123. (1) The holder of the relevant MAC shall (and, if a scheme or schemes of compensation have been made for the purposes of this section, in accordance with the scheme or schemes concerned)—

(a) either—

(i) make good any loss or damage caused to the holder of the relevant licence as a consequence of the exercise by the MARA of the relevant power, or

(ii) reimburse the holder the reasonable costs and expenses of such making good,

and

(b) as appropriate, pay to the holder of the relevant licence reasonable compensation for any loss, damage, disturbance or injury, caused to the holder as a consequence of the exercise by the MARA of the relevant power, together with interest payable on the amount of such compensation at such rate as the MARA, with the consent of the Minister for Public Expenditure and Reform, may determine from time to time for the purposes of this section, from the date on which the claim is made to the date of payment thereof.

(2) The MARA may make a scheme or schemes of compensation providing for the payment of compensation referred to in subsection (1) including but not limited to provision for the following:

(a) the matters or classes of matters in respect of which the scheme shall apply;

(b) the form and manner in which a claim for compensation may be made;

(c) the provision by the holder of the relevant licence of evidence and other information in support of the holder’s claim and the verification of such evidence and information.

(3) The MARA may amend or revoke and replace by a subsequent scheme or schemes a scheme or schemes of compensation made under subsection (2).

(4) The MARA shall—

(a) publish on its website and in such other manner as the MARA considers appropriate, and

(b) make available on request copies of,

the scheme or schemes of compensation made under subsection (2) or any amendment to such a scheme or schemes of compensation made under subsection (3).

(5) (a) Any dispute or claim arising out of or in connection with a claim for compensation under this section shall be referred, by notice in writing from either party, to the decision of a single arbitrator as may be nominated by agreement between the parties to the arbitration, or failing such agreement, not later than 21 days after a notice in writing given by one of the parties to the arbitration, by the President for the time being of the Law Society of Ireland.

(b) Every reference to arbitration made pursuant to paragraph (a) shall be deemed to be a submission to arbitration within the meaning of the Arbitration Act 2010.

(6) The provisions of the Arbitration Act 2010 applicable to arbitrations referred to in section 29 of that Act shall apply to an arbitration referred to in subsection (5).

(7) In this section—

“relevant licence” means a licence which has been, or will be, revoked, suspended or amended as a consequence of the exercise by the MARA of the relevant power;

“relevant MAC”, in relation to the relevant licence, means the MAC in favour of which the MARA has exercised the relevant power in respect of that licence;

“relevant power” means the MARA’s power, by virtue of the condition deemed to be attached to a licence by virtue of section 120(4)(a), to revoke, suspend or amend the licence.