33A.—(1) This section and section 33B apply only where an order under section 33(1) provides that they shall have effect.

(2) In this section “relevant agreement” means an agreement, arrangement, undertaking, scheme, licence, security, obligation or other instrument, or an oral contract, that a transferor or transferee (or any of the transferor or transferee’s subsidiaries, holding companies and any subsidiaries of their holding companies (with the respective meanings given by section 155 of the Companies Act 1963 )) is a party to, is bound by or has an interest in (regardless of whether governed by the law of the State or that of any other place).

F150[(2A) Where the transferor is ICS Building Society, the definition of “relevant agreement” in subsection (2) has effect as if the references to transferor also include the Governor and Company of the Bank of Ireland.]

(3) Any provision in a relevant agreement that would (apart from this subsection) cause any of the consequences specified in subsection (4) to follow by virtue of—

(a) the amendment of this Act by the Credit Institutions (Stabilisation) Act 2010,

(b) the publication of the Bill for that Act,

(c) the making of an order under section 33(1) or any step taken in preparation for the making of such an order,

(d) an act done or omitted to be done in compliance with such an order,

(e) any consequences of such an act or omission,

(f) any consequence of a transfer expressed as set out in section 33(4),

(g) any other thing done or authorised to be done under, under or resulting from any provision of this Act,

is of no effect, and—

(i) no interest or right of any third party arises or becomes exercisable, and

(ii) no liability or obligation arises or is incurred by any third party,

without the express consent of the Minister, except to any extent to which the Minister provides otherwise by order under section 33B.

(4) The consequences referred to in subsection (3) are the following:

(a) the creation of an obligation or liability;

(b) the suspension or extinction (however described, and whether in whole or in part) of a right or an obligation or the becoming subject to a right or an obligation;

(c) the termination or extinguishment of the relevant agreement concerned or a right or obligation under it;

(d) a right becoming exercisable to terminate or modify the relevant agreement or a right or obligation under it;

(e) an amount becoming due and payable or capable of being declared due and payable or ceasing to be payable;

(f) any other change in the amount or timing of any payment falling to be made or due to be received by any person;

(g) a right becoming exercisable to withhold, net or set off any payment under or in connection with the relevant agreement;

(h) the occurrence of an event giving rise to a default or breach of a right or obligation;

(i) a right becoming exercisable not to advance any amount;

(j) an obligation arising to provide or transfer a deposit or collateral;

(k) a right of transfer or assignment of an asset or liability;

(l) any right to enforce a guarantee, indemnity or security interest (however described);

(m) the triggering of any mandatory prepayment event (howsoever described);

(n) any obligation to return collateral or its equivalent;

(o) the cancellation of any obligation to advance any amount or to provide credit or a contingent instrument;

(p) legal proceedings becoming maintainable to enforce the relevant agreement;

(q) the termination or modification of an obligation to provide a service or product;

(r) the accrual of any right to give or withhold any consent or approval;

(s) any event of default or breach of any right arising;

(t) any right or obligation not arising;

(u) the imposition of any condition on the relevant agreement;

(v) the imposition of any condition on any right or obligation under the relevant agreement;

(w) the creation of any constructive or resulting trust or other equitable interest or equity;

(x) the accrual of any right to trace any property or to claim an equitable interest in or equity in respect of any property or to claim any breach of trust;

(y) any other right or remedy (whether or not similar in kind to those referred to in paragraphs (a) to (x)) arising or becoming exercisable.]