Credit Institutions (Stabilisation) Act 2010

38.

Financial incentive to transferee.

38.— (1) The Minister may directly or indirectly provide a financial incentive to any person to become a transferee on such terms and subject to such conditions as the Minister considers necessary or appropriate.

(2) For the purposes of subsection (1) “financial incentive” includes a payment, a loan, a guarantee, an exchange of assets and any other kind of financial accommodation or assistance, including financial support.

(3) The Minister may enter into transactions of a normal banking nature in connection with or related to the provision of a financial incentive under this section.

F47 [ (3A) Where the Minister provides a financial incentive under subsection (1) which is in the form of a payment or gives rise to a payment, the payment shall be made from the Central Fund or the growing produce thereof. ]

(4) Subject to subsection (5) , the amount of any financial incentive provided under this section is a debt due and owing to the State by the transferor and may be recovered as a simple contract debt in any court of competent jurisdiction.

(5) Where a transfer order is set aside in whole or in part—

( a) in the case where a part of any financial incentive can be identified as relating to assets or liabilities that are transferred back to the transferor under section 36 (5) (a) (i), an amount equal to that part, and

( b) in any other case, an amount equal to the percentage of the amount of financial incentive equivalent to the percentage of the value of the total assets and liabilities the subject of the transfer order that is represented by the value of the assets, liabilities and interests that are transferred back to the transferor under that section,

becomes immediately repayable to the Minister, is a debt due and owing to the State by the transferee and may be recovered as a simple contract debt in any court of competent jurisdiction.

Annotations:

Amendments:

F47

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 93, S.I. No. 287 of 2013.