(1) An appeal lies to the Irish Financial Services Appeals Tribunal (in this section called "the Tribunal") against the determination of the Assessor under section 40.

(2) This section applies to the Bank in the same manner as it applies to a creditor who has or claims a right to compensation.

(3) The Assessor is to be the respondent to an appeal under subsection (1).

(4) On hearing an appeal under subsection (1), the Tribunal may substitute its own determination or confirm, annul or vary the determination appealed from and may make any other consequential order.

(5) The Tribunal shall determine an appeal under subsection (1) as expeditiously as possible consistent with fairness and on the basis of the material that was before the Assessor unless the Tribunal is of the opinion that a further submission or submissions should be sought.

(6) In deciding, for the purposes of an appeal under subsection (1), whether the Assessor’s determination should be confirmed, annulled or varied, the test to be applied by the Tribunal is whether the appellant has established, as a matter of probability, taking into account the degree of expertise and specialist knowledge possessed by the Assessor and taking the process as a whole, that the determination was vitiated by a serious and significant error or a series of such errors.