Central Bank and Credit Institutions (Resolution) Act 2011

82.

Payments from deposit protection account to be debts due to Bank.

82.— If the Bank has paid or transferred funds from the F30 [ Fund or, where appropriate, the legacy fund ] in accordance with section 80 (1) (a) (ii) or 81

( a) the Court (or in the case of a voluntary winding-up of the authorised credit institution, the liquidator) shall admit the amount of each such payment or transfer as a proved debt due to the Bank, and

( b) in relation to each such debt—

(i) the Bank shall have the same priority as the person to whom the payment was made, or on whose behalf the transfer was made, would have had if that payment or transfer had not been made, and

(ii) the Bank shall rank ahead of the person for the full amount of the debt.

Annotations:

Amendments:

F30

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