Central Bank and Credit Institutions (Resolution) Act 2011
Payments from deposit protection account to be debts due to Bank.
( 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.
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).