Financial Services (Deposit Guarantee Scheme) Act 2009

8.

Reimbursement from Central Fund of certain payments by Bank.

F13 [ 8. (1) Where the Bank uses its own funds in respect of a payment from the contributory fund due to

(a) the available financial means of the contributory fund not being sufficient in respect of the costs to the fund of a particular compensation event in the State,

(b) there being no funds standing to the credit of the credit institutions in the legacy fund, and

(c) the extraordinary ex-post contributions referred to in the Deposit Guarantee Regulations not being immediately accessible, including for reasons relating to the financial position of the credit institution, or credit institutions, concerned,

the amount of the payment shall be repaid to the Bank out of Central Fund or the growing produce thereof within 2 weeks.

(2) Any amount paid out of the Central Fund to the Bank under subsection (1) shall be repaid to the Central Fund from the contributory fund, with interest at the rate or rates that the Minister determines after consultation with the Bank.

(3) The Minister shall determine the period over which the payment required under subsection (2) is to be made, taking account of the amount owing and the ability of the contributory fund to make that repayment. ]

Annotations:

Amendments:

F13

Substituted (20.11.2015) by Finance (Miscellaneous Provisions) Act 2015 (37/2015), s. 12, commenced as per s. 1(3).

Editorial Notes:

E4

Previous affecting provision: application of section affected (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 81(2), S.I. No. 548 of 2011; superseded as per F-note above.