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  1. Central Bank and Credit Institutions (Resolution) Act 2011 (No. 27)
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 20 October 2011

Central Bank and Credit Institutions (Resolution) Act 2011 (No. 27)

Consolidation Status: Updated to reflect all known changes
Comparing proposed amendment...
Introductory Text
Acts Referred to
Part 1 Preliminary (ss. 1-4)
In force
 1. Short title, collective citation and commencement.
In force
 2. Interpretation.
In force
 3. References to certain credit institutions.
In force
 4. Purposes of Act.
Part 2 General matters in relation to resolution powers (ss. 5-9)
In force
 5. Responsibility for exercise of functions of Bank under this Act.
In force
 6. Independence of Bank and Governor not affected.
In force
 7. Minister and Bank to have regard to European Union law.
In force
 8. Bank to cooperate with relevant authorities outside State.
In force
 9. Intervention conditions.
Part 3 Credit Institutions Resolution Fund (ss. 10-16)
In force
 10. Credit Institutions Resolution Fund.
In force
 11. Management and administration of Fund.
In force
 11A. Accounts and audit.
In force
 12. Minister may contribute to Fund.
In force
 13. Authorised credit institutions to contribute to Fund.
In force
 14. Offence in relation to Fund.
In force
 15. Regulations in relation to Fund.
In force
 16. Minister to consult Bank in certain circumstances.
Part 4 Bridge-banks (ss. 17-19)
In force
 17. Bank's power to establish bridge-banks.
In force
 18. Bridge-bank may carry on banking business.
In force
 19. Regulations in relation to bridge-banks.
Part 5 Transfer of assets and liabilities (ss. 20-53)
In force
 20. Interpretation (Part 5).
In force
 21. Preconditions for making a proposed transfer order.
In force
 22. Bank's power to impose requirements.
In force
 23. Bank may disclose information to potential transferee.
In force
 24. Directors' duties where Bank imposes requirements on authorised credit institutions.
In force
 25. Bank not to be director, etc.
In force
 26. Proposed transfer order - written notice.
In force
 27. Transferor not to dispose of assets, liabilities.
In force
 28. Transfers to be at market value.
In force
 29. Proposed transfer order - contents.
In force
 30. Hearing of application for transfer orders - procedure.
In force
 31. Publication of transfer orders.
In force
 32. Application to vary transfer order.
In force
 33. Application to vary transfer order where transferee is bridge-bank.
In force
 34. Application to set aside transfer order.
In force
 35. Application by creditor for permission to apply for compensation.
In force
 36. Appointment of Assessor.
In force
 37. Expenses, etc., of Assessor and engagement of staff.
In force
 38. Applications to Assessor.
In force
 39. Submissions to Assessor.
In force
 40. Determination of fair and reasonable compensation.
In force
 41. Circulation of draft report for comment.
In force
 42. Report by Assessor.
In force
 43. Review of determination of compensation, etc.
In force
 44. Limitation of judicial review of the Assessor's determination.
In force
 45. Content of transfer order.
In force
 46. Provision of financial incentive to transferee.
In force
 47. Repayment of financial incentive.
In force
 48. Procedure if transferor disputes consideration for assets and liabilities.
In force
 49. Effect of transfer order - general.
In force
 50. Effect of transfer order in relation to securities.
In force
 51. Transfer of foreign assets and liabilities.
In force
 52. Application of Bankers' Books Evidence Acts 1879 to 1989.
In force
 53. Stamp duty.
Part 6 Special management (ss. 54-74)
In force
 54. Interpretation (Part 6).
In force
 55. Preconditions for making a proposed special management order.
In force
 56. Proposed special management order - written notice.
In force
 57. Proposed special management order - contents.
In force
 58. Hearing of application for special management orders - procedure.
In force
 59. Publication of special management orders.
In force
 60. Application to vary special management order.
In force
 61. Application to set aside special management order.
In force
 62. Content of special management order.
In force
 63. Terms of appointment.
In force
 64. Remuneration, etc., of special managers.
In force
 65. Resignation and vacancy in office, etc.
In force
 66. Effect of special management order - general.
In force
 67. Functions of special managers.
In force
 68. Performance of functions of special managers.
In force
 69. Effect of appointment of special manager.
In force
 70. Powers of special manager to remove officers, employees and others.
In force
 71. Relationship between special manager and directors.
In force
 72. Special manager not to be director, etc.
In force
 73. Extension of special management.
In force
 74. Termination of special management.
Part 7 Bank's powers in liquidation of designated credit institutions (ss. 75-90)
In force
 75. Interpretation (Part 7).
In force
 76. Application of Companies Acts to winding-up of designated credit institutions.
In force
 77. Bank may petition to have designated credit institution wound up, etc.
In force
 78. Bank's role in winding-up designated credit institutions.
In force
 79. Liquidators of designated credit institutions.
In force
 80. Objectives of liquidator of designated credit institution.
In force
 81. Bank may make money available.
In force
 82. Payments from deposit protection account to be debts due to Bank.
In force
 83. Liquidation committee - establishment.
In force
 84. Liquidation committee - functions.
In force
 85. Liquidation committee - procedure.
In force
 86. Functions of Bank after liquidation committee ceases to exist.
In force
 87. Achievement of Objective 1.
In force
 88. Transfer of accounts.
In force
 89. Modifications to Companies Acts in winding-up of designated credit institutions.
In force
 90. Application of this Part to bodies incorporated outside State.
Part 8 Recovery plans and resolution plans (ss. 91-94)
In force
 91. Recovery plans.
In force
 92. Implementation of recovery plans.
In force
 93. Resolution plans.
In force
 94. Offences.
Part 9 Miscellaneous (ss. 95-109)
In force
 95. Effect of CIWUD Directive.
In force
 96. Application of certain laws in relation to transfers, etc., of credit institutions.
In force
 97. Proposed orders, etc., to be kept in confidence.
In force
 98. Costs incurred in relation to making orders, etc.
In force
 99. Confidentiality of proceedings.
In force
 100. Effect of orders on certain other obligations.
In force
 101. Limitation of operation of section 100.
In force
 102. Limitation of judicial review.
In force
 103. Limitation of certain rights of appeal to Supreme Court.
In force
 104. Application of laws in relation to netting agreements, etc.
In force
 105. Saving of legal proceedings, etc.
In force
 106. Codes of practice.
In force
 107. Guidelines on Bank's exercise of functions under this Act, etc.
In force
 108. Relationship framework between Minister and Bank.
In force
 109. Regulations.
Part 10 Amendment of other enactments and statutory instruments (ss. 110-111)
In force
 110. Amendments of Acts.
In force
 111. Amendments of statutory instruments.
In force
 Schedule 1 Powers to Require Persons to Give Evidence or Produce Documents
Schedule 2 Amendments of Acts
In force
 Schedule 2, Part 1 Amendments of Act of 1942
In force
 Schedule 2, Part 2 Amendment of Central Bank Act 1989
In force
 Schedule 2, Part 3 Amendments of Credit Union Act 1997
In force
 Schedule 2, Part 4 Amendments of Land and Conveyancing Law Reform Act 2009
In force
 Schedule 2, Part 5 Amendments of Act of 2010
Schedule 3 Amendments of statutory instruments
In force
 Schedule 3, Part 1 Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010
In force
 Schedule 3, Part 2 Amendments of Regulations of 2011
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