidator of the company shall, in addition to his duties and obligations in respect of the winding up, be subject to the duties and obligations to which the company would be subject were it a company to which subsection (3) of this section relates and that subsection shall, for the purposes of this subsection, be construed accordingly.

(b) Notwithstanding paragraph (a) of this subsection, the Bank may, F71[where the ECB withdraws a licence and the Bank] considers it appropriate in the circumstances, remove in writing the duty and obligation imposed on the liquidator concerned to comply with paragraph (b) (as construed by this subsection) of subsection (3) of this section and may impose in writing on that liquidator such further or other duty and obligation which corresponds to that set out in the said paragraph (b).

(5) If the holder of a licence—

(a) has his head office in another state that is a member of the European Communities, or

(b) carries on banking business through a branch established in another such state,

the Bank shall, before deciding to F71[submit a proposal to the ECB to withdraw a licence], consult with the authority in that state that exercises in that state functions corresponding to those of the Bank under this Part:

Provided however that if immediate action by the Bank is called for it shall not be necessary for the Bank to consult as aforesaid but in such a case the Bank shall notify the authority concerned of the F71[withdrawal of the licence].]

F79[(6) In this section—

(a) an undertaking shall be treated as a fellow subsidiary of another undertaking if both are subsidiaries of the same undertaking but neither is a subsidiary of the other undertaking,

(b) “subsidiary undertaking” shall be construed in accordance with Regulation 4 of the European Communities (Companies: Group Accounts) Regulations 1992 (S.I. No. 201 of 1992 ) and, in relation to an undertaking incorporated in, or formed under the law of another, Member State, means any undertaking which is a subsidiary undertaking within the meaning of any rule or law in force in that State for the purposes of giving effect to Council Directive No. 83/349/EEC of 13 June 1983⁴⁵,

(c) “control” has the meaning it has in the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), and

(d) “associated undertaking” has the meaning it has in the European Communities (Companies: Group Accounts) Regulations, 1992 (S.I. No. 201 of 1992).]

F80[(7) F78[…]]

F81[(8) F78[…]]