Asset Covered Securities Act, 2001 (No. 47)

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Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 18 December 2001

Consolidation Status: Updated to reflect all known changes

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	Introductory Text
	Acts Referred to
	Part 1 Preliminary Matters (ss. 1-8)
In force	1. Short title and commencement.
In force	2. Purposes of Act.
In force	3. Interpretation.
In force	4. Definition of mortgage credit.
In force	5. Definition of public credit.
In force	6. Definition of substitution asset.
In force	7. When designated credit institution becomes insolvent.
In force	8. When designated credit institution becomes potentially insolvent.
	Part 2 Functions and Powers of Authority (ss. 9-11B)
In force	9. Functions of Authority under this Act.
In force	10. General powers of Authority under this Act.
In force	11. Power of Minister to impose additional functions on Authority.
In force	11A. Cooperation obligations
In force	11B. Disclosure obligations
	Part 3 Designation of Credit Institutions (ss. 12-26)
In force	12. Offence to carry on asset covered securities business without designation by Authority.
In force	13. Application for registration as a designated credit institution.
In force	14. Grant and rejection of applications for registration.
In force	15. Effect and term of registration.
In force	16. Authority may vary conditions of registration.
In force	17. Registers of designated credit institutions to be kept.
In force	18. Revocation of registration by Authority on application of credit institution.
In force	19. Revocation of registration by Authority otherwise than on application of credit institution.
In force	20. Authority may direct designated credit institution to suspend its business.
In force	21. Effect of revocation of registration where credit institution is not a company or building society or is a company or building society other than one that is being wound up.
In force	22. Provisions applying to directions given under sections 20 and 21.
In force	23. Effect of revocation of registration where credit institution is a company or building society that is being wound up.
In force	24. Authority may substitute other duties for duties of liquidator of credit institution.
In force	25. Provisions of certain other Acts not affected.
In force	26. Certain decisions of Authority to be appealable to the Irish Financial Services Appeals Tribunal.
	Part 3A Covered bond programmes (ss. 26A-26E)
In force	26A. Application for permission for covered bond programme
In force	26B. Permission for covered bond programme
In force	26C. Operation of Covered Bond Programme
In force	26D. Review of covered bond programme
In force	26E. Publication obligation - covered bond programmes
	Part 4 Regulation of Designated Credit Institutions (ss. 27-58D)
	Chapter 1 Issue of asset covered securities by designated mortgage credit institutions (ss. 27-41A)
In force	27. Interpretation (Chapter 1).
In force	28. Designated mortgage credit institution to carry on permitted business activities only.
In force	29. Power of designated mortgage credit institution to issue mortgage covered securities.
In force	29A. Extendable maturity structures - designated mortgage credit institution
In force	30. Designated mortgage credit institution may enter into certain kinds of contracts.
In force	31. Restrictions on business activities of designated mortgage credit institution.
In force	32. Designated mortgage credit institution to establish and maintain cover assets pool.
In force	32A. Cover asset pool liquidity buffer - designated mortgage credit institution
In force	33. What can be included in a cover assets pool maintained by a designated mortgage credit institution.
In force	34. What action is to be taken by a designated mortgage credit institution that is in breach of cover assets pool provisions.
In force	35. Substitution of certain cover assets and restrictions on inclusion of substitution assets in cover assets pool of designated mortgage credit institution.
In force	36. Use of realised proceeds of cover asset by designated mortgage credit institution.
In force	37. Inclusion of asset in, and removal of asset from, cover assets pool.
In force	38. Designated mortgage credit institution to keep register of mortgage covered securities business.
In force	38A. Reporting requirements - designated mortgage credit institution
In force	39. Authority and cover-assets monitor to have access to register of mortgage covered securities business.
In force	39A. Lifting of certain restrictions on cover assets pool of a designated mortgage credit institution.
In force	40. Financial statements in respect of designated mortgage credit institution.
In force	40A. Investor information - designated mortgage credit institution
In force	41. Valuation of assets held by designated mortgage credit institutions.
Repealed	41A. Modifications to this Chapter in its application to securitised mortgage credit assets.
	Chapter 1A Issue of asset covered securities by designated commercial mortgage credit institutions (s. 41B)
In force	41B. Modifications to Chapter 1 and sections 4(2) to (5), 58, 61, 71 and 91 to enable them to apply to designated commercial mortgage credit institutions.
	Chapter 2 Issue of asset covered securities by designated public credit institutions (ss. 42-56)
In force	42. Interpretation (Chapter 2).
In force	43. Designated public credit institution to carry on permitted business activities only.
In force	44. Power of designated public credit institution to issue public credit covered securities.
In force	44A. Extendable maturity structures - designated public credit institution
In force	45. Designated public credit institution may enter into certain kinds of contracts.
In force	46. Restrictions on business activities of designated public credit institution.
In force	47. Designated public credit institution to establish and maintain cover assets pool.
In force	47A. Cover asset pool liquidity buffer - designated public credit institution
In force	48. What can be included in the cover assets pool maintained by a designated public credit institution.
In force	49. What action is to be taken by a designated public credit institution that is in breach of cover assets pool provisions.
