Central Bank and Credit Institutions (Resolution) Act 2011
Number 27 of 2011
CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011
REVISED
Updated to 27 September 2023
This Revised Act is an administrative consolidation of the Central Bank and Credit Institutions (Resolution) Act 2011. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including the Historic and Archaeological Heritage and Miscellaneous Provisions Act 2023 (26/2023), enacted 13 October 2023, and all statutory instruments up to and including the Credit Institutions Resolution Fund Levy (Amendment) Regulations 2023 (S.I. No. 477 of 2023), made 27 September 2023, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to revisedacts@lawreform.ie.
Number 27 of 2011
CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011
REVISED
Updated to 27 September 2023
ARRANGEMENT OF SECTIONS
Preliminary
Section
1. Short title, collective citation and commencement.
3. References to certain credit institutions.
General matters in relation to resolution powers
5. Responsibility for exercise of functions of Bank under this Act.
6. Independence of Bank and Governor not affected.
7. Minister and Bank to have regard to European Union law.
8. Bank to cooperate with relevant authorities outside State.
Credit Institutions Resolution Fund
10. Credit Institutions Resolution Fund.
11. Management and administration of Fund.
12. Minister may contribute to Fund.
13. Authorised credit institutions to contribute to Fund.
14. Offence in relation to Fund.
15. Regulations in relation to Fund.
16. Minister to consult Bank in certain circumstances.
Bridge-banks
17. Bank’s power to establish bridge-banks.
18. Bridge-bank may carry on banking business.
19. Regulations in relation to bridge-banks.
Transfer of assets and liabilities
21. Preconditions for making a proposed transfer order.
22. Bank’s power to impose requirements.
23. Bank may disclose information to potential transferee.
24. Directors’ duties where Bank imposes requirements on authorised credit institutions.
25. Bank not to be director, etc.
26. Proposed transfer order — written notice.
27. Transferor not to dispose of assets, liabilities.
28. Transfers to be at market value.
29. Proposed transfer order — contents.
30. Hearing of application for transfer orders — procedure.
31. Publication of transfer orders.
32. Application to vary transfer order.
33. Application to vary transfer order where transferee is bridge-bank.
34. Application to set aside transfer order.
35. Application by creditor for permission to apply for compensation.
37. Expenses, etc., of Assessor and engagement of staff.
40. Determination of fair and reasonable compensation.
41. Circulation of draft report for comment.
43. Review of determination of compensation, etc.
44. Limitation of judicial review of the Assessor’s determination.
45. Content of transfer order.
46. Provision of financial incentive to transferee.
47. Repayment of financial incentive.
48. Procedure if transferor disputes consideration for assets and liabilities.
49. Effect of transfer order — general.
50. Effect of transfer order in relation to securities.
51. Transfer of foreign assets and liabilities.
52. Application of Bankers’ Books Evidence Acts 1879 to 1989.
Special management
55. Preconditions for making a proposed special management order.
56. Proposed special management order — written notice.
57. Proposed special management order — contents.
58. Hearing of application for special management orders — procedure.
59. Publication of special management orders.
60. Application to vary special management order.
61. Application to set aside special management order.
62. Content of special management order.
64. Remuneration, etc., of special managers.
65. Resignation and vacancy in office, etc.
66. Effect of special management order — general.
67. Functions of special managers.
68. Performance of functions of special managers.
69. Effect of appointment of special manager.
70. Powers of special manager to remove officers, employees and others.
71. Relationship between special manager and directors.
72. Special manager not to be director, etc.
73. Extension of special management.
74. Termination of special management.
Bank’s powers in liquidation of [designated credit institutions]
76. Application of Companies Acts to winding-up of authorised credit institutions.
77. Bank may petition to have authorised credit institution wound up, etc.
78. Bank’s role in winding-up authorised credit institutions.
79. Liquidators of authorised credit institutions.
80. Objectives of liquidator of authorised credit institution.
81. Bank may make money available.
82. Payments from deposit protection account to be debts due to Bank.
83. Liquidation committee — establishment.
84. Liquidation committee — functions.
85. Liquidation committee — procedure.
86. Functions of Bank after liquidation committee ceases to exist.
87. Achievement of Objective 1.
89. Modifications to Companies Acts in winding-up of authorised credit institutions.
90. Application of this Part to bodies incorporated outside State.
Recovery plans and resolution plans
92. Implementation of recovery plans.
Miscellaneous
95. Effect of CIWUD Directive.
96. Application of certain laws in relation to transfers, etc., of credit institutions.
97. Proposed orders, etc., to be kept in confidence.
98. Costs incurred in relation to making orders, etc.
99. Confidentiality of proceedings.
100. Effect of orders on certain other obligations.
101. Limitation of operation of section 100.
102. Limitation of judicial review.
103. Limitation of certain rights of appeal to Supreme Court.
104. Application of laws in relation to netting agreements, etc.
105. Saving of legal proceedings, etc.
107. Guidelines on Bank’s exercise of functions under this Act, etc.
108. Relationship framework between Minister and Bank.
Amendment of other enactments and statutory instruments
111. Amendments of statutory instruments.
Powers to Require Persons to Give Evidence or Produce Documents
Amendments of Acts
Amendments of Act of 1942
Amendment of Central Bank Act 1989
Amendments of Credit Union Act 1997
Amendments of Land and Conveyancing Law Reform Act 2009
Amendments of Act of 2010
Amendments of statutory instruments
Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010
Amendments of Regulations of 2011
Acts Referred to
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1934, No. 39 |
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1978, No. 2 |
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2001, No. 47 |
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Bankers’ Books Evidence Acts 1879 to 1989 |
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Bills of Sale (Ireland) Acts 1879 and 1883 |
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1989, No. 17 |
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1942, No. 22 |
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1971, No. 24 |
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1989, No. 16 |
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Central Bank and Financial Services Authority of Ireland Act 2003 |
2003, No. 12 |
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Central Bank and Financial Services Authority of Ireland Act 2004 |
2004, No. 21 |
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Central Bank Acts 1942 to 2010 |
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2010, No. 23 |
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1990, No. 27 |
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1963, No. 33 |
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1990, No. 33 |
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Companies Acts |
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2002, No. 14 |
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2008, No. 18 |
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2010, No. 36 |
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1997, No. 15 |
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2009, No. 13 |
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1972, No. 27 |
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2009, No. 27 |
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2001, No. 37 |
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1995, No. 25 |
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1992, No. 1 |
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Registration of Deeds and Title Acts 1964 and 2006 |
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1964, No. 16 |
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1947, No. 44 |
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1997, No. 39 |
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1996, No. 6 |
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Unfair Dismissals Acts 1977 to 2007 |
Number 27 of 2011
CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011
REVISED
Updated to 27 September 2023
AN ACT TO MAKE PROVISION FOR AN EFFECTIVE AND EXPEDITIOUS RESOLUTION REGIME FOR CERTAIN CREDIT INSTITUTIONS AT THE LEAST COST TO THE STATE; TO AMEND CERTAIN ENACTMENTS; AND FOR RELATED MATTERS.
[20th October, 2011]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations
Modifications (not altering text):
C1
Application of collectively cited Central Bank Acts restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).
Effect of special management.
119. ...
(2) The special management of the institution under resolution has effect notwithstanding anything in—
(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,
(b) any other rule of law or equity,
(c) any code of practice made under an enactment,
...