Central Bank and Credit Institutions (Resolution) Act 2011

PART 3

Credit Institutions Resolution Fund

10.

Credit Institutions Resolution Fund.

10.— (1) A fund, to be known as the Credit Institutions Resolution Fund and referred to in this Act as “the Fund”, is established.

(2) The purpose of the Fund is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution, and in particular—

( a) F3 [ ]

( b) to provide funds for any payment required pursuant to section 37(1), 42(5), F4 [ 46, ] 48 or 98 ,

( c) with the written consent of the Minister, to provide capital for a bridge-bank, and

( d) to meet the Bank’s expenses in discharging its functions under this Act.

(3) The Fund shall be constituted by—

( a) the contributions made by authorised credit institutions pursuant to section 13 ,

( b) any sums paid into it by the Minister pursuant to section 12 ,

( c) any assets of a bridge-bank transferred to it pursuant to section 17(6) , and

( d) interest on those sums, contributions and assets.

(4) F5 [ Subject to section 11(3) , the Bank ] shall not provide any funds to the Fund from its own resources.

Annotations:

Amendments:

F3

Deleted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 82(2)(a)(i), S.I. No. 287 of 2013.

F4

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 82(2)(a)(ii), S.I. No. 287 of 2013.

F5

Substituted (28.10.2011) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), ss. 82(2)(b), in effect as per s. 82(8) and S.I. No. 548 of 2011.

Modifications (not altering text):

C2

Subs. (4) was amended by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 82(2)(b), as per the F-note above. This amendment was deemed, by s. 82(8), to have come into operation on the coming into operation of the Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011). The text of subs. (4), as enacted, was as follows:

(4) The Bank shall not provide any funds to the Fund from its own resources.