Central Bank and Credit Institutions (Resolution) Act 2011

83.

Liquidation committee — establishment.

83.— (1) As soon as practicable after the Court makes a winding-up order pursuant to section 216(1) of the Act of 1963 in relation to F31 [ a designated credit institution ], the Bank shall nominate 2 individuals, and the Minister shall nominate one individual, who shall comprise a liquidation committee.

(2) The Bank and the Minister may each replace their respective nominees at any time.

(3) The function of a liquidation committee is to ensure that the liquidator properly carries out his or her functions under this Part.

(4) While a liquidation committee exists in relation to F31 [ a designated credit institution ], section 232 of the Act of 1963 does not apply in relation to that F31 [ recognised credit institution ].

(5) If a liquidation committee ceases to exist by virtue of section 84 (4) , section 232 of the Act of 1963 again becomes applicable in relation to the authorised credit institution concerned.

Annotations:

Amendments:

F31

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).