Central Bank (Supervision and Enforcement) Act 2013

12.

Contract with reviewer.

12.— (1) Where a reviewer is approved or nominated by the Bank under section 11 , the reviewee shall enter into a contract with the reviewer.

(2) It shall be a term of the contract referred to in subsection (1)—

( a) that the reviewer is required to prepare for the reviewee a report in accordance with the notice given under section 9 ,

( b) that any duty owed by the reviewer to the reviewee which might limit the provision of information or opinion by the reviewee to the reviewer in preparing a report under this Part shall be waived,

( c) that the reviewer is required and permitted to provide to the Bank the following where the Bank so requests—

(i) periodic updates on progress and issues arising,

(ii) interim reports,

(iii) documents and working papers,

(iv) copies of any draft reports given to the reviewee, and

(v) specific information about the planning and progress of the work to be undertaken (which may include project plans, progress reports including the amount of work completed, details of time spent, costs to date and details of any significant findings and conclusions),

( d) that the contract is governed by the law of the State,

( e) that—

(i) the Bank has the right to enforce the provisions included in the contract under this subsection,

(ii) in proceedings brought by the Bank for the enforcement of the provisions referred to in subparagraph (i) the reviewer is not to have available by way of defence, set-off or counterclaim any matter that is not relevant to those provisions,

(iii) if the contract includes an arbitration agreement, the Bank is not, in exercising the right specified in subparagraph (i), to be treated as a party to, or bound by, the arbitration agreement, and

(iv) the provisions included in the contract under this subsection are irrevocable and may not be varied or rescinded without the Bank’s prior consent in writing,

and

( f) that the contract is not varied or rescinded in such a way as to extinguish or alter the provisions included in the contract under this subsection.

(3) If the Bank considers it appropriate, it may request the reviewee to give to the Bank a copy of the draft contract before it is made with the reviewer and the Bank may require such modifications to the draft contract as it considers appropriate.