Central Bank Act 1971 (Approval of Scheme of Transfer between HSBC Bank plc and HSBC France) Order 2018

JurisdictionIreland
CitationIR SI 508/2018
Year2018

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 7th December, 2018.

Whereas:

(a) HSBC Bank plc (in this Preamble referred to as the transferor) is a company incorporated under the laws of England and Wales with registered office at 8 Canada Square, London E14 5HQ, England, carrying on banking business in the State through its branch with registered number 904230 and being a person who, but for the application of Part 5 of the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 ), would be required to hold a licence pursuant to section 9 of the Central Bank Act 1971 (No. 24 of 1971); and

(b) HSBC France (in this Preamble referred to as the transferee), is a company incorporated under the laws of France having its registered office at 103 avenue des Champs-Elysées, Paris, 75008, carrying on banking business in the State through its branch with registered number 908966 and being a person who, but for the application of Part 5 of the foregoing Regulations, would be required to hold a licence pursuant to section 9 of the foregoing Act;

And whereas on 1 November 2018 the transferor and the transferee submitted to the Minister for Finance for his approval a scheme made by the transferor and the transferee on 22 October 2018 for the transfer of certain business carried on by the transferor in the State:

Now I, PASCHAL DONOHOE, Minister for Finance, after consultation with the Central Bank of Ireland and, in respect of Articles 4 to 9, at the request of the transferor and transferee, in exercise of the powers conferred on me by section 33 of the Central Bank Act 1971 , hereby order as follows:

1. This Order may be cited as the Central Bank Act 1971 (Approval of Scheme of Transfer between HSBC Bank plc and HSBC France) Order 2018.

2. In this Order:

“Agreement” means the Deed of Transfer dated 22 October 2018 entered into between the transferor and the transferee providing for the transfer of the business from the transferor to the transferee;

“business” means the banking business (within the meaning of section 2 of the Central Bank Act 1971 ) carried on by or through the branch of the transferor in the State immediately before the transfer date, including, without limitation, the business (as defined in the Scheme) but excluding the excluded tax assets and the excluded liabilities (each as defined in the Scheme);

“Scheme” means the scheme comprised in Schedule 1 to the Agreement and the Agreement in so far as it relates to that scheme;

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