Strategic Banking Corporation of Ireland Act 2014


Share capital of SBCI

11. (1) The authorised share capital of the SBCI shall be €250,000,000 or such other amount, up to a maximum of €1,000,000,000, as may be determined by the Minister by order from time to time.

(2) Shares in the share capital of the SBCI shall not be issued without the consent of the Minister.

(3) The SBCI may, with the consent of the Minister, divide shares into different classes and attach to those classes any rights, privileges or conditions.

(4) The Minister shall subscribe for, and the SBCI shall issue to the Minister, shares to the value of €10,000,000.

(5) Subject to section 12, the Minister shall be the sole shareholder.

(6) If the SBCI determines that in order to meet its financial obligations as they fall due, further equity is required—

(a) the SBCI shall, as soon as possible—

(i) inform the Minister of its determination, and

(ii) issue further shares, which shall not exceed the value of the authorised share capital under subsection (1) at that time less the value of shares issued and standing at that time,


(b) the Minister shall without delay subscribe for those shares issued under this subsection.

(7) Shares issued under subsection (6) may be paid for—

(a) in so far as is possible through conversion of any outstanding loans to the SBCI from the National Pensions Reserve Fund Commission,

(b) out of the Central Fund or the growing produce thereof, or

(c) by means of both.

(8) The Minister shall allow the SBCI to issue shares to him or her in accordance with this section.

(9) The Minister may subscribe for further shares in the SBCI.

(10) Notwithstanding any other enactment, where the Minister has given a direction under section 20B(1) (inserted by section 15 ) of the Act of 2000 for the purpose of funding the subscription of shares by the Minister in the SBCI or where credit provided to, or an investment made by, the National Pensions Reserve Fund Commission under that section is subsequently converted into shares in the SBCI in accordance with the terms of any such credit provided or investment made, such shares shall be transferred to and registered in the name of the Minister and, when so registered, shall no longer form part of the National Pensions Reserve Fund or of any other fund to which assets of the National Pensions Reserve Fund are transferred.

(11) An order under this section shall be laid before each House of the Oireachtas.