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Central Bank and Credit Institutions (Resolution) Act 2011 (No. 27)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-4)1. Short title, collective citation and commencement.2. Interpretation.3. References to certain credit institutions.4. Purposes of Act.Part 2 General matters in relation to resolution powers (ss. 5-9)5. Responsibility for exercise of functions of Bank under this Act.6. Independence of Bank and Governor not affected.7. Minister and Bank to have regard to European Union law.8. Bank to cooperate with relevant authorities outside State.9. Intervention conditions.Part 3 Credit Institutions Resolution Fund (ss. 10-16)10. Credit Institutions Resolution Fund.11. Management and administration of Fund.11A. Accounts and audit.12. Minister may contribute to Fund.13. Authorised credit institutions to contribute to Fund.14. Offence in relation to Fund.15. Regulations in relation to Fund.16. Minister to consult Bank in certain circumstances.Part 4 Bridge-banks (ss. 17-19)17. Bank's power to establish bridge-banks.18. Bridge-bank may carry on banking business.19. Regulations in relation to bridge-banks.Part 5 Transfer of assets and liabilities (ss. 20-53)20. Interpretation (Part 5).21. Preconditions for making a proposed transfer order.22. Bank's power to impose requirements.23. Bank may disclose information to potential transferee.24. Directors' duties where Bank imposes requirements on authorised credit institutions.25. Bank not to be director, etc.26. Proposed transfer order - written notice.27. Transferor not to dispose of assets, liabilities.28. Transfers to be at market value.29. Proposed transfer order - contents.30. Hearing of application for transfer orders - procedure.31. Publication of transfer orders.32. Application to vary transfer order.33. Application to vary transfer order where transferee is bridge-bank.34. Application to set aside transfer order.35. Application by creditor for permission to apply for compensation.36. Appointment of Assessor.37. Expenses, etc., of Assessor and engagement of staff.38. Applications to Assessor.39. Submissions to Assessor.40. Determination of fair and reasonable compensation.41. Circulation of draft report for comment.42. Report by Assessor.43. Review of determination of compensation, etc.44. Limitation of judicial review of the Assessor's determination.45. Content of transfer order.46. Provision of financial incentive to transferee.47. Repayment of financial incentive.48. Procedure if transferor disputes consideration for assets and liabilities.49. Effect of transfer order - general.50. Effect of transfer order in relation to securities.51. Transfer of foreign assets and liabilities.52. Application of Bankers' Books Evidence Acts 1879 to 1989.53. Stamp duty.Part 6 Special management (ss. 54-74)54. Interpretation (Part 6).55. Preconditions for making a proposed special management order.56. Proposed special management order - written notice.57. Proposed special management order - contents.58. Hearing of application for special management orders - procedure.59. Publication of special management orders.60. Application to vary special management order.61. Application to set aside special management order.62. Content of special management order.63. Terms of appointment.64. Remuneration, etc., of special managers.65. Resignation and vacancy in office, etc.66. Effect of special management order - general.67. Functions of special managers.68. Performance of functions of special managers.69. Effect of appointment of special manager.70. Powers of special manager to remove officers, employees and others.71. Relationship between special manager and directors.72. Special manager not to be director, etc.73. Extension of special management.74. Termination of special management.Part 7 Bank's powers in liquidation of designated credit institutions (ss. 75-90)75. Interpretation (Part 7).76. Application of Companies Acts to winding-up of designated credit institutions.77. Bank may petition to have designated credit institution wound up, etc.78. Bank's role in winding-up designated credit institutions.79. Liquidators of designated credit institutions.80. Objectives of liquidator of designated credit institution.81. Bank may make money available.82. Payments from deposit protection account to be debts due to Bank.83. Liquidation committee - establishment.84. Liquidation committee - functions.85. Liquidation committee - procedure.86. Functions of Bank after liquidation committee ceases to exist.87. Achievement of Objective 1.88. Transfer of accounts.89. Modifications to Companies Acts in winding-up of designated credit institutions.90. Application of this Part to bodies incorporated outside State.Part 8 Recovery plans and resolution plans (ss. 91-94)91. Recovery plans.92. Implementation of recovery plans.93. Resolution plans.94. Offences.Part 9 Miscellaneous (ss. 95-109)95. Effect of CIWUD Directive.96. Application of certain laws in relation to transfers, etc., of credit institutions.97. Proposed orders, etc., to be kept in confidence.98. Costs incurred in relation to making orders, etc.99. Confidentiality of proceedings.100. Effect of orders on certain other obligations.101. Limitation of operation of section 100.102. Limitation of judicial review.103. Limitation of certain rights of appeal to Supreme Court.104. Application of laws in relation to netting agreements, etc.105. Saving of legal proceedings, etc.106. Codes of practice.107. Guidelines on Bank's exercise of functions under this Act, etc.108. Relationship framework between Minister and Bank.109. Regulations.Part 10 Amendment of other enactments and statutory instruments (ss. 110-111)110. Amendments of Acts.111. Amendments of statutory instruments.Schedule 1 Powers to Require Persons to Give Evidence or Produce DocumentsSchedule 2 Amendments of ActsSchedule 2, Part 1 Amendments of Act of 1942Schedule 2, Part 2 Amendment of Central Bank Act 1989Schedule 2, Part 3 Amendments of Credit Union Act 1997Schedule 2, Part 4 Amendments of Land and Conveyancing Law Reform Act 2009Schedule 2, Part 5 Amendments of Act of 2010Schedule 3 Amendments of statutory instrumentsSchedule 3, Part 1 Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010Schedule 3, Part 2 Amendments of Regulations of 2011
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 October 2011 - onwards
Version 2 of 2

71. Relationship between special manager and directors.

(1) The special manager appointed to an authorised credit institution shall -

(a) determine the role (if any) of the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management, and

(b) determine the remuneration (if any) to be paid to the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management.

(2) A determination of a special manager under paragraph (a) or (b) of subsection (1) is binding on that credit institution, subsidiary or holding company or its subsidiaries (as the case may be) and the directors of that credit institution, subsidiary or holding company or its subsidiaries.

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