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Credit Institutions (Stabilisation) Act 2010 (No. 36)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-6)1. Short title and commencement.2. Interpretation.3. Prescribed institutions.4. Purposes of Act.5. Independence of Bank and Governor not affected.5A. Minister and Bank to have regard to European Union law.6. Relationship framework.Part 2 Direction orders (ss. 7-11)7. Proposed direction orders.8. Relevant institution may act in accordance with proposed direction order.9. Direction orders.9A. Publication of direction orders.10. Application to vary direction order.11. Application to set aside direction order.Part 3 Special management (ss. 12-27)12. Interpretation (Part 3).13. Proposed special management orders.14. Special management orders.14A. Publication of special management orders.15. Application to vary special management order.16. Application to set aside special management order.17. Terms of appointment.18. Remuneration, etc., of special managers.19. Resignation and vacancy in office, etc.20. Functions of special managers.21. Performance of functions of special managers.22. Effect of appointment of special manager.23. Powers of special manager to remove officers, employees and others.24. Relationship between special managers and directors.25. Special manager not to be director, etc.26. Extension of special management.27. Termination of special management.Part 4 Subordinated liabilities (ss. 28-32)28. Proposed subordinated liabilities orders.29. Subordinated liabilities orders.29A. Publication of subordinated liabilities orders.30. Application to vary subordinated liabilities order.31. Application to set aside subordinated liabilities order.32. Certain rights of subordinated creditors not exercisable.Part 5 Transfer of assets and liabilities (ss. 33-43)33. Proposed transfer orders.33A. Relevant institution not to dispose of assets, liabilities.34. Transfer orders.34A. Publication of transfer orders.35. Application to vary transfer order.36. Application to set aside transfer order.37. Content of transfer order.38. Financial incentive to transferee.39. Effect of transfer order - general.40. Effect of transfer order in relation to securities.41. Transfer of foreign assets and liabilities.42. Application of Bankers' Books Evidence Act 1879.43. Stamp duty.Part 6 General matters in relation to companies, etc. (ss. 44-50)44. Minister's powers in relation to removal of directors, etc.45. Minister's powers in relation to appointment of directors, etc.46. No resolution required, etc.47. Certain provisions may be included in orders.48. Directors' duties.49. Minister not to be director, etc.50. Minister's powers to impose requirements on relevant institutions.Part 7 Miscellaneous (ss. 51-70)51. Minister may impose certain conditions in relation to financial support.52. Effect of CIWUD Directive.52A. Costs incurred in relation to making orders, etc.53. Act, etc., to over-ride inconsistent provisions.54. Application of laws in relation to transfers, etc., of credit institutions.55. Orders in relation to particular relevant institutions.56. Expression of intention in relation to exercise of powers in relation to particular relevant institutions.57. Minister's and Court's powers under this Act not exclusive of other powers.58. Minister's power to take certain proceedings in other jurisdictions.59. Proposed orders to be kept in confidence.60. Confidentiality of proceedings.61. Effect of orders on certain other obligations.62. Limitation of operation of section 61.63. Limitation of judicial review.64. Limitation of certain rights of appeal to the Supreme Court.65. Application of laws in relation to netting agreements, etc.66. Saving of legal proceedings, etc.67. Prohibition of certain secured borrowings.68. Regulations.69. Cessation of effect of Act.70. Disapplication of section 7 of Official Languages Act 2003.Part 8 Amendment of other enactments (ss. 71-77)71. Amendment of Building Societies Act 1989.72. Amendment of Central Bank Act 1942.73. Amendment of Central Bank Act 1971.74. Amendment of Act of 2008.75. Amendment of National Asset Management Agency Act 2009.76. Amendment of National Pensions Reserve Fund Act 2000.77. Amendment of Regulations of 2004.Schedule 1 Amendments of ActsSchedule 1, Part 1 Amendments of Building Societies Act 1989Schedule 1, Part 2 Amendment of Central Bank Act 1942Schedule 1, Part 3 Amendments of Central Bank Act 1971Schedule 1, Part 4 Amendments of Act of 2008Schedule 1, Part 5 Amendment of National Asset Management Agency Act 2009Schedule 2 Amendments of Regulations of 2004
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AI Summary of Introductory Text

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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 21 December 2010 - onwards

Introductory Text

Number 36 of 2010

AN ACT TO MAKE PROVISION, IN THE CONTEXT OF THE NATIONAL RECOVERY PLAN 2011 - 2014 AND THE EUROPEAN UNION/INTERNATIONAL MONETARY FUND PROGRAMME OF FINANCIAL SUPPORT FOR IRELAND, IN RELATION TO THE STABILISATION, AND THE PRESERVATION OR RESTORATION OF THE FINANCIAL POSITION OF CERTAIN CREDIT INSTITUTIONS; TO AMEND THE BUILDING SOCIETIES ACT 1989, THE CENTRAL BANK ACT 1971 AND THE CREDIT INSTITUTIONS (FINANCIAL SUPPORT) ACT 2008 FOR THOSE PURPOSES; TO AMEND THE NATIONAL PENSIONS RESERVE FUND ACT 2000 TO ALLOW THE MINISTER FOR FINANCE TO GIVE CERTAIN DIRECTIONS IN RELATION TO THE NATIONAL PENSIONS RESERVE FUND; TO MAKE CONSEQUENTIAL AMENDMENTS TO THE EUROPEAN COMMUNITIES (REORGANISATION AND WINDING-UP OF CREDIT INSTITUTIONS) REGULATIONS 2004 (S.I. NO. 198 OF 2004); AND FOR RELATED PURPOSES.

[21st December, 2010]

WHEREAS THERE IS A SERIOUS DISTURBANCE IN THE ECONOMY OF THE STATE;

AND WHEREAS MEASURES ARE NECESSARY TO ADDRESS A UNIQUE AND UNPRECEDENTED ECONOMIC CRISIS WHICH HAS LED TO DIFFICULT ECONOMIC CIRCUMSTANCES AND SEVERE DISRUPTION TO THE ECONOMY;

AND WHEREAS THERE IS A CONTINUING SERIOUS THREAT TO THE STABILITY OF CERTAIN CREDIT INSTITUTIONS IN THE STATE, AND TO THE FINANCIAL SYSTEM GENERALLY;

AND WHEREAS IT IS NECESSARY, IN THE PUBLIC INTEREST, TO MAINTAIN THE STABILITY OF THOSE CREDIT INSTITUTIONS AND THE FINANCIAL SYSTEM IN THE STATE;

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