Irish Bank Resolution Corporation Act 2013

1.

Interpretation.

1.— In this Act—

“Act of 1963” means the Companies Act 1963;

“Act of 1990” means the Companies Act 1990;

“Act of 2009” means the National Asset Management Agency Act 2009;

“Bank” means the Central Bank of Ireland;

“Court” means the High Court;

“credit facility” includes every kind of financial accommodation (including a loan facility, a line of credit, a hedging facility, a derivative facility, a bond, a letter of credit, a guarantee facility, an invoice discounting facility, a debt factoring facility, a deferred payment arrangement, a leasing facility, a guarantee, an indemnity and any other financial accommodation giving rise to a payment or repayment obligation) provided to a person, whether alone or together with another person or persons and whether as part of a syndicate or otherwise;

“IBRC” means Irish Bank Resolution Corporation Limited;

“Minister” means the Minister for Finance;

“NAMA” means the National Asset Management Agency;

“NAMA group entity” means—

( a) a subsidiary of NAMA (within the meaning given by section 155 of the Act of 1963), or

( b) any other body corporate and any trust, partnership, arrangement for the sharing of profits and losses, joint venture, association, syndicate or other arrangement formed, registered, incorporated or established by NAMA for the purpose of performing any of its functions under this Act or the Act of 2009;

“proceedings” includes arbitration and any other form of binding dispute resolution;

“security” includes—

( a) a charge,

( b) a guarantee, indemnity or surety,

( c) a right of set-off,

( d) a debenture,

( e) a bill of exchange,

( f) a promissory note,

( g) collateral,

( h) any other means of securing—

(i) the payment of a debt, or

(ii) the discharge or performance of an obligation or liability,

and

( i) any other agreement or arrangement having a similar effect;

“Special Liquidation Order” means an order, or any order amending that order, under section 4 and references to “Order” shall be construed accordingly;

“special liquidator” has the meaning given in section 7 ;

“subsidiary”, in relation to IBRC, has the same meaning as in section 155 of the Act of 1963;

“subsidiary undertaking”, in relation to IBRC, has the same meaning as in the European Communities (Companies: Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992).