(This note is not part of the Instrument and does not purport to be a legal interpretation).
This Statutory Instrument updates and repeals existing regulations transposing Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions. The amendments to the existing regulations provide for:
(a) the regulations to apply as comprehensively and as clearly as possible to orders and requirements made under the Credit Institutions (Stabilisation) Act 2010; and
(b) certain consequential amendments so that, inter alia, they more accurately reflect the text of the Directive 2001/24/EC.
Directive 2001/24/EC was originally transposed by the European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004), which have been in operation since 5 May 2004.