National Asset Management Agency Act 2009

208.

Restructuring plans.

208.— (1) The Minister, after consultation with the Governor and the F25 [ Central Bank ], may direct a participating institution to draw up or amend, within a specified period, a restructuring plan for the purposes of this Act.

(2) A participating institution that is given a direction under subsection (1) shall submit a draft of the restructuring plan for the Minister’s approval within the period specified in the direction.

(3) The Minister, after consultation with the Governor and the F25 [ Central Bank ], may direct a participating institution to amend a draft restructuring plan in a specified respect. The direction shall specify a period within which the participating institution is required to do so.

(4) A participating institution that is directed under subsection (3) to amend a draft restructuring plan shall do so within the period specified in the direction.

(5) If the Minister approves a draft restructuring plan, the participating institution concerned shall put the plan into effect in accordance with a timetable directed by the Minister.

(6) The Minister, after consultation with the Governor and the F25 [ Central Bank ], may direct a participating institution to submit to the Minister a business plan in accordance with this section.

(7) A participating institution that is given a direction under subsection (6) shall submit a draft of the business plan for the Minister’s approval within the period specified in the direction.

(8) The Minister, after consulting with the Governor and the F25 [ Central Bank ], may direct a participating institution to amend a draft business plan submitted to the Minister under subsection (7) in accordance with the direction.

(9) A participating institution that is directed to amend a draft business plan under subsection (8) shall comply with the direction within the period specified in the direction.

(10) A participating institution shall take all reasonable steps to ensure that any draft business plan submitted to the Minister accurately contains all relevant information. If the Minister approves a draft business plan, the participating institution shall take all reasonable steps to implement that plan.

(11) The Minister shall not approve a restructuring plan or business plan that does not comply with the law of the State and of the European Communities relating to competition and with the laws of the European Communities governing State aid.

Annotations:

Amendments:

F25

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(11) and sch. 2 part 11, S.I. No. 469 of 2010.