Central Bank and Credit Institutions (Resolution) Act 2011

15.

Regulations in relation to Fund.

15.— (1) The Minister shall make regulations prescribing the rate of contribution, or a method of calculating the rate of contribution, to the Fund by an authorised credit institution.

(2) In making regulations under subsection (1) , the Minister shall have regard to—

( a) the need for the Fund to grow, over time, to a size commensurate to the costs that might be incurred in carrying out resolution activities under this Act and any other obligation of the Fund, and

( b) the need for the rate of contribution by an authorised credit institution or class of such credit institutions to be consistent with maintaining the financial viability and sustaining the commercial position of such credit institutions.

(3) Regulations under subsection (1) may prescribe different rates, or different methods of calculating rates, of contribution for different authorised credit institutions or different classes of such credit institutions, according to—

( a) the nature, scale and complexity of the business of each such credit institution or class, and the level of risk associated with each such credit institution or class,

( b) the level of capital and liquidity of each such credit institution or class,

( c) the adequacy of the internal controls of each such credit institution or class, including procedures relating to risk management and mitigation and arrangements for financial stabilisation, and

( d) the capacity of each such credit institution or class to make the proposed contribution.

(4) The Minister may by regulations make provision for the administration and operation of the Fund.

Annotations:

Editorial Notes:

E2

Power pursuant to section exercised (27.09.2018) by Credit Institutions Resolution Fund Levy (Amendment) Regulations 2018 (S.I. No. 382 of 2018).

E3

Power pursuant to section exercised (29.09.2017) by Credit Institutions Resolution Fund Levy (Amendment) Regulations 2017 (S.I. No. 433 of 2017).

E4

Power pursuant to section exercised (28.09.2016) by Credit Institutions Resolution Fund Levy (Amendment) Regulations 2016 (S.I. No. 499 of 2016).

E5

Power pursuant to section exercised (30.09.2015) by Credit Institutions Resolution Fund Levy (Amendment) Regulations 2015 (S.I. No. 421 of 2015).

E6

Power pursuant to section exercised (7.10.2014) by Credit Institutions Resolution Fund Levy (Amendment) Regulations 2014 (S.I. No. 446 of 2014).

E7

Power pursuant to section exercised (30.09.2013) by Credit Institutions Resolution Fund Levy Regulations 2013 (S.I. No. 376 of 2013).

E8

Power pursuant to section exercised (31.10.2012) by Credit Institutions Resolution Fund Levy (Amendment) Regulations 2012 (S.I. No. 443 of 2012).

E9

Power pursuant to section exercised (28.09.2012) by Credit Institutions Resolution Fund Levy Regulations 2012 (S.I. No. 381 of 2012).