Irish Bank Resolution Corporation Act 2013

18.

Netting agreements, etc.

18.— (1) Subject to subsection (3), nothing in this Act—

( a) affects the operation of—

(i) the Netting of Financial Contracts Act 1995,

(ii) the European Communities (Settlement Finality) Regulations 2010 ( S.I. No. 624 of 2010),

(iii) the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010), or

(iv) Regulation 30 of the European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 ( S.I. No. 48 of 2011),

in relation to an agreement to which IBRC or any of its subsidiaries or subsidiary undertakings is a party, or

( b) affects the operation of any provision of the law of a Member State required for the implementation of the provisions of—

(i) Directive 98/26/EC 1 of the European Parliament and of the Council of 19 May 1998 (as amended by Directive 2009/44/EC 2 of the European Parliament and of the Council of 6 May 2009), or

(ii) Directive 2002/47/EC 3 of the European Parliament and of the Council of 6 June 2002 (as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009).

(2) Nothing in this Act affects the operation of the Asset Covered Securities Acts 2001 and 2007.

(3) The European Communities (Settlement Finality) Regulations 2010 ( S.I. No. 624 of 2010) are amended—

( a) in Regulation 2, in subparagraph ( a) of the definition of “insolvency proceedings”, by substituting the following for clauses (iii) and (iv):

“(iii) a voluntary winding up (either creditors’ or members’) of the body,

(iv) proceedings for the appointment of an administrator in respect of the body, and

(v) a winding up of the body pursuant to the Irish Bank Resolution Corporation Act 2013 (No. _ of 2013),”,

( b) in Regulation 3( a), by substituting the following for subparagraphs (ii) and (iii):

“(ii) the making by the Court of an order for the winding up of the body,

(iii) the passing by the members of the body of a resolution for the voluntary winding up (whether creditors’ or members’) of the body, and

(iv) the making of the Special Liquidation Order by the Minister under the Irish Bank Resolution Corporation Act 2013,”,

and

( c) in Regulation 9(2), by substituting “a special liquidator appointed under section 7 of the Irish Bank Resolution Corporation Act 2013, a liquidator” for “a liquidator”.