Central Bank and Credit Institutions (Resolution) Act 2011

101.

Limitation of operation of section 100.

101.— (1) If the Minister is of the opinion that in a particular case or cases the effect of section 100 is in all the circumstances unduly onerous, or causes unfairness or undue hardship, and that it is appropriate in all the circumstances to do so, he or she may, after consultation with the Bank, by order provide that, notwithstanding subsections (2) and (3) of that section, a provision in a relevant agreement that provides for a consequence mentioned or referred to in section 100(4) has effect to the extent specified in the order.

(2) An order under subsection (1)

( a) may make provision in relation to the effect of a provision in—

(i) a particular relevant agreement,

(ii) relevant agreements of a particular kind, or

(iii) rights held under a relevant agreement, or relevant agreements of a particular kind, by a particular person or a particular class of persons,

( b) in the case of an order that makes provision in relation to relevant agreements of a particular kind, may specify the kind by reference to any common characteristic of the agreements concerned, and

( c) in the case of an order that makes provision in relation to rights held by a particular class of persons, may specify the class by reference to any common characteristic of the persons concerned.

(3) As soon as practicable after the Minister makes an order under subsection (1), he or she shall lay a copy of the order before each House of the Oireachtas.

(4) If the Minister considers that an order under subsection (1) contains matter that is commercially sensitive, he or she may direct—

( a) that the obligations in relation to the order under section 3(1) of the Statutory Instruments Act 1947 are to be taken to be satisfied by the printing, sending to the institutions mentioned in section 3(1)( a) of that Act, publication and sale of a version of the order from which the commercially sensitive matter is omitted, or

( b) if the preparation of such a version would be impracticable, or would result in the version being seriously misleading, that the order is exempt from the operation of section 3(1) of that Act.

(5) A version of an order under subsection (1) prepared in accordance with a direction given by the Minister under subsection (4)(a) shall indicate that matter has been omitted from the version of the order and the general nature of that matter.

(6) A direction given by the Minister under subsection (4) shall be published in Iris Oifigiúil as soon as practicable.

(7) Evidence of a direction given by the Minister under subsection (4) may be given by the production of a copy of Iris Oifigiúil purporting to contain the direction.

(8) Nothing in this Act or the Statutory Instruments Act 1947 affects any obligation that arises under the Regulations of 2011 to publish, or give notice of, an order or direction under this Act.