Strategic Banking Corporation of Ireland Act 2014
Number 22 of 2014
STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014
REVISED
Updated to 20 July 2020
This Revised Act is an administrative consolidation of the Strategic Banking Corporation of Ireland Act 2014. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including the Financial Provisions (Covid-19) Act 2020 (4/2020), enacted 17 July 2020, and all statutory instruments up to and including the Financial Provisions (Covid-19) Act 2020 (Commencement) Order 2020 (S.I. No. 756 of 2020), made 20 July 2020, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to
revisedacts@lawreform.ie.
Number 22 of 2014
STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014
REVISED
Updated to 20 July 2020
Introduction
This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.
Related legislation
This Act is not collectively cited with any other Act.
Material not updated in this revision
Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.
Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.
A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at
www.irishstatutebook.ie.
Acts which affect or previously affected this revision
• Financial Provisions (Covid-19) Act 2020 (4/2020)
All Acts up to and including Financial Provisions (Covid-19) Act 2020 (4/2020), enacted 17 July 2020, were considered in the preparation of this revision.
Statutory instruments which affect or previously affected this revision
• Strategic Banking Corporation of Ireland Act 2014 (Commencement) Order 2014 (S.I. No. 359 of 2014)
All statutory instruments up to and including Financial Provisions (Covid-19) Act 2020 (Commencement) Order 2020 (S.I. No. 756 of 2020), made 20 July 2020, were considered in the preparation of this revision.
Number 22 of 2014
STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014
REVISED
Updated to 20 July 2020
CONTENTS
Preliminary and General
Section
1. Short title and commencement
Establishment of SBCI
5. Formation of Strategic Banking Corporation of Ireland
6. Formation of group entities
7. Memorandum and articles of association of SBCI
10. SBCI’s relationship with NTMA
Funding of SBCI
12. Alienation of shares by Minister
15. Directions by Minister to National Pensions Reserve Fund Commission
16. Maximum amount of State funding to SBCI
Ministerial Guarantees
18. Minister may issue guarantees
Procedures for Ensuring Public Accountability
19. Audit of accounts by Comptroller and Auditor General
20. Accountability to Committee of Public Accounts
Miscellaneous
21. Certain persons not to be shadow directors
22. Disapplication of certain sections of Companies Acts
Tax Exemptions
Acts Referred to
Central Bank Act 1971 (No. 24)
Companies (Amendment) Act 1983 (No. 13)
Companies Act 1963 (No. 33)
Companies Act 1990 (No. 33)
Companies Acts
Comptroller and Auditor General (Amendment) Act 1993 (No. 8)
Corporation Tax Acts
Credit Institutions (Stabilisation) Act 2010 (No. 36)
Finance Act 1970 (No. 14)
Finance Act 2003 (No. 3)
Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 (No. 7)
Irish Bank Resolution Corporation Act 2013 (No. 2)
National Asset Management Agency Act 2009 (No. 34)
National Pensions Reserve Fund Act 2000 (No. 33)
National Treasury Management Agency Act 1990 (No. 18)
Stamp Duties Consolidation Act 1999 (No. 31)
Taxes Consolidation Act 1997 (No. 39)
Number 22 of 2014
STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014
REVISED
Updated to 20 July 2020
An Act to provide for the formation of a company to be known as the Strategic Banking Corporation of Ireland to facilitate availing by it of national and international sources of funding for the purposes of making credit available to enterprises and to other persons in the State through the provision of credit to providers of credit to enterprises and other persons; to allow the Minister for Finance to guarantee borrowings of and provide funding to that company, to amend section 54 of the Finance Act 1970, the First Schedule to the National Treasury Management Agency Act 1990, the Taxes Consolidation Act 1997, the Stamp Duties Consolidation Act 1999 and the National Pensions Reserve Fund Act 2000, and to provide for connected matters.
[26 th July, 2014]
Be it enacted by the Oireachtas as follows: