Number 25 of 1995

AN ACT TO MAKE PROVISION FOR THE ENFORCEABILITY OF NETTING, BETWEEN TWO PARTIES ONLY, IN RELATION TO FINANCIAL CONTRACTS IN ACCORDANCE WITH THE TERMS OF A NETTING AGREEMENT; FOR THE ENFORCEABILITY OF SET OFF BY THOSE PARTIES OF THE AMOUNTS DUE UNDER SUCH NETTING AGREEMENTS IN ACCORDANCE WITH THE TERMS OF A MASTER NETTING AGREEMENT; FOR THE SET OFF OF MONEY OR THE PROCEEDS OF COLLATERAL AND FOR THE ENFORCEABILITY OF GUARANTEES PROVIDED SOLELY IN RELATION TO ANY NETTING AGREEMENT OR ANY MASTER NETTING AGREEMENT IN ACCORDANCE WITH THE TERMS OF EACH; AND FOR RELATED MATTERS.

[1st August, 1995]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: