AI Summary of 6. Provision of financial support for credit institutions.
The Minister is empowered to provide financial support to specified credit institutions or their subsidiaries as outlined in this section, considering the conditions in section 2, the obligations incurred, and available resources. Indirect financial support may also be extended to other parties associated with these institutions. A company may be established for the purpose of facilitating such support, which must be determined by the Minister based on specific terms. Financial assistance shall not extend beyond 29 September 2010 or another date determined by the Minister following consultations with relevant authorities.
The provision of support can involve commercial terms deemed appropriate by the Minister, while conditions may govern the conduct of the assisted institutions. The Minister must periodically review the necessity of financial support and provide annual reports to the Oireachtas detailing the amounts disbursed and repaid. Any charges related to this financial support will not be subject to the Companies Act, and the Minister has the authority to make determinations regarding the eligibility of financial support.
6. Provision of financial support for credit institutions.
(1) As and from the relevant date, and in accordance with this section, the Minister may provide financial support directly or indirectly to any current or former credit institution or current or former subsidiary of a credit institution or former credit institution which the Minister may specify by order having regard to -
(a) the matters set out in section 2,
(b) the extent and nature of the obligations (including the degree of control over possible abuse of the financial support) undertaken and which might be undertaken in the future, and
(c) the resources available to him or her for that purpose.
(1A) For the purposes of this section, the provision of indirect financial support includes the provision of financial support to a person (in particular, a company whose objects include the provision of such financial support) in connection with financial support provided or to be provided by that person to -
(a) a credit institution or former credit institution or current or former subsidiary of a credit institution or former credit institution, or