(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Statutory Instrument transposes Articles 9 and 10 of Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority).

The Statutory Instrument amends the following instruments: the Central Bank Act 1971 (No. 24 of 1971); the Building Societies Act 1989 (No. 17 of 1989); the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992); the European Communities (Capital Adequacy of Investment Firms) Regulations 2006 (S.I. No. 660 of 2006); the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (S.I. No. 661 of 2006); and the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 (S.I. No. 475 of 2009). The amendments provide for recognition in these instruments of the role of the European Supervisory Authorities in the supervision of credit institutions, including coordination with the Central Bank of Ireland, where appropriate.