Financial Services (Deposit Guarantee Scheme) Act 2009

1.

Definitions.

1.— In this Act—

F1 [ authorised , in relation to a credit institution, means

(a) in the case of a bank, a bank authorised, or deemed to be authorised, by the European Central Bank on application therefor under section 9 of the Central Bank Act 1971 ,

(b) in the case of a building society, a building society authorised, or deemed to be authorised, by the European Central Bank on application therefor under section 17 of the Building Societies Act 1989 , or

(c) in the case of a credit union, a credit union registered within the meaning of the Credit Union Act 1997 or deemed to be so registered by virtue of section 5(3) of that Act; ]

“Bank” means the F2 [ Central Bank of Ireland ];

F1 [ compensation event , in relation to a credit institution, means the occurrence of one or more of the following:

(a) the Bank has determined that, for the time being, the credit institution appears to be unable, for reasons directly related to its financial circumstances, to repay a deposit or deposits and to have no current prospect of being able to do so;

(b) a court in the State has appointed a liquidator or examiner to the credit institution;

(c) a judicial authority in the State has made, for reasons directly related to the credit institution s financial circumstances, any other ruling that has the effect of suspending depositors ability to make claims against it;

contributory fund means the fund established by the Deposit Guarantee Regulations;

covered deposits means the part of eligible deposits that does not exceed the coverage level laid down in the Deposit Guarantee Regulations; ]

“credit institution” means—

( a) a credit union,

( b) a building society incorporated under the Building Societies Act 1989 (No. 17 of 1989), or deemed by section 124(2) of that Act to be so incorporated, that is authorised to accept deposits under F3 [ section 17 ] of that Act, or

( c) a bank licensed under section 9 of the Central Bank Act 1971 (No. 24 of 1971);

“credit union” means a society registered as such under the Credit Union Act 1997 and includes a society deemed to be so registered by virtue of section 5(3) of that Act;

F3 [ Deposit Guarantee Regulations means the regulations made under the European Communities Act 1972 (No. 27 of 1972) to give effect to the Directive of 2014; ]

F3 [ Directive means, as the context requires, Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 1 on deposit guarantee schemes or the Directive of 2014;

Directive of 2014 means Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 2 on deposit guarantee schemes; ]

“eligible deposit” has the same meaning as in the Deposit Guarantee Regulations;

F1 [ legacy fund shall be construed in accordance with section 3(2); ]

“Minister” means the Minister for Finance;

F4 [ relevant Member State institution means an institution authorised in another Member State which has established in the State a branch which maintains a deposit in the deposit protection account pursuant to Regulation 26 of the Deposit Guarantee Regulations; ]