In force	50. Substitution of certain cover assets and restrictions on inclusion of substitution assets in cover assets pool of designated public credit institution.
In force	51. Use of realised proceeds of cover asset by designated public credit institution.
In force	52. Inclusion of asset in, and removal of asset from, cover assets pool.
In force	53. Designated public credit institution to keep register of public credit covered securities business.
In force	53A. Reporting requirements - designated public credit institution
In force	54. Authority and cover-assets monitor to have access to register of public credit covered securities business.
In force	54A. Lifting of certain restrictions on cover assets pool of a designated public credit institution.
In force	55. Financial statements in respect of designated public credit institution.
In force	55A. Investor information - designated public credit institution
In force	56. Valuation of assets held by designated public credit institutions.
	Chapter 3 Provisions applicable to asset covered securities generally (ss. 57-58D)
In force	57. Protection of disclosures made to an authorised recipient.
In force	58. Transfer of business or assets from one credit institution to another.
In force	58A. Valuation of assets.
In force	58B. Automatic acceleration.
In force	58C. Documentation, systems and processes.
In force	58D. Labelling.
	Part 5 Cover-Assets Monitors (ss. 59-70)
In force	59. Cover-assets monitor to be appointed for each designated credit institution.
In force	60. Authority may appoint cover-assets monitor in certain circumstances.
In force	61. Responsibilities of cover-assets monitor appointed in respect of designated mortgage credit institution.
In force	62. Responsibilities of cover-assets monitor appointed in respect of designated public credit institution.
In force	63. Termination of appointment of cover-assets monitor by designated credit institution.
In force	64. Resignation of cover-assets monitor.
In force	65. Cover-assets monitor's powers in relation to designated credit institution.
In force	66. Designated credit institution to provide information and documents required by cover-assets monitor.
In force	67. Duty of cover-assets monitor to report certain matters to Authority.
In force	68. Authority may confer additional responsibilities on cover-assets monitor.
In force	69. Cover-assets monitor to provide reports to Authority on request.
Repealed	70. Power of entry, etc., of Authority or authorised person.
	Part 6 Management of Business Activities of Designated or Formerly Designated Credit Institutions in Certain Circumstances (ss. 71-80)
In force	71. Interpretation (Part 6).
In force	72. Authority may appoint manager in respect of designated credit institution or formerly designated credit institution in certain circumstances.
In force	73. What happens if NTMA's attempts to locate a manager are unsuccessful.
In force	74. What happens if NTMA's attempts to locate a parent entity are unsuccessful.
In force	75. NTMA may be appointed as temporary manager in certain circumstances.
In force	76. Fees payable to NTMA.
In force	77. Application of Schedule 1 to managers.
In force	78. Effect of appointment of person as manager.
In force	79. Responsibilities of manager.
In force	79A. Co-operation between Authority and manager
In force	80. Appointment of new manager to be appointed to fill vacancy.
	Part 7 Effect of Potential Insolvency Process on Designated or Formerly Designated Credit Institution (ss. 81-90A)
In force	81. Application and operation of this Part.
In force	82. Existing rights of certain persons not affected by insolvency or potential insolvency of designated credit institution.
In force	83. Rights of preferred creditors in relation to cover assets.
In force	84. Obligations of designated credit institution to continue despite insolvency process.
In force	85. Effect of insolvency process on asset covered securities and cover assets hedge contracts of designated credit institutions.
In force	86. Designated or formerly designated credit institution not to be dissolved unless claims of preferred creditors have been satisfied.
In force	87. This Part not to prevent application of enactment or rule of law relating to fraud, misrepresentation, etc.
In force	88. Designated credit institution not to create security interest in cover assets if claims of preferred creditors would be adversely affected.
In force	89. Certain directions not to apply unless rights of certain persons have been satisfied.
In force	90. Provisions applicable where a credit institution is more than one kind of designated credit institution.
In force	90A. Resolution
	Part 8 Regulations, Orders and Regulatory Notices (ss. 91-95A)
In force	91. Authority may make regulations for purposes of Act.
In force	91A. Guidelines
In force	92. Minister to consult Authority before making in order for purposes of this Act.
In force	93. Regulations and orders to be laid before each House of Oireachtas.
In force	94. House of Oireachtas may annul regulation or order.
In force	95. Regulatory notices.
In force	95A. Principles and policies applicable to making of orders, etc. under this Act.
	Part 9 Enforcement (ss. 96-99B)
Repealed	96. Court empowered to make prohibition or compliance orders.
Repealed	97. Time within which proceedings for an offence may be brought.
In force	98. Offences relating to acts affecting the performance of official functions.
In force	99. Offences by bodies corporate.
In force	99A. Administrative sanctions.
In force	99B. Publication.
	Part 10 Miscellaneous (ss. 100-108)
In force	100. Certain persons to be not liable for commission of certain acts and omissions under this Act.
In force	101. Designation of credit institution not to be a warranty of solvency, etc.
In force	102. Reciprocal arrangements with other countries.
In force	103. Giving of notices.
In force	104. Certain documents exempt from stamp duty.
In force	105. Expenses incurred in administering this Act.
In force	106. Consequential amendments to other Acts.
In force	107. Further amendments to this Act.
In force	108. Transitional provisions for asset covered securities issued before 8 July 2022.
In force	Schedule 1 Provisions Applicable to Managers
In force	Schedule 2 Consequential Amendments to other Acts
In force	Schedule 3 Further amendments to this Act

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