Central Bank and Credit Institutions (Resolution) Act 2011

SCHEDULE 3

Amendments of statutory instruments

Section 111.

PART 1

Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010

Section 111(1).

Item

Provision amended

Amendment

1

Regulation 18A

Substitute:

“Relationship between these Regulations and Credit Institutions (Stabilisation) Act 2010 and Central Bank and Credit Institutions (Resolution) Act 2011.

18A.—(1) In this Regulation—

‘Act of 2010’ means the Credit Institutions (Stabilisation) Act 2010 (No. 36 of 2010);

‘Act of 2011’ means the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011).

(2) For the avoidance of doubt, nothing in Regulation 6, 7, 10, 11 or 12 shall affect the operation or effect of—

(a) section 61 of the Act of 2010, or

(b) section 100 of the Act of 2011.

(3) Without prejudice to paragraph (2) and for the avoidance of doubt—

(a) no order or requirement made under the Act of 2010, and no act, omission or consequence referred to in section 61(3) of that Act, and

(b) no order made under the Act of 2011, and no act, omission or consequence referred to in section 100(3) of that Act,

shall constitute an enforcement event for the purposes of these Regulations.

(4) Without prejudice to paragraph (2) and for the avoidance of doubt—

(a) no order or requirement made under the Act of 2010, and no act, omission or consequence referred to in section 61(3) of that Act, and

(b) no order made under the Act of 2011, and no act, omission or consequence referred to in section 100(3) of that Act,

shall constitute an enforcement event related to a financial collateral arrangement.”.

PART 2

Amendments of Regulations of 2011

Section 111(2).

Item

Provision amended

Amendment

1

Regulation 2(2)

In subparagraph (ix), delete “Act.” and substitute “Act;” and after that subparagraph, insert:

“(x) a transfer order or special management order (within the respective meanings given by the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011)) that contains a declaration that it or part of it is made with the intention of preserving or restoring the financial position of an authorised credit institution (within the meaning given by section 2 of that Act).”.

2

Regulation 2(4)

In subparagraph (f), delete “Act 2001.” and substitute “Act 2001;” and after that subparagraph, insert:

“(g) the Central Bank and Credit Institutions (Resolution) Act 2011 (No. — of 2011).”.