5. (1) The Minister shall, as soon as may be after the passing of this Act, cause a private company limited by shares, conforming to the conditions laid down in this Act, to be formed and registered under the Companies Acts.

(2) The name of the company referred to in subsection (1) shall be the Strategic Banking Corporation of Ireland in this Act referred to as the SBCI.

(3) Except where otherwise provided by this Act, the SBCI is independent in the performance of its functions under this Act.

(4) The share capital of the SBCI shall be as set out in Part 3.

(5) Paragraph (b) of subsection (1) of section 6 (inserted by section 3 of, and the First Schedule to, the Companies (Amendment) Act 1983) of the Companies Act 1963 does not apply to the SBCI.

(6) Sections 7(1), 8 and 15 of the Central Bank Act 1971 do not apply to the SBCI or a person who acts on behalf of the SBCI.

F1[(7) The Insurance Acts 1909 to 2018, regulations made under those Acts and regulations relating to insurance made under the European Communities Act 1972 do not apply to the giving of guarantees by the SBCI for the purpose of performing any of its functions under this Act.]