57Z.—(1) In determining an appeal against an appealable decision, the Appeals Tribunal shall decide what the correct and preferable decision is having regard to the material then before it, including—

(a) any relevant factual material, and

(b) any applicable enactment or other law.

(2) As soon as possible after finishing the hearing of an appeal against an appealable decision, the Appeals Tribunal shall do one of the following:

(a) affirm the decision, or

(b) vary the decision, or

(c) substitute for the decision any appropriate decision that the F572[Bank] could have lawfully made in relation to the matter concerned, or

F573[(d) remit the matter concerned for reconsideration by the F572[Bank], together with any recommendation or direction of the Appeals Tribunal as to what aspects of the matter should be reconsidered and, in the case of an appealable decision made under Part IIIC, set aside the decision.

(2A) Paragraphs (b) and (c) of subsection (2) apply only to F574[a decision which is an appealable decision under section 33AW(2) of this Act or section 29 (7) of the Central Bank Reform Act 2010].]

(3) The Appeals Tribunal may dismiss an appeal against an appealable decision on the ground that the appellant has failed to attend a hearing of that Tribunal, but only if it is satisfied that the appellant was notified of the date, time and place fixed for the hearing.

(4) The Appeals Tribunal may allow an appeal against an appealable decision on the ground that the F572[Bank] has failed to attend a hearing of that Tribunal, but only if it is satisfied that F572[the Bank] was notified of the date, time and place fixed for the hearing. In that case, the Appeals Tribunal may substitute for the decision appealed against any appropriate decision that the F572[Bank] could have lawfully made in relation to the matter concerned.]