Central Bank (Supervision and Enforcement) Act 2013

82.

Amendment of Central Bank and Credit Institutions (Resolution) Act 2011.

82.— (1) In this section “Act of 2011” means the Central Bank and Credit Institutions (Resolution) Act 2011.

(2) Section 10 of the Act of 2011 is amended—

( a) in subsection (2)—

(i) by deleting paragraph ( a), and

(ii) in paragraph ( b) by inserting “46,” after “42(5),”,

and

( b) in subsection (4) by substituting “Subject to section 11(3), the Bank” for “The Bank”.

(3) Section 11 of the Act of 2011 is amended by inserting the following subsection after subsection (2):

“(3) Notwithstanding section 10(4), the Bank shall from time to time pay interest at the rate determined under subsection (2) on monies standing to the credit of the Fund.”.

(4) The Act of 2011 is amended by inserting the following section after section 11:

“Accounts and audit.

11A.— (1) The Bank shall cause—

( a) to be kept for the Fund, in such form as the Minister approves, all proper and usual accounts of income and expenditure, and

( b) the transmission of those accounts not later than 3 months following the end of the financial year to which they relate to the Comptroller and Auditor General for audit.

(2) The Comptroller and Auditor General shall audit the accounts of the Fund transmitted to him or her under subsection (1) and shall prepare a written report in relation to those accounts.

(3) Within one month of the completion of the audit referred to in subsection (2), the Bank shall present a copy of the accounts and the report of the Comptroller and Auditor General on the accounts to the Minister who shall, as soon as may be, cause copies thereof to be laid before each House of the Oireachtas.”.

(5) The Act of 2011 is amended by substituting the following for section 12:

“12.— (1) The Minister, following consultation with the Bank, may contribute to the Fund such sums as the Minister considers appropriate, from the Central Fund or the growing produce of the Central Fund.

(2) The Minister is entitled to be reimbursed from the Fund for all contributions under subsection (1) together with any interest, at the rate determined under section 11(2), that may have accrued on those contributions at the rate determined.

(3) All sums paid out of the Fund in repayment of a contribution under subsection (2) shall be paid into the Central Fund.”.

(6) The Act of 2011 is amended by substituting the following for section 46:

“46.— (1) The Minister may, at the request of the Bank, agree to the provision, directly or indirectly, of a financial incentive, on terms and conditions that the Minister considers appropriate, to a person to become a transferee under—

( a) a transfer order, or

( b) where a transfer order has been varied under section 33, the transfer order as so varied.

(2) For the purposes of subsection (1)( a), the person to which the financial incentive is given may be a bridge-bank.

(3) A financial incentive may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance, and may be or may include financial support within the meaning of the Act of 2008.

(4) Where the Minister agrees to the provision of a financial incentive under this Act and it is in the form of a payment or gives rise to a payment, the payment shall be made by the Bank from the Fund to such person as the Minister may direct.

(5) Where the Minister agrees to the provision of a financial incentive under this Act, a term of its provision may be in respect of the repayment in case of setting-aside of the transfer order, whether or not there is re-transfer of any assets or liabilities to the transferor.

(6) The amount of any financial incentive provided under this Act is a debt due and owing to the Bank for the account of the Fund by the transferor and may be recovered by the Bank for the account of the Fund as a simple contract debt in any court of competent jurisdiction.

(7) Any sum recovered by the Bank under subsection (6) shall be paid into the Fund.”.

(7) Section 47 of the Act of 2011 is amended by substituting “If a liability to repay arises under section 46(5)” for “If a liability to repay the Fund or the Minister arises under section 46(4)”.

(8) Subsections (1), (2)(b) and (3) shall be deemed to have come into operation on the coming into operation of the Act of 2011.