Central Bank and Credit Institutions (Resolution) Act 2011

PART 7

Bank’s powers in liquidation of authorised credit institutions

Annotations:

Amendments:

F17

Inserted (20.11.2015) by European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015), reg. 32(a)(i), in effect as per reg. 1(2).

F18

Substituted (20.11.2015) by European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015), reg. 32(a)(ii), in effect as per reg. 1(2).

F19

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

Modifications (not altering text):

C3

Application of Part restricted (7.02.2013) by Irish Bank Resolution Corporation Act 2013 (2/2013), s. 11, commenced on enactment.

Non-application of Part 7 of Central Bank and Credit Institutions (Resolution) Act 2011 to IBRC.

11.— Part 7 of the Central Bank and Credit Institutions (Resolution) Act 2011 shall not apply to the winding up of IBRC.

75.

Interpretation ( Part 7).

75.— (1) In this Part—

F17 [ Act of 2009 means the Financial Services (Deposit Guarantee Scheme) Act 2009 (No. 13 of 2009); ]

“deposit protection account” has the same meaning as in the Regulations of 1995;

F18 [ eligible depositor means a person with an eligible deposit (within the meaning of Regulation 3 of the Regulations of 2015); ]

“full payment resolution” has the meaning given by section 84 (3) (a) ;

F17 [ Fund has the meaning assigned to it by Regulation 3 of the Regulations of 2015;

legacy fund means any fund established, held and administered by the Bank for the purpose of receiving a specified proportion of the funds standing to the credit of the deposit protection account, which relate to credit institutions, that are transferred from that account; ]

“liquidator” means a liquidator appointed to F19 [ a designated credit institution ];

“Regulations of 1995” means the European Communities (Deposit Guarantee Schemes) Regulations 1995 ( S.I. No. 168 of 1995).

F17 [ Regulations of 2015 means the European Union (Deposit Guarantee Schemes) Regulations ( S.I. No 516 of 2015 ); ]

(2) A reference in this Part to Objective 1 or Objective 2, or the objectives of a liquidator of F19 [ a designated credit institution ], shall be construed in accordance with section 80 .

(3) Notwithstanding section 3(2) , a reference in this Part to F19 [ a designated credit institution ] includes a reference to a relevant institution within the meaning of the Act of 2010.

(4) Expressions used in this Part and in the Companies Acts have the same meanings in this Part as in the Companies Acts except to any extent that this Part provides otherwise.

Annotations:

Amendments:

F17

Inserted (20.11.2015) by European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015), reg. 32(a)(i), in effect as per reg. 1(2).

F18

Substituted (20.11.2015) by European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015), reg. 32(a)(ii), in effect as per reg. 1(2).

F19

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