CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

JurisdictionIreland
CitationIR No. 27/2011


Number 27 of 2011


CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 20 September 2022


This Revised Act is an administrative consolidation of the Central Bank and Credit Institutions (Resolution) Act 2011. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including the Electoral Reform Act 2022 (30/2022), enacted 25 July 2022, and all statutory instruments up to and including the Credit Institutions Resolution Fund Levy (Amendment) Regulations 2022 (S.I. No. 477 of 2022), made 20 September 2022, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to revisedacts@lawreform.ie.


Number 27 of 2011


CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 20 September 2022


Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

Central Bank Acts 1942 to 2018: this Act is one of a group of Acts included in this collective citation (Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018), s. 3(2)). The Acts in the group are:

Central Bank Act 1942 (22/1942)

Central Bank Act 1961 (8/1961)

Central Bank Act 1971 (24/1971)

Central Bank Act 1989 (16/1989), Part II

Central Bank Act 1997 (8/1997), other than ss. 3, 36 to 49, 60, 64 to 68, 78 to 83 and 85

Central Bank Act 1998 (2/1998)

Euro Changeover (Amounts) Act 2001 (16/2001), s. 5 and s. 9(4)

Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

National Asset Management Agency Act 2009 (34/2009), s. 1(4), s. 232 and sch. 3 part 2

Central Bank Reform Act 2010 (23/2010)

Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), ss. 36, 37, 48(2) and 56(3), Part 5 (in so far as it amends Central Bank Acts 1942 to 2011), and Schs. 2 and 3 (in so far as they amend Central Bank Acts 1942 to 2011)

Central Bank (Supervision and Enforcement) Act 2013 (26/2013) (other than s. 5, in so far as it relates to Schs. 3 and 4, and ss. 75 to 78, 80 to 87 and 89 to 94)

Central Bank Act 2014 (9/2014), s. 1

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), other than s. 8

Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018)

Acts previously included in the group but now repealed are:

Central Bank Act 1964 (3/1964)

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

Central Bank Act 2014 (9/2014)

Central Bank (Supervision and Enforcement) Act 2013 (26/2013)

Irish Bank Resolution Corporation Act 2013 (2/2013)

All Acts up to and including Electoral Reform Act 2022 (30/2022), enacted 25 July 2022, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2022 (S.I. No. 477 of 2022)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2021 (S.I. No. 481 of 2021)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2020 (S.I. No. 406 of 2020)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2019 (S.I. No. 494 of 2019)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2018 (S.I. No. 382 of 2018)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2017 (S.I. No. 433 of 2017)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2016 (S.I. No. 499 of 2016)

European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2015 (S.I. No. 421 of 2015)

European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015)

European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2014 (S.I. No. 446 of 2014)

European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)

Credit Institutions Resolution Fund Levy Regulations 2013 (S.I. No. 376 of 2013)

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2012 (S.I. No. 443 of 2012)

Credit Institutions Resolution Fund Levy Regulations 2012 (S.I. No. 381 of 2012)

Central Bank and Credit Institutions (Resolution) Act 2011 (Commencement) Order 2011 (S.I. No. 548 of 2011)

All statutory instruments up to and including Credit Institutions Resolution Fund Levy (Amendment) Regulations 2022 (S.I. No. 477 of 2022), made 20 September 2022, were considered in the preparation of this revision.


Number 27 of 2011


CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 20 September 2022



Acts Referred to

Agricultural Co-operative Societies (Debentures) Act 1934

1934, No. 39

Agricultural Credit Act 1978

1978, No. 2

Asset Covered Securities Act 2001

2001, No. 47

Bankers’ Books Evidence Acts 1879 to 1989

Bills of Sale (Ireland) Acts 1879 and 1883

Building Societies Act 1989

1989, No. 17

Central Bank Act 1942

1942, No. 22

Central Bank Act 1971

1971, No. 24

Central Bank Act 1989

1989, No. 16

Central Bank and Financial Services Authority of Ireland Act 2003

2003, No. 12

Central Bank and Financial Services Authority of Ireland Act 2004

2004, No. 21

Central Bank Acts 1942 to 2010

Central Bank Reform Act 2010

2010, No. 23

Companies (Amendment) Act 1990

1990, No. 27

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Companies Acts

Competition Act 2002

2002, No. 14

Credit Institutions (Financial Support) Act 2008

2008, No. 18

Credit Institutions (Stabilisation) Act 2010

2010, No. 36

Credit Union Act 1997

1997, No. 15

Financial Services (Deposit Guarantee Scheme) Act 2009

2009, No. 13

European Communities Act 1972

1972, No. 27

Land and Conveyancing Law Reform Act 2009

2009, No. 27

Local Government Act 2001

2001, No. 37

Netting of Financial Contracts Act 1995

1995, No. 25

Patents Act 1992

1992, No. 1

Registration of Deeds and Title Acts 1964 and 2006

Registration of Title Act 1964

1964, No. 16

Statutory Instruments Act 1947

1947, No. 44

Taxes Consolidation Act 1997

1997, No. 39

Trade Marks Act 1996

1996, No. 6

Unfair Dismissals Acts 1977 to 2007


Number 27 of 2011


CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 20 September 2022


AN ACT TO MAKE PROVISION FOR AN EFFECTIVE AND EXPEDITIOUS RESOLUTION REGIME FOR CERTAIN CREDIT INSTITUTIONS AT THE LEAST COST TO THE STATE; TO AMEND CERTAIN ENACTMENTS; AND FOR RELATED MATTERS.

[20th October, 2011]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations

Modifications (not altering text):

C1

Application of collectively cited Central Bank Acts restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

(c) any code of practice made under an enactment,

...

PART 1

Preliminary

1.

Short title, collective citation and commencement.

1.— (1) This Act may be cited as the Central Bank and Credit Institutions (Resolution) Act 2011.

(2) This Act and the Central Bank Acts 1942...

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