Anglo Irish Bank Corporation Act 2009


Determination of fair and reasonable aggregate value.

25.— (1) The Assessor shall determine the fair and reasonable aggregate value of the transferred shares of each class and the extinguished rights as at 15 January 2009 for the purposes of the payment of fair and reasonable compensation for the acquisition of those shares and the extinction of those rights.

(2) The Assessor shall determine the value referred to in subsection (1)

(a) on the basis of the true financial state of Anglo Irish Bank on 15 January 2009, taking into account the underlying market values of Anglo Irish Bank’s assets and the extent of its actual, contingent and prospective liabilities at that date,

(b) having regard to the rights attaching to each class of transferred shares, and

(c) assuming that no financial assistance, investment or guarantee (other than the guarantee already provided under the Credit Institutions (Financial Support) Act 2008) would in future be provided to or made in Anglo Irish Bank, directly or indirectly, by the State.

(3) In determining the value referred to in subsection (1), the Assessor shall have reference to—

(a) the quoted price of its shares at the close of business on 15 January 2009, and the movements in that price during such period as the Assessor considers appropriate,

(b) any relevant information about the business of Anglo Irish Bank as of 15 January 2009, whether publicly available or not,

(c) whether Anglo Irish Bank was, on 15 January 2009, unable or likely to become unable to continue as a going concern in the short, medium or long term, or that there was a material risk of its not being able to do so,

(d) the viability of its business model,

(e) its capital and solvency levels on 15 January 2009,

(f) its liquidity,

(g) the terms of the Credit Institutions (Financial Support) Scheme 2008 (S.I. No. 411 of 2008),

(h) any access that Anglo Irish Bank had or would be likely to have had to funding from the central banks of the euro area, including the Central Bank and the European Central Bank,

(i) any relevant evidence that the Assessor obtains in the performance of his or her functions,

(j) any submissions made to the Assessor, and

(k) any other relevant matter.

(4) The Assessor shall make the determination required by subsection (1) on the basis of the information and evidence available to him or her at the time he or she carries out his or her function.

(5) A conclusion drawn or finding made by the Assessor in making the determination required by subsection (1) does not amount to a finding of fact for any purpose other than the purposes of this Act.

(6) Nothing in this Act prevents the Assessor from determining that the amount of fair and reasonable compensation to be paid in relation to the transferred shares or the extinguished rights is nil.

(7) Whenever the Minister so requests, the Assessor shall report to the Minister as to his or her progress in making the determination required by this section.