Central Bank and Credit Institutions (Resolution) Act 2011
Liquidation committee — establishment.
83.— (1) As soon as practicable after the Court makes a winding-up order pursuant to section 216(1) of the Act of 1963 in relation to F31 [ a designated credit institution ], the Bank shall nominate 2 individuals, and the Minister shall nominate one individual, who shall comprise a liquidation committee.
(2) The Bank and the Minister may each replace their respective nominees at any time.
(3) The function of a liquidation committee is to ensure that the liquidator properly carries out his or her functions under this Part.
(4) While a liquidation committee exists in relation to F31 [ a designated credit institution ], section 232 of the Act of 1963 does not apply in relation to that F31 [ recognised credit institution ].
(5) If a liquidation committee ceases to exist by virtue of section 84 (4) , section 232 of the Act of 1963 again becomes applicable in relation to the authorised credit institution concerned.
Substituted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(e)(i), (ii), in effect as per reg. 1(2).