Central Bank and Credit Institutions (Resolution) Act 2011

77.

Bank may petition to have authorised credit institution wound up, etc.

77.— The Bank may present a petition to the Court for the winding-up of F21 [ a designated credit institution ] on any of the following grounds:

( a) that in the opinion of the Bank, the winding-up of that F22 [ recognised credit institution ] would be in the public interest;

( b) that that F22 [ recognised credit institution ] is, or in the opinion of the Bank may be, unable to meet its obligations to its creditors;

( c) that that F22 [ recognised credit institution ] has failed to comply with a direction of the Bank—

(i) in the case of the holder of a licence under section 9 of the Act of 1971, under section 21 of that Act, or

(ii) in the case of a building society, under section 40(2) of the Building Societies Act 1989, or

(iii) in the case of a credit union, under section 87 of the Credit Union Act 1997;

( d) that that F22 [ recognised credit institution ]’s licence or authorisation (as applicable) has been revoked and (in the case of the holder of a licence under section 9 of the Act of 1971) that it has ceased to carry on banking business;

( e) that the Bank considers that it is in the interest of persons having deposits (including deposits on current accounts with that F22 [ recognised credit institution ] that it be wound up.

Annotations:

Amendments:

F21

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).

F22

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