Central Bank and Credit Institutions (Resolution) Act 2011

21.

Preconditions for making a proposed transfer order.

21.— (1) The Bank may make a proposed transfer order in relation to an authorised credit institution, or a subsidiary or holding company of an authorised credit institution, if it decides that—

( a) the intervention conditions are fulfilled in relation to that credit institution, and

( b) having regard to any adverse consequences that may arise as a result of the transfer order, in relation to the interests generally of the creditors of the transferor or, where the transferor is a subsidiary or holding company, in relation to the interests generally of the creditors of the transferor or the authorised credit institution concerned, a transfer order is necessary in all the circumstances to address one or more of the reasons for those intervention conditions being fulfilled.

(2) Nothing in subsection (1)(b) requires the Bank to consider the possible adverse consequences of the transfer order concerned on the interests of a particular creditor or class of creditors of the transferor or authorised credit institution, as the case may be, or to consider any submission made by a creditor on behalf of that creditor, a class of creditors or creditors generally.