Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009

5.

Disapplication of certain requirements of competition law, etc., in certain circumstances.

5.— The Principal Act is amended by inserting after section 15—

“15A.— (1) Parts 2 and 3 of the Competition Act 2002 do not apply with respect to a relevant acquisition or a relevant transfer.

(2) Section 7 of the Credit Institutions (Financial Support) Act 2008 does not apply with respect to a relevant acquisition or a relevant transfer.

(3) Nothing done by or on behalf of the Minister, the Commission or a Commission investment vehicle for the purposes of a relevant acquisition or a relevant transfer constitutes a re-organisation measure for the purposes of—

( a) the European Communities (Re-organisation and Winding-Up of Credit Institutions) Regulations 2004 ( S.I. No. 198 of 2004), or

( b) the European Communities (Reorganisation and Winding-up of Insurance Undertakings) Regulations 2003 ( S.I. No. 168 of 2003).

(4) Nothing done by or on behalf of the Minister, the Commission or a Commission investment vehicle for the purposes of a relevant acquisition or a relevant transfer, and no acquisition by the Commission or a Commission investment vehicle of shares or securities in connection with a relevant acquisition or a relevant transfer, constitutes—

( a) an offer, a takeover, the acquisition of control or any other takeover transaction for the purposes of the Irish Takeover Panel Act 1997 or any rules made under section 8 of that Act, or

( b) a takeover bid or bid (in each case within the meaning of the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006 ( S.I. No. 255 of 2006)).

(5) In this section—

‘relevant acquisition’ means an acquisition by or on behalf of the Minister, the Commission or a Commission investment vehicle of an interest in a listed credit institution (being an acquisition that results or would result from a direction under section 19A) and includes a proposal to make such an acquisition;

‘relevant transfer’ means a transfer into the Fund, pursuant to section 18(5A), of an interest in a listed credit institution, and includes a proposal to make such a transfer.”.

Annotations:

Amendments:

F5

Repealed by National Treasury Management Agency (Amendment) Act 2014 (32/2014), s. 6(d), not commenced as of date of revision.

Modifications (not altering text):

C5

Prospective affecting provision: section repealed by National Treasury Management Agency (Amendment) Act 2014 (23/2014), s. 6(d), not commenced as of date of revision.

Disapplication of certain requirements of competition law, etc., in certain circumstances.

5.— F5 [ ]