Central Bank and Credit Institutions (Resolution) Act 2011

80.

Objectives of liquidator of authorised credit institution.

80.— (1) The liquidator of F27 [ a designated credit institution ] has 2 objectives, as follows:

( a) Objective 1—

(i) to facilitate the Bank in ensuring that each eligible depositor receives the prescribed amount payable under F28 [ Regulation 11(1) of the Regulations of 2015 from the Fund or, where appropriate, the legacy fund, ] or

(ii) to facilitate the Bank in transferring that amount from the F28 [ Fund or, where appropriate, the legacy fund ] to another authorised credit institution or to a F27 [ recognised credit institution ] approved by the Bank, to hold that amount on behalf of each such eligible depositor;

( b) Objective 2, to wind up the affairs of the authorised credit institution so as to achieve the best results for that F27 [ recognised credit institution ]’s creditors as a whole.

(2) In the event of a conflict between Objective 1 and Objective 2, Objective 1 takes precedence.

(3) The liquidator of F27 [ a designated credit institution ] shall begin working towards both objectives immediately upon his or her appointment. The liquidator and the Bank shall cooperate in the pursuit of those objectives.

(4) The duties of a liquidator under this Part are in addition to the other duties of a liquidator.

(5) The liquidator of F27 [ a designated credit institution ]

( a) shall comply with a request of the Bank for information in relation to the liquidation, and

( b) may provide the Bank with any other information that the liquidator thinks might be useful for the purpose of co-operating in the pursuit of Objective 1.

Annotations:

Amendments:

F27

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

F28

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