19.— (1) The Minister or the Minister’s nominee may remove any person from—

(a) a position of director of Anglo Irish Bank or any of its subsidiaries or subsidiary undertakings,

(b) being its secretary or the secretary of any of its subsidiaries or subsidiary undertakings,

(c) any of the following:

(i) a position of employment with it or any of its subsidiaries or subsidiary undertakings;

(ii) an executive position (including the chief executive and any such position held by virtue of being a director or secretary of it or any of its subsidiaries or subsidiary undertakings) in it or any of its subsidiaries or subsidiary undertakings;

(iii) a consultancy to it or any of its subsidiaries or subsidiary undertakings;

whether or not there is a contractual relationship between the person and it, or between the person and the subsidiary or subsidiary undertaking, as the case requires,

(d) being its auditor or the auditor of any of its subsidiaries or subsidiary undertakings,

(e) being the trustee of a pension fund established or otherwise in existence primarily for the benefit of one or more of, or any class or classes of, the following:

(i) officers or employees of it or any of its subsidiaries or subsidiary undertakings;

(ii) former officers or employees of it or any of its subsidiaries or subsidiary undertakings;

(iii) spouses and dependants of deceased former officers or employees of it or any of its subsidiaries or subsidiary undertakings, or

(f) being the trustee of an employee share scheme established for the benefit of employees of it or any of its subsidiaries or subsidiary undertakings.

(2) The removal of a person by virtue of subsection (1)—

(a) has effect without the need for any notice being given, meeting being called, resolution being passed or consent being obtained, and

(b) may be expressed to take effect immediately and, if so expressed, has that effect.

(3) Subsection (1) is in addition to any power of the Minister or the Minister’s nominee under the Companies Acts or the memorandum or articles of Anglo Irish Bank to remove a person from an office or position referred to in subsection (1).

(4) The functions of the Minister or the Minister’s nominee under this section shall be exercised only in the public interest (including the restoration of public confidence in Anglo Irish Bank) and subject to regulatory requirements.

(5) Nothing in this section deprives a person removed of any right to compensation or damages for the loss of his or her office or appointment. However—

(a) a court, tribunal or rights commissioner may not grant any remedy that would have the effect of preventing or restraining the Minister or the Minister’s nominee from exercising his or her functions under subsection (1), and

(b) a court, tribunal or rights commissioner may not make any order under the Unfair Dismissals Acts 1977 to 2007 for the reinstatement or re-engagement of such a person.

(6) In this section “director” includes a director appointed under section 20.