Irish Bank Resolution Corporation Act 2013


Instructions and directions.

9.— (1) The Minister shall, as soon as practicable following the appointment of a special liquidator, issue the special liquidator with instructions setting out the details in respect of the manner in which the winding up of IBRC is to proceed.

(2) If the Minister is of the opinion that it is necessary for the achievement of any of the purposes of this Act to do so, he or she may give a direction to a special liquidator to take or to refrain from taking any action in connection with the winding up of IBRC.

F1[(2A) (a) The Minister may, for the purpose of enabling the Commission to perform its functions, give a direction to the special liquidator to do or refrain from doing any such act as is specified in the direction.

(b) A direction under paragraph (a) may include a requirement that the special liquidator waive legal professional privilege.

(c) A direction to which paragraph (b) applies shall not be given unless the chairperson of the Commission so requests and informs the Minister in writing that he or she is satisfied that the direction is

(i) necessary to enable the Commission to perform its functions, and

(ii) in the public interest.

(d) In this subsection Commission means the commission of investigation established by the Commission of Investigation (Irish Bank Resolution Corporation) Order 2015 (S.I. No. 253 of 2015).]

(3) A special liquidator shall comply with instructions issued or any direction given under this Act.

(4) No cause of action of any kind shall lie against a special liquidator in respect of anything done or not done in compliance with instructions issued or any direction given under this Act.

(5) The Minister may revoke or amend instructions issued under this Act, including instructions issued under this subsection.