Central Bank and Credit Institutions (Resolution) Act 2011

45.

Content of transfer order.

45.— (1) The Court may, in accordance with this Part, make a transfer order transferring—

( a) all or any specified part of the assets, or all or any specified part of the liabilities, of—

(i) an authorised credit institution, or

(ii) a subsidiary or holding company of that credit institution,

or

( b) any combination of some or all of such assets and liabilities,

to a named person.

(2) If the transferor and the transferee are both credit unions, F11 [ ] the transfer order—

( a) may provide for the transfer of some or all of the engagements of the transferor to the transferee, and

( b) may make such provision for the amendment of the rules of the transferee as the Court considers necessary to give effect to a transfer of the rights of the members of the transferor to the transferee.

(3) A transfer order shall specify the following:

( a) the names of the transferor and the transferee;

( b) the assets and liabilities or the classes or kinds of assets and liabilities to be transferred;

( c) any consideration to be paid by the transferee, or a means of determining that consideration, including that a named person or a person in a class of persons is to determine the consideration payable under it.

(4) For the purposes of subsection (3)(b), a class or kind may be specified by means of any common characteristic of the class or kind.

(5) Where a transfer order transfers a netting agreement (within the meaning of the Netting of Financial Contracts Act 1995) or a financial collateral arrangement (within the meaning of Directive 2002/47/EC 2 of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements, as amended by Directive 2009/44/EC 3 of the European Parliament and of the Council of 6 May 2009, and of the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010)), the transfer order shall transfer the whole of that agreement or arrangement.

(6) A transfer order may transfer a cause of action (notwithstanding any rule of law to the contrary).

(7) A transfer order may include such incidental, consequential and supplemental provisions as the Court considers appropriate for implementing the transfer and securing that it be fully and effectively carried out, including provisions for substituting the name of the transferee for that of the transferor or otherwise adapting references to the transferor in any instrument made under an Act, and may provide for such transitional matters, including the sharing of assets and other contracts, as the Court considers appropriate.

Annotations:

Amendments:

F11

Deleted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(b), in effect as per reg. 1(2).

2 OJ No. L 168 27.6.2002, p.43

3 OJ No. L 146 10.6.2009, p.37