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( d) that that F22 [ recognised credit institution ]’s licence or authorisation (as applicable) has been revoked and (in the case of the holder of a licence under section 9 of the Act of 1971) that it has ceased to carry on banking business;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