70.— (1) The special manager of an authorised credit institution, or a subsidiary or holding company of an authorised credit institution, may, with the consent of the Bank, and shall, if so directed by the Bank, remove any person from—

(a) a position of director, secretary or other officer of that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company, or

(b) any of the following positions:

(i) a position of employment with that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company;

(ii) an executive position and any such position held by virtue of being a director or secretary of that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company;

(iii) a consultancy to that credit institution, subsidiary or holding company or any subsidiary of that credit institution, subsidiary or holding company.

(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) Nothing in subsection (1) or (2) deprives a person of any right to claim compensation or damages from that credit institution 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 special manager from exercising the special manager’s powers under this section, and

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